Posted on 19 Mar 2010
Chief Executive Jay Fishman received total compensation valued at $20.6 million in 2009, a 42% jump from a year earlier.
The amount includes a base salary of $1 million and $7.5 million in cash payments arising from Travelers' non-equity incentive compensation plan, the firm said in a Securities and Exchange Commission filing Wednesday. Fishman made $14.5 million in 2008 and $16.6 million in 2007, the filing noted.
Travelers, one of the largest property-casualty insurers, posted a record profit for the fourth quarter. Its earnings jumped about 60% from a year earlier to $1.29 billion, driven by improved investment returns and a mild storm season. This was the company's highest quarterly profit since going public in 2002.
As part of the $20.6 million he made in 2009, Fishman received stock awards valued at nearly $3.8 million and about $7.1 million in options, compared with the $4.5 million stock awards and nearly $3 million of options he got in 2008.