Bloomberg News

Allstate CEO Wilson’s Pay Rises to $11.2 Million as Shares, Profit Decline

March 09, 2012

Allstate Corp. (ALL)’s Thomas Wilson, who presided over his fourth annual stock decline in five years as chief executive officer, was given total compensation of $11.2 million for 2011, up 20 percent from the previous year.

Wilson’s pay included $1.1 million of salary, $2.31 million of stock awards and $4.29 million of option awards, the Northbrook, Illinois-based insurer said today in a filing. The annual incentive award of $2.25 million was 102 percent of the company’s target for Wilson, also the company’s chairman.

Wilson, 54, recorded investment losses during the 2008 credit crunch and faced costs last year tied to natural disasters. Allstate, which has fallen by more than half since Wilson took over as CEO in January 2007, slid 14 percent last year as net income declined 15 percent.

“Strong adjusted underlying operating income and an improvement in book value per share resulted in funding at 102.4 percent of target,” Allstate said of Wilson’s incentive award. “Threshold performance was not achieved for the growth in policies in multicategory households measure as management actions to improve returns in the homeowners business negatively impacted the measure.”

Allstate rival Chubb Corp. (CB) gained 16 percent last year in New York trading, while Travelers Cos. rose 6.2 percent. Since the end of 2006, Warren, New Jersey-based Chubb has advanced 27 percent and New York-based Travelers is up 7.3 percent.

Hartford gained less than 1 percent to $20.07 in regular New York trading today. It has advanced 24 percent this year.

To contact the reporter on this story: Andrew Frye in New York at afrye@bloomberg.net;

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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