Scott Ball / Rivard Report
USAA officers and executives made more than $25.6 million combined in salary and other compensation from its five insurance subsidiaries, according to documents filed with the Nebraska Department of Insurance. That, however, doesn’t include the executives’ total base salary and compensation from the San Antonio-based company.
For instance, CEO and President Stuart Parker received more than $4 million in annual compensation from those five insurance companies, a 46 percent increase from 2016 when Parker made $2.73 million from four of the companies. His total compensation is not disclosed by USAA.
A Nebraska law requires all insurance companies doing business in the state to report compensation data annually. It’s the only state that has such a law. Records for the 2017 calendar year were released this month.
Last year Parker received pay from USAA Life Insurance Company, which amounted to about $632,000 in total compensation. The life insurance subsidiary had the most payouts to executives in 2017, with $7.76 million in salary and bonuses, according to the compensation records.
In a statement, USAA spokesman Matthew Hartwig said other than the Nebraska records, which reveal the compensation from the insurance side of USAA’s business, all other compensation information is kept confidential. USAA is a private, member-owned financial and insurance institution that aims to pay its employees and executives competitively, he said.
“As stewards of a member-focused organization, USAA maintains strong governance and controls of its compensation programs,” Hartwig said. “We also believe it is in our membership’s best interests to pay our employees and executives appropriately and competitively, within the market and industry, so we can recruit and retain the best talent.”
One of the city’s largest employers, USAA has about 32,000 employees on its payroll and 19,000 in San Antonio.
Its employees received bonuses equal to 16.2 percent of their base salaries in 2017, according to a January news release from the company. That was a drop from the previous year when employee bonuses were 16.8 percent of their base salaries.