The directors of some of Britain's largest life assurance companies were given quite a grilling yesterday by the Treasury Select Committee.
These life assurance companies, are those well respected institutions who sold us our underperforming endowment policies in the 1980's.
The Times printed a few stats relating to the pay rises of the top four bosses, and the performance of a 25 year endowment policy taken out by a male aged 29 contributing £50 per month.
Richard Harvey (Aviva) paid £1M 2002, pay rise since 1999 45%- endowment payout 2002 £88K, 1999 £110K (fall 25%)
David Prosser (L&G) paid £1.3M 2002, pay rise since 1999 50%- endowment payout 2002 £74K, 1999 £101K (fall 27%)
Sandy Crombie (Standard Life) paid £0.7M 2002, pay rise since 1999 70%- endowment payout 2002 £90K, 1999 £107K (fall 17%)
Jonathan Bloomer (Prudential) paid £1M 2002, pay rise since 1999 52%- endowment payout 2002 £78K, 1999 £106K (fall 26%)
Nice work guys!
Thanks to The Times for providing the figures.