Aviva Plc (AV/), the U.K.’s second- biggest insurer, paid Chief Executive Officer Andrew Moss 9 percent more in 2011 than the previous year even as the stock fell.
Moss received 951,000 pounds ($1.5 million) in base salary, a 1.16 million-pound bonus in cash and stock, 480,000 pounds as part of a long-term incentive plan and 98,000 pounds in other benefits, the company said in its annual report today. The 2.69 million-pound total compares with 2.47 million pounds in 2010. Moss’s salary will rise 5 percent to 1 million pounds in April.
“These increases reflect his performance, experience and contribution since his appointment,” the filing said, referring to increases in Moss’s salary.
Aviva stock tumbled 24 percent in 2011, compared with a 7 percent decline in the nine-member FTSE All-Share Life Insurance index. The European sovereign debt crisis hurt sales in the region and forced the London-based insurer to cut its holdings of Greek, Portuguese, Irish, Italian and Spanish government bonds.
Igal Mayer, Aviva’s European CEO, was the second-highest paid executive last year, receiving 1.69 million pounds in salary and bonuses. Finance Director Pat Regan received 1.4 million pounds, according to the filing.
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