Joined: Sat May 29, 2004 11:46 pm
Posts: 14433
Location: NC
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AND HOW MANY OUT THERE DON'T BELIEVE INSURANCE COMPANIES ARE MAKING MONEY?  READ ON!Cigna Gives $110.9 Million Compensation Package To Ex-CEOThe insurance giant Cigna last year gave compensation packages worth more than $120 million to two executives who left the company, according to a filing with the SEC on Friday.
The vast majority of that total went to former chairman and CEO H. Edward Hanway who left his post with a retirement package worth $110.9 million -- which included $18.8 million in executive compensation for 2009, as well as a healthy pension plan, deferred compensation and stock options.
With more than $19 billion in revenues reported in 2008, Cigna remains one of the most profitable insurers in the country. Though, unlike some of its competitors, it does not appear to have raised premiums on customers in an effort to improve somewhat sagging recent profits. The company is part of America's Health Insurance Plans (AHIP), which has lobbied heavily against health care reform. In drumming up opposition, the industry group has warned that reform legislation will adversely affect the market as a whole and Cigna's bottom line in particular.
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"Behind every great fortune lies a great crime."
Honore de Balzac
"Democrats work to help people who need help.
That other party, they work for people who don't need help.
That's all there is to it."
~Harry S. Truman
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