MassMutual, Liberty Mutual’s executives got hefty raises in 2015
March 1, 2016 by Deirdre Fernandes
The leaders of the two largest mutual insurance companies in Massachusetts received hefty pay increases in 2015, the companies disclosed Monday.
Roger Crandall, chief executive of MassMutual Financial Group of Springfield, received a 21 percent raise in 2015, upping his salary to nearly $12 million, from $9.8 million the previous year.
David Long, chief executive of Liberty Mutual Insurance of Boston, earned a $15.7 million pay package in 2015, up nearly 13 percent from $13.9 million the year before. Long’s compensation reflects the “strong operating performance” of the auto and home insurance company, said John Cusolito, a spokesman for the company.
Cusolito pointed out that Liberty Mutual’s operating profits rose by 16 percent for 2014, which was used to determine his salary last year.
Long’s base salary was $1.1 million, but he received the remainder of his compensation in bonuses, other incentives, and perks such as security services and personal use of Liberty Mutual’s corporate aircraft.
Crandall, whose base pay was unchanged at $1 million, also earned most of his pay package from bonuses and additional incentives, the company disclosed on Monday. His perks included use of the company’s aircraft for board-approved personal travel.
MassMutual officials said Crandall’s pay package was based on his performance and the company’s success in meeting its long-term financial goals.
MassMutual on Monday also announced plans to nearly double its workforce of agents and financial advisers by acquiring MetLife Inc.’s US retail adviser group for $300 million.
Liberty Mutual and MassMutual disclosed the pay packages to comply with state regulations that require insurers to report the compensation of their top executives each year.
As mutual insurers, Liberty Mutual and MassMutual are owned by policyholders, rather than shareholders.
