Genworth Financial CEO Got $11.2M in '07

The Richmond, Va.-based insurance and investment services provider paid Michael D. Fraizer $1.1 million in base salary and a performance-based bonus of $1.4 million.

Fraizer also received stock and option awards valued at about $8.5 million on the days they were granted.

Additionally, Genworth awarded Fraizer $167,473 in other compensation, which included life insurance premiums, an executive physical, personal use of aircraft, financial counseling services and contributions to retirement plans.

Fraizer's total pay package in 2006 was valued at $14.5 million, when he received a performance-based bonus of about $9.4 million, according to a calculation by The Associated Press.

The AP's total pay calculations include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.

According to Genworth's proxy filing, the compensation committee benchmarks its executive pay program against a peer group of companies that includes Countrywide Financial Corp., Aetna Inc., National City Corp. and Prudential Financial Inc.

In 2007, Genworth reported that its net income fell to $1.22 billion, or $2.73 per share, from $1.33 billion, or $2.83 per share, in the previous year. Revenue rose to $11.13 billion from $10.29 billion.

Genworth has not been sheltered from the ongoing credit crisis, as its fourth-quarter profit fell by more than half due to hefty losses related to subprime mortgages and other troubled investments.

Shares have fallen 34 percent from a 52-week high of $37 in May to close Thursday at $24.27.