MetLife CEO compensation fell 13% in 2008

MetLife Inc. Chairman and Chief Executive C. Robert Henrikson received compensation of $12.4 million in 2008, down 13 percent from the previous year, according to an Associated Press calculation of figures disclosed in a regulatory filing Tuesday.
APR 01, 2009
By  Bloomberg
MetLife Inc. Chairman and Chief Executive C. Robert Henrikson received compensation of $12.4 million in 2008, down 13 percent from the previous year, according to an Associated Press calculation of figures disclosed in a regulatory filing Tuesday. The lower compensation for MetLife's CEO came during a tumultuous year for the insurance sector. The sector struggled with the broader financial-services sector as the credit crisis mushroomed throughout the year. Even so, the New York-based life insurer remained profitable in 2008. Henrikson's base salary was $1 million in 2008, the same as in 2007. He received a performance-related cash bonus of $3.25 million in 2008, compared with the $5 million he received in 2007. His 2008 compensation also included stock options and restricted stock valued at $7.76 million on the day they were awarded. In 2007, Henrikson received stock options and restricted stock valued at $7.97 million. Henrikson, 61, also received other compensation of $404,129 in 2008, including items such as a company car and driver, personal aircraft use, financial planning, and company contributions to retirement accounts. That was up nearly 36 percent from the previous year. The Associated Press calculations of total pay include executives salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission. In February, MetLife reported 2008 earnings of $3.08 billion, or $4.14 per share, down 26 percent from $4.18 billion, or $5.48 per share, in 2007. Operating income fell to $2.74 billion, or $3.67 per share, from $4.57 billion, or $6 per share. Like most insurers, MetLife emphasizes operating income because it excludes investment gains and losses and is considered more reflective of the company's performance.

Latest News

eMoney supports focused financial planning with enhanced needs analysis
eMoney supports focused financial planning with enhanced needs analysis

The Fidelity-owned fintech aims to help advisors connect with mass market and mass affluent prospects with single-goal conversations.

Trump SEC pick Paul Atkins grilled by Democrats in early political test
Trump SEC pick Paul Atkins grilled by Democrats in early political test

The prospective chair of the agency has pledged to shed conflicted interests and "return common sense to the SEC."

Finra moves to boot Alpine Securities, same firm that claims the regulator can’t
Finra moves to boot Alpine Securities, same firm that claims the regulator can’t

'If I were on the side of Alpine Securities, I’d put all my eggs in the federal court,' one attorney said.

CFP Board floats new procedural rules around bankruptcy, misdemeanors
CFP Board floats new procedural rules around bankruptcy, misdemeanors

If approved, the proposed revisions would achieve outcomes similar to the existing process while reducing the burden of oversight.

What pre-retirees don't know about Social Security could be hurting them, says T. Rowe Price
What pre-retirees don't know about Social Security could be hurting them, says T. Rowe Price

Survey research reveals gaps in retirement savers' knowledge, pessimism around receiving benefits, and a lack of good options to solve looming solvency crisis.

SPONSORED Retirement plan balances are flourishing. Why are so many advisors missing out on a $3 trillion opportunity?

Participants who receive professional 401(k) advice see higher returns on average, net, than those who don't.

SPONSORED Focus on clients, not compliance – why Gary Corderman found his fit with Farther

This wealth management platform finally delivers on the technology promises other firms couldn't - giving advisors a better way to scale and serve