March 25, 2013 / 4:59 PM / 5 years ago

CORRECTED-Manulife hikes CEO's pay 20.5 percent

(Deleting reference to Great-West Lifeco in paragraph 5)

* CEO Guloien earned C$10.4 mln

* Company profit jumped to C$1.7 bln from C$129 mln

TORONTO, March 22 (Reuters) - Manulife Financial paid Chief Executive Donald Guloien C$10.4 million ($10.17 million) in 2012, a 20.5 percent rise from the previous year due to the company’s increased profit, the insurer said on Friday.

Guloien, who has shepherded the company through a rebuilding as it has reduced its exposure to financial markets, earned base salary of C$1.1 million, and other compensation including stock and options awards of C$6 million and a cash bonus of C$2.8 million, according to a regulatory filing.

That was up from C$8.7 million in total compensation for 2011.

Manulife said the pay raise was due to Guloien’s strong performance since becoming CEO in 2009, and said the increase “moves the CEO’s compensation closer to, but still slightly below the median of Manulife’s peer group.”

Company spokeswoman Laurie Lupton said Manulife, which earns more than half of its profits from international operations, defines its peer group as both large international insurers and domestic rivals such as Sun Life Financial.

Manulife is Canada’s largest life insurer, and owns U.S.-based John Hancock and a growing Asian division.

Manulife earned C$1.7 billion in 2012, up from C$129 million the previous year, when the results were hurt by the company’s exposure to volatile markets.

$1 = $1.0225 Canadian Reporting By Cameron French; editing by Gunna Dickson

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