Prudential Awards CEO Strangfeld $15.5 Million in Pay

Prudential Financial Inc. (PRU), the second-biggest U.S. life insurer, paid Chief Executive Officer John Strangfeld about $15.5 million for his work in 2012, when the company’s stock gained 6.4 percent.

The direct pay including salary, bonus and other awards to Strangfeld, 59, declined about 4.1 percent from a year earlier, the Newark, New Jersey-based company said today in a proxy filing. Total compensation, which includes estimates of pension- benefits value, surged to $30.7 million from $23.7 million.

Prudential posted profit of $469 million in 2012, down from $3.57 billion a year earlier. Strangfeld has pursued deals to boost results, including this year’s acquisition of Hartford Financial Services Group Inc. (HIG)’s individual life business and agreements to assume pension obligations from General Motors Co. and Verizon Communications Inc.

The insurer gained 1.6 percent to close at $59.59 in New York. Shares have advanced 12 percent this year, compared with a 9.7 percent rise by the Standard & Poor’s 500 Index.

To contact the reporter on this story: Dan Reichl in San Francisco at dreichl@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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