Reinsurance Group of America Chief Executive Anna Manning got a below-target bonus last year as her total compensation fell 5 percent to $6.7 million.
The Chesterfield company's proxy statement, which discloses details of executive pay, says 2018 performance fell short of targets for operating income and book value, while exceeding goals for revenue and new business. The result was a bonus of $1.3 million, which was 87 percent of Manning's target level and far short of the previous year's $2.4 million.
Manning's salary last year was $992,308 after a 5 percent raise, and she's already been handed a 3 percent raise for this year. She also got $1 million in stock appreciation rights, $2.8 million in performance-linked shares and a $375,734 increase in pension value.
The $2.8 million in stock is linked to three-year goals for return on equity and revenue growth. A similar plan from 2015 paid out at 107 percent of its target value.
Manning earned 62 times as much as Reinsurance Group's median employee last year, down from a 2017 pay ratio of 66. The company calculated median pay of $108,008 for its 3,002 worldwide employees.
Reinsurance Group's earnings per share fell 16 percent last year, excluding unusual items, and its stock price fell 10 percent.