His base salary was $1.1 million with a bonus of almost $1.7 million, according to a document filed with the U.S. Securities and Exchange Commission on Friday.
The Hartford, Conn.-based insurer said Bertolini’s bonus reflected the insurer’s “strong” financial performance, Medicare membership growth and Aetna’s expansion into six new Medicare Advantage markets for 2017. It also reflected Aetna’s Medicare Advantage star ratings. About 91% of the insurer’s Advantage members are enrolled in plans with four or more stars.
Aetna’s failed attempt to acquire insurer Humana didn’t seem to dent Bertolini’s pay. The two insurers called off the $37 billion deal in February after a federal court blocked the merger on anti-competitive grounds.
Because the merger failed, Aetna owed Humana a $1 billion breakup fee. That will translate to about $630 million after taxes for Humana.
Bertolini’s stock awards increased to $6.5 million in 2016 from approximately $6 million in 2015, while his option awards grew to $8.7 million from $8.1 million.
Aetna recorded revenue of $60.2 billion in 2016, up 4.7% over 2015. Its 2016 profit dropped 5% year over year to $2.3 billion.
Shelby Livingston is an insurance reporter. Before joining Modern Healthcare in 2016, she covered employee benefits at Business Insurance magazine. She has a master’s degree in journalism from Northwestern University’s Medill School of Journalism and a bachelor’s in English from Clemson University.