Highest paid health insurance CEOs: Six CEOs raked in a record $123 million last year.

The CEOs of America’s six largest publicly traded health insurance and services companies earned nearly $123 million combined in total compensation last year — by far the most of any year in the past decade. CEOWORLD magazine Executive Council reviewed proxy filings for UnitedHealth Group, Molina Healthcare, Elevance Health, CVS Health, Humana, and Cigna for this list.

Molina Healthcare’s CEO Joseph Zubretsky takes the top spot in our annual look at compensation for chief executives at the six major national health insurers, bringing in $22.13 million in total compensation last year.

Zubretsky’s total compensation of $22.13 million includes a base salary of $1,500,000 and $14,999,868 in stock options. According to the company’s most recent proxy report, he earned $4,124,984 in option awards and $5,550,000 in non-equity incentive plan compensation.

According to regulatory filings, UnitedHealth Group chief executive officer Andrew Witty had the largest percentage increase in compensation between 2021 and 2022. Andrew Witty’s total compensation package increased by 13.19% from 2021 to 2022. Molina Healthcare president and chief executive officer Joseph Zubretsky’s pay increased by 10.87% from 2021 to 2022. Big payers continue to grow, and the compensation packages for their top brass are expanding alongside the companies.

Molina Healthcare’s CEO Joseph Zubretsky was the highest-paid payer for health insurance last year. Here’s what his competitors earned. Take a deeper dive into the earnings of these six CEOs.

1. Joseph Zubretsky, Molina Healthcare
   2022 pay: $22,131,256
   2021 pay: $19,961,698
   Percentage increase: 10.87
2. Karen Lynch, CVS Health
   2022 pay: $21,317,055
   2021 pay: $20,388,412
   Percentage increase: 4.55
3. David Cordani, Cigna
   2022 pay: $20,965,504
   2021 pay: $19,872,266
   Percentage increase: 5.50
4. Gail Boudreaux, Elevance Health
   2022 pay: $20,931,081
   2021 pay: $19,348,241
   Percentage increase: 8.18
5. Andrew Witty, UnitedHealth Group
   2022 pay: $20,865,106
   2021 pay: $18,433,143
   Percentage increase: 13.19
6. Bruce Broussard, Humana
   2022 pay: $17,198,844
   2021 pay:$16,525,036
   Percentage increase: 4.08

A deeper dive:

Molina Healthcare’s  highest-earning executives

President and Chief Executive Officer Joseph Zubretsky
Salary: $1,500,000
Stock awards: $14,999,868
Non-equity incentive plan: $5,550,000
Other compensation: $81,388
Total: $22,131,256

CFO Mark Keim
Salary: $850,000
Stock awards: $3,750,045
Non-equity incentive plan: $1,572,500
Other compensation: $302,429
Total: $6,474,974

Executive Vice President of Health Plan Services James Woys
Salary: $800,000
Stock awards: $3,250,102
Non-equity incentive plan: $1,480,000
Other compensation: $53,986
Total: $5,584,088

Executive Vice President of Health Plans Marc Russo
Salary: $700,000
Stock awards: $2,749,846
Non-equity incentive plan: $1,295,000
Other compensation: $17,457
Total: $4,762,303

Chief Legal Officer Jeff Barlow
Salary: $685,000
Stock awards: $2,749,846
Non-equity incentive plan: $1,267,250
Other compensation: $47,349
Total: $4,749,445

CVS Health’s top highest-paid executives

President and CEO Karen Lynch
Salary: $1,487,500
Stock awards: $12,374,946
Option awards: $4,124,984
Non-equity incentive plan: $2,975,000
Other compensation: $354,625
Total: $21,317,055

CFO Shawn Guertin
Salary: $1,250,000
Stock awards: $7,499,943
Option awards: $2,499,998
Non-equity incentive plan: $3,270,000
Other compensation: $110,772
Total: $14,630,713

Chief Data, Digital and Technology Officer Tilak Mandadi
Salary: $437,500
Bonus: $2,773,375
Stock awards: $9,799,983
Non-equity incentive plan: $981,000
Total: $13,991,858

Former President of Pharmacy Services Alan Lotvin
Salary: $1,000,000
Stock awards: $5,624,957
Option awards: $1,874,986
Non-equity incentive plan: $2,242,000
Other compensation: $241,807
Total: $10,983,750

Chief Pharmacy Officer, Co-President of Retail Services Prem Shah
Salary: $916,667
Stock awards: $4,999,820
Option awards: $999,999
Non-equity incentive plan compensation: $1,949,000
Other compensation: $149,732
Total: $9,015,218

Cigna’s highest earning executives

Chair and CEO David Cordani
Salary: $1,500,000
Stock awards: $12,644,278
Option awards: $2,900,029
Non-equity incentive plan: $3,600,000
Other compensation: $321,197
Total: $20,965,504

