Blue Cross gives raises to tip management team

Blue Cross and Blue Shield gave small raises to the tip management group in 2009, even as distinction fell at the states largest insurer.

Robert J. Greczyn Jr., who late as CEO on Feb. 1, perceived sum remuneration of $4.08 million, the nonprofit reported in the annual inform with the N.C. Department of Insurance. That was about 2 percent some-more than a year earlier.

James B. "Brad" Wilson, left, who took over the tip mark last month, warranted $1.82 million in 2009, additionally about a 2 percent raise.

To a little extent, the sum are old news. Wilson expected perceived a poignant lift for his new purpose as CEO, a sum that Blue Cross wouldnt have to inform until subsequent year. And Greczyn probably perceived a early retirement package from the company, but no sum were disclosed in the regulatory filing.

Blue Cross has come underneath glow from critics who contend the insurer has as well most marketplace energy and as well most leisure to lift premiums. Those critics additionally point to tip executives" salaries as extreme when an augmenting series of consumers cant equates to health coverage.

Blue Cross says that the senior manager compensate is satisfactory and allied to alternative insurers the size. The Chapel Hill-based association employs about 4,600 people and has 3.7 million members.

"Less than a third of a cent of the reward dollar goes to senior manager compensation, that equates to that senior manager compensate has a favoured stroke on premiums," pronounced orator Lew Borman, in a rebuilt statement. "The companys caring group has kept this commercial operation in a plain on all sides during these formidable mercantile times. This is the caring group that has kept the joining to the customers."

Earlier this week, Blue Cross reported that net income fell last year to $107.3 million, down about 42 percent from a year earlier. Its distinction domain was 2.1 percent for 2009, down from 3.6 percent a year earlier.

Revenue was radically prosaic at $5.2 billion.

The bulk of Blue Cross premiums is outlayed on healing care. That figure was 87 cents per reward dollar in 2009, up from 85 cents in 2008. The association blames rising costs for healing tests and alternative services, and higher direct due to anniversary influenza and H1N1.