Humana's McCallister received $1.8M bonus, 26 percent pay raise in 2009

The first of the five largest health insurers to share its 2009 executive compensation, Humana Inc., reported yesterday that it paid CEO Michael B. McCallister $6.5 million last year--26 percent more than in 2008.

Humana's proxy statement accounted for McCallister's $1 million salary, $3.4 million in stock and options, a performance-related bonus of $1.8 million, plus retirement savings, insurance, and use of a company aircraft.

In 2009, Humana earned $1.04 billion on $30.96 billion in revenue, exceeding its earnings goal by 15 cents per share. Bonuses were not issued when executives missed a similar goal in 2008, according to the Boston Globe.

A 5 percent increase in Medicare Advantage enrollment helped offset a decline in commercial enrollment in 2009. The insurer's stock price has also recovered slowly since the industrywide plummet in March 2009, as the healthcare reform debate has unfolded in Congress.

For more information:
- read the full article in the Boston Globe
- here's Humana's proxy statement

Related Articles:
Leading health plan CEO paychecks - 2008
Michael McCallister- Humana