Wednesday, March 24, 2010

Cigna gives $110.9 million compensation package to ex-CEO

The insurance giant Cigna last year gave compensation packages worth more than $120 million to two executives who left the company, according to a filing with the SEC on Friday.

The vast majority of that total went to former chairman and CEO H. Edward Hanway who left his post with a retirement package worth $110.9 million -- which included $18.8 million in executive compensation for 2009, as well as a healthy pension plan, deferred compensation and stock options.

With more than $19 billion in revenues reported in 2008, Cigna remains one of the most profitable insurers in the country. Though, unlike some of its competitors, it does not appear to have raised premiums on customers in an effort to improve somewhat sagging recent profits.

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Posted by Peacedream

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