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.