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Insurance CEOs Continue Making An Average Worker Salary Per Day 

21 May, 2024 F.J. Thomas

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Sarasota, FL (WorkersCompensation.com) – According to data from Statista, 66.9 percent of the overall total wealth in the U.S. is held by the top 10 percent of earners. Healthcare CEOs have often been among the top paid CEOs in the nation. In 2022, seven of the top ten nonprofits with the highest earning CEOs belonged to the healthcare industry, with Sentara Health leading the way at $33.22 million dollars annually. 

That same year, CEO of UnitedHealth, Andrew Witty, earned $20.9 million, equating to over $57K per day, and a 13 percent increase over the previous year. For 2023, the UnitedHealth leader’s earnings increased to $23.5 million, of which $1.5 million was salary and over $15 million was in stock awards, according a recent Fierce Healthcare report. Witty earned the top spot compared to his peers from Centene, CVS, Cigna Group, Elevance Health, and Humana. His annual earnings equate to yet again an increase of 12 percent, averaging out to over $63K per day. Average salary at the company is $66,821, resulting in a 352:1 pay ratio. 

Ranking second in the Fierce Healthcare list is Gail Boudreaux, CEO of Elevance Health, formerly known as Anthem. With a salary of $1.6 million and stock options totaling $11.85 million, Boudreaux’s total earnings top out at $21.8 million, which averages out to over $59K per day. Elevance’s average employee salary is $56,229, resulting in a 389:1 CEO to employee pay ratio. 

Karen Lynch, CEO of CVS Health made $21.6 million in 2023, with a salary at $1.5 million and stock options at $12.4 million. Average annual employee salary for the company was $55,237, resulting in a 392:1 CEO pay ratio. Lynch’s total earnings averages out to over $59K per day. 

Cigna CEO David Cordani ranked fourth in the list at an annual compensation $21,047,255. The total includes $1.5 million in salary, and $12.7 million in stock options. With a little higher average employee salary at $75,191, the total represents the lowest CEO pay ratio at 279.9. According to the report, the previous year Cordani’s salary ranked second at $20,965,504. 

Alan Schnitzer, CEO of Travelers earned an annual compensation of $16.7 million in 2022. According to data from Simply Wall St, Schnitzer’s compensation increased to $22.7 million in 2023, representing a substantial increase. Travelers has seen substantial increases in revenue as well within the last year, leading some experts to predict an ongoing increase in premiums for businesses. 

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    About The Author

    • F.J. Thomas

      F.J. Thomas has worked in healthcare business for more than fifteen years in Tennessee. Her experience as a contract appeals analyst has given her an intimate grasp of the inner workings of both the provider and insurance world. Knowing first hand that the industry is constantly changing, she strives to find resources and information you can use.

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