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Old Mutual Plc (OML), the U.K.’s third- largest insurer, paid Chief Executive Officer Julian Roberts 1.9 million pounds ($3.1 million) in total compensation for 2011.
He received 850,000 pounds in base salary and 297,500 pounds in benefits, the company said in its annual report today. He received 610,000 pounds as a cash bonus and 130,000 pounds from an earlier short-term incentive plan. Roberts’s base salary climbed 2.4 percent from January to 870,000 pounds.
“Basic salary increases for executive directors effective in 2012 were below inflation and in line with, or below, average increases provided to other employees across the group,” Russell Edey, chairman of London-based Old Mutual’s remuneration committee, wrote in the annual report.
The shares rose 31 percent in Johannesburg trading last year, making Old Mutual the best performer on the five-member FTSE/JSE Africa Life Assurance Index. The insurer said on March 9 full-year operating profit after tax climbed 12 percent to 855 million pounds.
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