NEW YORK, March 31 (Reuters) - MetLife, the largest U.S. life insurer, said it awarded Chief Executive Robert Henrikson $24.5 million in 2008 compensation, a modest drop from a year earlier, as net income dropped about 25 percent.
New York-based MetLife granted Henrikson $1 million in salary, unchanged from a year ago, and lower stock and option awards of $6.1 million and $3.7 million, respectively. Non-equity incentive plan compensation was lower at $3.25 million, while the change in pension value and non-qualifed deferred compensation earnings rose to $10 million. The value of all other compensation was $404,129.
Henrikson's total compensation was $25 million in 2007.
The company reported Henrikson's compensation in a summary table included in a proxy filing on Tuesday with the U.S. Securities and Exchange Commission.
Some pay consultants and governance experts tabulate executive pay differently, saying the summary total may be imperfect since it counts options and stock as part of pay when they vest rather than when they are awarded.
In 2008, MetLife recorded net income of $3.2 billion, down from $4.3 billion in 2007, on lower investment income, though premiums increased 13 percent.
Next year, when MetLife reports Henrikson's compensation for 2009, the change in Henrikson's pension value is expected to be about $1.5 million, according to a footnote in the SEC filing, reflecting a newly-instituted cap on auxiliary pension plan compensation of $4.6 million per participant.
(Reporting by Lilla Zuill;; editing by Carol Bishopric) Keywords: METLIFE/COMPENSATION (lilla.zuill@thomsonreuters.com;+1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
New York-based MetLife granted Henrikson $1 million in salary, unchanged from a year ago, and lower stock and option awards of $6.1 million and $3.7 million, respectively. Non-equity incentive plan compensation was lower at $3.25 million, while the change in pension value and non-qualifed deferred compensation earnings rose to $10 million. The value of all other compensation was $404,129.
Henrikson's total compensation was $25 million in 2007.
The company reported Henrikson's compensation in a summary table included in a proxy filing on Tuesday with the U.S. Securities and Exchange Commission.
Some pay consultants and governance experts tabulate executive pay differently, saying the summary total may be imperfect since it counts options and stock as part of pay when they vest rather than when they are awarded.
In 2008, MetLife recorded net income of $3.2 billion, down from $4.3 billion in 2007, on lower investment income, though premiums increased 13 percent.
Next year, when MetLife reports Henrikson's compensation for 2009, the change in Henrikson's pension value is expected to be about $1.5 million, according to a footnote in the SEC filing, reflecting a newly-instituted cap on auxiliary pension plan compensation of $4.6 million per participant.
(Reporting by Lilla Zuill;; editing by Carol Bishopric) Keywords: METLIFE/COMPENSATION (lilla.zuill@thomsonreuters.com;+1 646 223 6281) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.