Allstate CEO Bonus More Than Doubles After Stock RalliesNoah Buhayar
Allstate Corp., the largest publicly traded U.S. home and auto insurer, more than doubled Chief Executive Officer Tom Wilson’s bonus last year as the company’s stock rebounded.
Wilson got $6.16 million in non-equity incentive plan compensation last year, compared with $2.25 million in 2012, the Northbrook, Illinois-based insurer said today in a proxy filing. His total pay, including salary, stock, options and the change in pension value, climbed to $17.1 million from $11.2 million.
Allstate surged 47 percent last year, the stock’s best performance in more than a decade, after Wilson charged customers more for residential coverage. His decision to scale back in coastal areas helped the company when Superstorm Sandy struck the U.S. Northeast.
“Under Mr. Wilson’s leadership, in 2012 Allstate delivered on its strategy to provide differentiated products to four consumer segments while improving returns,” the company said in the filing. “An increase in overall premiums and a doubling of net and operating income in 2012 versus 2011 resulted in a strong year.”