Three top SunAmerica Inc. executives received $120 million in compensation last year and ranked among the six highest-paid insurance executives nationally, according to a survey by the Insurance Forum, an industry newsletter.
Los Angeles-based SunAmerica was merged into American International Group Inc. on Jan. 1. AIG Chairman Maurice R. Greenberg was the seventh-highest-paid executive last year, with a total compensation of $21.5 million, the newsletter said. Editor Joseph M. Belth compiled the list from company proxy statements and records filed with New York and Nebraska state insurance departments, which track executive compensation.
Eli Broad, SunAmerica's chairman and chief executive, ranked as the highest-paid insurance executive last year with $71.4 million in total compensation, according to the Nebraska department. Broad received $500,000 in salary, $3.1 million in bonuses and $67.8 million in "other compensation."
SunAmerica Vice Chairman and Chief Operating Officer Jay S. Wintrob received $25 million, and Executive Vice President Peter McMillan received $23.9 million. Broad and Wintrob currently serve on AIG's board. Three executives of Life Re Corp. ranked second, third and fourth on the list, with a total of $170 million in compensation.