Aviva CEO takes 20% pay cut

Aviva has disclosed the remuneration package received by its three highest executives in 2016 with group CEO Mark Wilson revealed to have taken a 20% pay cut.

 

According to the insurance giant, Wilson took home last year a pay packet worth £4.3 million, down from £5.4 million in 2015. This included his annual salary of £1 million, a £1.78 million annual bonus, a long-term incentive plan of £1.1 million and pension benefits worth £281,000.

 

Meanwhile, Aviva CFO Tom Stoddard received a pay package worth £2.5 million in 2016, slightly lower than his £2.9 million remuneration in the previous year. This included his annual salary of £690,000, annual bonus worth £939,000, long-term incentive plan of £585,000 and £193,000 in pension benefits.

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The CEO of Aviva’s UK operations, Andy Briggs, got £1.9 million last year, up from £1.3 million in 2015. The package included his annual salary of £707,000, a £926,000 annual bonus and pension benefits worth £198,000.

 

Aviva revealed the remuneration package of the three executives in the company’s 2016 annual report which was released on Tuesday.

 

The insurer saw operating profits climb 12% to £3 billion with general insurance net written premiums climbing 15% to £8.211 billion. The combined operating ratio rose to 101.1% from 94.6%.

 

“By any standards 2016 was a year of global uncertainty – with a few political surprises,” Wilson said in the annual report. “Aviva’s results however are simple and clear cut: more operating profit, more capital, more cash, more dividend. And there is more to come.”