President and CEO of Evernorth Health Eric Palmer
Salary: $986,731
Stock awards: $4,556,446
Option awards: $1,406,274
Non-equity incentive plan: $1,562,500
Other compensation: $50,842
Total: $8,562,793

CFO Brian Evanko
Salary: $836,731
Stock awards: $3,493,584
Option awards: $1,078,170
Non-equity incentive plan: $1,500,000
Other compensation: $57,196
Total: $6,965,681

General Counsel Nicole Jones
Salary: $768,366
Stock awards: $2,583,969
Option awards: $797,503
Non-equity incentive plan: $1,020,000
Other compensation: $62,909
Total: $5,232,747

Global Chief Information Officer Noelle Eder
Salary: $718,366
Stock awards: $2,316,966
Option awards: $715,034
Non-equity incentive plan: $840,000
Other compensation: $34,619
Total: $4,624,985

Elevance Health’s highest-earning executives

President and Chief Executive Officer Gail Boudreaux
Salary: $1,600,000
Stock awards: $11,100,128
Option awards: $3,699,929
Non-equity incentive compensation: $3,840,000
Other compensation: $691,024
Total: $20,931,081

Chief Financial Officer John Gallina
Salary: $919,231
Stock awards: $3,937,532
Option awards: $1,312,557
Non-equity incentive compensation: $1,323,692
Other compensation: $148,825
Total: $7,641,837

Chief Administrative Officer Gloria McCarthy
Salary: $919,231
Stock awards: $3,000,218
Option awards: $999,871
Non-equity incentive plan compensation: $1,213,385
Change in pension value and deferred compensation: $154,683
Other compensation: $138,988
Total: $6,426,376

President of Carelon and CarelonRx Peter Haytaian
Salary: $919,231
Stock awards: $3,000,218
Option awards: $999,871
Non-equity incentive plan compensation: $1,323,692
Other compensation: $144,717
Total: $6,387,729

President of Government Business Division Felicia Norwood
Salary: $919,231
Stock awards: $3,000,218
Option awards: $999,871
Non-equity incentive plan compensation: $1,323,692
Other compensation: $143,975
Total: $6,386,987

UnitedHealth Group’s highest-paid executives

Chief Executive Officer Andrew Witty
Salary: $1,500,000
Stock awards: $12,375,672
Option awards: $4,125,100
Non-equity incentive plan: $2,760,000
Other compensation: $104,334
Total: $20,865,106

Executive Vice President and CFO John Rex
Salary: $1,200,000
Stock awards: $9,300,612
Option awards: $3,100,109
Non-equity incentive plan: $2,200,000
Other compensation: $32,099
Total: $15,832,820

President and COO Dirk McMahon
Salary: $1,200,000
Stock awards: $9,300,612
Option awards: $3,100,109
Non-equity incentive plan: $2,200,000
Other compensation: $32,099
Total: $15,832,820

Executive Vice President and Chief Legal Officer Rupert Bondy
Salary: $706,731
Bonus: $2,000,000
Stock awards: $5,876,767
Option awards: $1,125,110
Non-equity incentive plan: $1,090,000
Other compensation: $519,216
Total: $11,317,825

Executive Vice President and UnitedHealthcare CEO Brian Thompson
Salary: $1,000,000
Stock awards: $5,250,185
Option awards: $1,750,060
Non-equity incentive plan: $1,840,000
Total: $9,859,429

Humana’s highest-earning executives

President and CEO Bruce Broussard
Salary: $1,349,465
Stock awards: $9,638,547
Option awards: $2,785,410
Non-equity incentive plan compensation: $2,785,410
All other compensation: $353,028
Total: $17,198,844

CFO Susan Diamond
Salary: $750,000
Stock awards: $2,258,317
Option awards: $652,754
Non-equity incentive plan compensation: $975,750
All other compensation: $174,177
Total: $4,810,998

Retail Segment President Alan Wheatley
Salary: $665,000
Stock awards: $2,180,533
Option awards: $630,221
Non-equity incentive plan compensation: $865,165
All other compensation: $131,219
Total: $4,472,138

Chief Administrative Officer Timothy Huval
Salary: $663,000
Stock awards: $1,596,932
Option awards: $461,458
Non-equity incentive plan compensation: $862,563
All other compensation: $150,617
Total: $3,734,570

Chief Legal Officer Joseph Ventura
Salary: $600,596
Stock awards: $1,596,932
Option awards: $461,458
Non-equity incentive plan compensation: $784,147
All other compensation: $155,664
Total: $3,598,797

Total compensation consists of base salary, stock awards, option awards, non-equity incentive plan compensation, and all other forms of compensation.

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