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Aflac CEO Gets Nearly $12M in 2007

by AP Associated Press - Mar 09,2008

NEW YORK (AP) -- Aflac Inc., which sells insurance in the U.S. and Japan, reported Friday that Chairman and Chief Executive Daniel P. Amos received nearly $12 million in compensation in 2007, when the company's stock climbed to all-time highs.

Of the total, Aflac noted that $1.9 million in stock awards granted in August 2007 were based on his performance in fiscal 2006, according to a Securities and Exchange Commission filing. That reduces Amos' adjusted compensation for the year to about $10 million.

The filing said Amos received an additional $5.7 million in stock awards later in the year as part of his fiscal 2007 compensation.

Aflac awarded its CEO $1.3 million in salary and $2.8 million in a performance-related bonus. He received other compensation totaling about $290,000, which included more than $250,000 for a security service and nearly $25,000 for personal use of the company's aircraft.

Apart from his compensation, Amos realized about $70.8 million on exercising stock options.

The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

Aflac's earnings rose about 10 percent during the year to $1.63 billion. The Columbus, Ga.-based company's revenue also grew, despite a weaker yen-to-dollar exchange rate. The company's stock gained about 35 percent during the year, reaching all-time highs.


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Copyright © 2008 The Associated Press. All rights reserved.

 

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