Aviva chief executive paid £4.3m last year after bumper bonus
The chief executive of insurer Aviva was paid £4.3m last year, with nearly £2m of that coming as a bonus after a strong year.
Chief executive Mark Wilson received £1.028m as a basic salary, a £1.945m bonus, £966,000 in long-term share incentives and £288,000 in pension payments.
His total remuneration actually dipped from last year when he was paid more than £4.5m, despite increases in salary and bonus pay this year.
Read more: Aviva shareholder criticism prompts £450m preference share climbdown
Last year Wilsons package was boosted by £1.3m in shares vesting as part of a long-term incentive plan.
Chief financial officer Tom Stoddard was paid nearly £2.5m, while chief executive for UK insurance Andy Briggs was paid £2.5m and chief executive of international insurance Maurice Tulloch received just over £1m.
The awards come following a row over Avivas plans to cancel £450m of high-interest shares.
Read more: Aviva shares drop despite profit rise and upgraded growth targets
The insurer announced the plan on 8 March, but was forced to climb down last week after shareholder uproar.
Wilson said he hoped Aviva's change of heart will "restore trust" in the company.
The insurer announced strong results for 2017 with operating profits increasing two per cent to £3.07bn, up from £3.01bn, while profit after tax increased to £1.65bn, up from £859m.
Bosses at insurers Hiscox and Lloyds of London both saw steep pay drops this year after a series of natural disasters led to a spike in claims.
Read more: Hurricanes blow bonuses away at insurer Hiscox
Hiscox chief executive Bronek Masojada received £2.3m for 2017, a fall of 42 per cent from the previous year while Lloyds of London chief executive Inga Beale saw her pay fall 15 per cent to £1.3m.
In contrast RSA chief executive Stephen Hester was paid nearly £5m last year after the insurer achieved a record underwriting profit.
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