TORONTO, March 21 (Reuters) - Manulife Financial boosted Chief Executive Donald Guloien’s pay by 22 percent to C$12.8 million ($11.44 million) last year, as Canada’s largest insurer posted a more than 70 percent rise in profit.
Guloien, who has worked in the past few years to reduce the company’s exposure to financial markets and increase its presence in Asia, was paid C$1.2 million in base salary and a cash bonus of C$4.2 million. The bulk of the remainder of his compensation came in the form of stock and options awards, the company said in a filing on Friday.
Guloien received C$10.4 million in remuneration in 2012.
Manulife said the pay increase was due to the company’s strong profit performance and its progress achieving long-term goals such as expanding its wealth management business and strengthening its capital levels.
The company posted profit of C$3.1 billion in 2013, ahead of the company’s objectives and up from C$1.8 billion in 2012.
$1=$1.12 Canadian Reporting by Cameron French; Editing by Peter Galloway