The CEOs of Canada’s three biggest life insurers received less incentive bonus pay in 2022 than in 2021, but the CEOs of both Manulife Financial Corp. and Canada Life earned more in total compensation than they did the previous year.
Manulife CEO Rory Gori’s total compensation last year was US$13.2 million, down from US$13.3 million in 2021 and up from US$11.2 million in 2020, Manulife reported in its circular released March 24. When converted to Canadian currency, however, Gori’s total 2022 compensation was $17.1 million, an increase from last year’s $16.9 million total.
Gori, who’s been president and CEO since 2017, received an annual incentive of US$2.9 million in 2022 — 87% of his targeted award — down from US$4.6 million in 2021.
“This award is a direct result of his exceptional personal performance highlighted by Manulife’s demonstrated resilience in the face of difficult market conditions,” the circular said.
Canada Life CEO Paul Mahon’s total 2022 compensation was $9.9 million, up from $9.1 million in 2021 and $7.9 million in 2020, Great-West Lifeco Inc. reported in its circular released March 24.
Mahon’s base salary was unchanged and his incentive bonus dropped to $2.64 million, down from $3.1 million in 2021. His share and options-based awards increased.
Mahon has been president and CEO of Great-West Lifeco, Canada Life, Great-West Life Assurance Co. and London Life since 2013.
Sun Life Financial Inc. CEO Kevin Strain earned $9.43 million in total direct compensation in 2022, down from $11.33 million in 2021. His total annual incentive bonus dropped to $1.71 million in 2022 from $2.19 million in 2021.
His base salary increased to $1 million in 2022 from $863,000 in 2021, Sun Life said in its management information circular released March 28. Strain has been president and CEO since 2021.
In 2022, Sun Life “continued to think and act like a digital company,” the circular said, adding that 79% of claims and 69% of applications were submitted digitally, with 1,874 employees “engaged in a digital way of working.”