Zurich CEO in line for $13.3 million payday

Zurich CEO in line for $13.3 million payday | Insurance Business

Zurich CEO in line for $13.3 million payday

Zurich Insurance Group’s CEO will be eligible for a 13.4 million Swiss franc ($13.3 million) payout when his shares are unlocked next month.

Shares worth about 8.2 million francs, granted to CEO Mario Greco as part of a company incentive program, will vest in April, raising the executive’s 2018 compensation to $13.3 million, according to a Reuters report.

Greco has overseen robust growth at Zurich since he joined from Generali in 2016, Reuters reported. Under his watch, Zurich’s share price has risen by nearly 50%. Earlier this year, the insurer announced a dividend increase after a 24% spike in annual profits.

Zurich also said that its operating profit rose 20% to $4.6 billion last year, driven by growth across the business.

Zurich is Switzerland’s most valuable financial company and the fifth-largest insurer in Europe.