Chief executives with two of Massachusetts’ most prominent insurance companies received substantial pay raises in 2015, newly released company records indication.
As reported by the
Boston Globe, Roger Crandall of MassMutual Financial Group earned nearly $12 million last year, a raise of 21% from the previous year’s $9.8 million in compensation.
David Long, CEO of
Liberty Mutual Insurance in Boston, also received a raise. An increase in salary of 13% took his compensation from $13.9 million in 2014 to $15.7 million in 2015. A spokesman confirmed the raise was reflective of the “strong operating performance” of the carrier last year. The company also pointed out that
Liberty Mutual’s operating profits rose 16% in 2014, which was used to calculate his compensation in 2915.
Long received a base salary of $1.1 million, with the remainder of his compensation issued in bonuses and other incentives, like security services and person use of the carrier’s corporate aircraft.
Crandall also received much of his compensation from bonuses and other incentives. With a base salary of $1 million, he also had the use of MassMutual’s aircraft for board-approved personal travel.
His pay package, according to MassMutual, was based on his and the company’s performance in meeting long-term financial goals.
The increase in pay for Crandall comes just one day after MassMutual announced plans to nearly double its workforce of agents and financial advisors with the purchase of
MetLife’s US retail adviser group for $300 million.