Esure execs enjoy double digit pay rises

Esure executives have received pay rises of up to 13% after the Surrey insurance company exceeded its trading profit target for 2015, reaching £92.3m. This follows after targets were missed in 2014, when the group reported a sum of £115.4m against its objectives of £128.4m. Stuart Vann, CEO of Esure, enjoyed a total pay increase to £824,445, up 11% from the £746,021 received in 2014 and CFO Darren Ogden was paid a total of £501,763, up 13.1% from £443,631 paid in 2014. However, neither of the executives received the maximum annual bonus or payments under the company’s long term incentive scheme as trading profits were below the upper target limit.

Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014.

The insurer’s chief financial officer Darren Ogden enjoyed a 13.1% increase in total pay to £501,763 (2014: £443,631).

The total pay increases reflect the base salary rises both men received on 1 July 2015 as well as an increased annual bonus, triggered by the company hitting its trading profit target for the year.

Esure made a trading profit of £92.3m for 2015. Esure did not disclose the target, but said the trading profit had exceeded it – although it fell short of the amount that would trigger a maximum payout under the annual bonus.

In 2014, Esure missed its trading profit target, reporting a trading profit of £115.4m against a target of £128.4m and a maximum of £154.1m.

Vann’s base salary increased by 6.2% to £504,500 (2014: £475,000). His annual bonus increased by 25.5% to £236,738 (2014: £188,575).

Ogden’s base salary increased by 9.8% to £340,500 (2014: £310,000). His annual bonus rose by 27.7% to £104,810 (2014: £82,057).

Neither Vann nor Ogden received any payments under Esure’s long-term incentive scheme.