Travelers Cos. Inc. CEO and Chairman Jay Fishman earned a pay package of $18.1 million last year, up from $15.7 million in 2012, the insurer disclosed in a U.S. Securities and Exchange Commission filing.
More than half of the increase was the result of higher stock and options awards, which cannot be exercised until after a vesting period. Fishman also received $7.5 million in incentive plan compensation, up $1 million from 2012.
Travelers, which has major Hartford operations, booked $3.67 billion in profits in 2013, up from $2.47 billion the year prior.
The compensation figures given do not include the value of any previously granted options or awards exercised during 2013.
