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. 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.