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[April 08, 2014]
Allstate CEO pay rises 9.5 percent [Chicago Tribune :: ]
(Chicago Tribune (IL) Via Acquire Media NewsEdge) April 08--Allstate Corp. Chief Executive Tom Wilson had total compensation of $18.7 million in 2013, up 9.5 percent from the previous year, according to a Securities and Exchange Commission filing.
"An increase in overall premiums and a 24.3 percent increase in operating income were among the measures of success in 2013," the proxy of the insurer said of Wilson. The Northbrook-based company also experienced "strong auto profitability," saw growth in the number of policies on its books for the first time in years, and enjoyed "dramatically improved returns" in its homeowners' business, the proxy said.
Allstate also paid out $352 million in dividends and made $1.8 billion in share repurchases in 2013, the proxy said. The company's total return for shareholders in 2013 was 38 percent, the proxy said.
Allstate's stock price rose 36 percent in 2013, but it lagged the 21-member Standard & Poor's Insurance Index, which was up 45 percent.
Wilson's salary and stock awards remained unchanged at $1.1 million and $3.8 million, respectively.
Option awards rose to $4.4 million from $3.8 million.
Cash incentives climbed from $6.2 million to $6.6 million.
His pension plan also increased in value by $2.7 million; in 2012, it appreciated by $2 million.
The proxy also noted that shareholders have submitted three proposals at the upcoming annual shareholder meeting related to stock retention by senior executives, and reporting on lobbying and political expenditures. Allstate is recommending no votes, saying existing practices are already strong.
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