Alongside UBS, Zurich Insurance also disclosed pay and bonuses for its top management. CEO Mario Greco received his first full-year salary since joining the insurer nearly two years ago.
In total, Zurich paid its CEO Mario Greco 8.6 million Swiss francs – he is the Swiss insurer's best-paid executive, according to the firm's annual report, released on Friday.
The Italian former Generali boss' salary is made up of a fixed salary of 1.6 million francs and a 2.8 million franc bonus, as well as shares worth 3.6 million francs, 500,000 francs in pension benefits and 100,000 in other perks.
This represents an 800,000 franc climb on 2016, when Greco took over in March from then-CEOTom de Swaan. Then, Greco was compensated 4.2 million francs for relinquishing benefits from Generali in order to join Zurich.
Profit Drop
Last year, Zurich's profit dropped by 6 percent amid damages from several major storms as well as restructuring charges, as finews.com reported last month.
The 14-member top management at Zurich, 11 of whom were employed for the full year, earned 46.4 million francs last year. This is slightly more than the 44.2 million francs taken home by 15 top executives, including Chairman and interim CEO de Swaan, in 2016.
