Angela Braly, the former chief executive of insurance giant WellPoint Inc., earned $20.6 million last year despite resigning under pressure in August.
Braly quit the Indianapolis company after major shareholders expressed dissatisfaction with her leadership and the company's performance.
WellPoint is the parent company of Anthem Blue Cross, California's largest for-profit health insurer, and it runs Blue Cross plans in 12 other states.
Her total compensation for 2012 was $20.6 million, up from $13.3 million a year earlier, according to the company's proxy filing. The bulk of her pay last year came from stock and option awards totaling $17.8 million.
The company said Braly's total compensation last year was comparable to the previous year, excluding certain amounts received in connection with her departure.