State Farm Insurance’s chairman and CEO received an 82 percent raise after the company posted a record profit last year, a statement from the Bloomington-Ill.-based insurer said this week.
Chairman and Chief Executive Officer Ed Rust Jr. got a $5.26 million raise. He earned $11.66 million in 2006 with a base salary of $1.77 million and results-based bonus of $9.89 million, the statement said. Rust made $6.4 million in 2005 and $5.5 million in 2004.
The absence of a major catastrophe helped the insurer generate a record $5.32 billion profit last year, compared to $3.24 billion in 2005 when Hurricane Katrina hit the Mississippi Gulf Coast, release said.
Topics State Farm
Was this article valuable?
Here are more articles you may enjoy.
Waymos Froze, Blocked Traffic During San Francisco Power Outage 
Three Top P/C Insurers Account for Most of Insurance AI Patents 
Brown & Brown Files Suit Over Alleged Howden Poaching of 200+ Employees 
Court Ruling Could Help Shed Light on Owners of Litigation Funders, Medical Clinics 
