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MVP Health Care paid CEO David Oliker just more than $1 million in 2011. Oliker’s 2011 compensation was roughly even with his $1.1 million 2010 pay package and up 57 percent over his 2009 compensation of roughly $649,000.
In 2009, a year in which MVP’s financial performance lagged, Oliker did not collect a bonus. His salary last year was $668,750, an annual statement MVP is slated to file with the state Department of Financial Services Mar. 31 shows. A bonus and other unspecified payments account for the balance of his 2011 compensation of $1.02 million.
MVP ended 2011 with a $32.7 million surplus on revenue of $2.9 billion, company officials said Friday. Those results compare to a $40.1 million surplus on $2.9 billion in revenue in 2010.
Chief Financial Officer Mark Fish attributed the company’s flat revenues and smaller surplus last year to “a continued sluggish economy that caused job losses among some of our employer groups, (which) resulted in a decline in enrollment.”
In 2011, MVP lost 55,000 subscribers, seeing enrollment dip from 700,000 to 645,000. MVP’s coverage area includes a swath of Upstate New York between Rochester and Albany, and the states of Vermont and New Hampshire. Premium hikes driven by rising medical expenses also slowed the company last year, Fish said.
“We believe that our ongoing cost-control measures and a strengthening regional economy position MVP for growth in 2012,” he added.
MVP’s top-ranking Rochester employee—Lisa Brubaker, executive vice president – government programs—in 2011 earned $508,952, making her the insurer’s fourth-highest-paid executive. Ranking second and third were James Morrill, executive vice president – human resources; and Christopher Henchey, chief operating officer. They earned $511,725 and $510,875, respectively.
With 20 percent to 25 percent share of the local market, the Schenectady-based MVP is the Rochester region’s second-biggest health insurer, accounting for most of the commercial health insurance business not written by the area’s dominant carrier, Excellus Blue Cross Blue Shield.
This month, Excellus in its annual state filings reported ending 2011 with a $157 surplus on revenue of $5.7 billion. An 85,000-enrollee gain boosted its subscriber base to 1.8 million.
Excellus paid CEO David Klein $5.2 million last year, up 174 percent from the $1.9 million Klein collected as total compensation in 2010.
A $2.8 million retention bonus, awarded to Klein by the company’s directors in 2011 as a reward for not leaving the company the year before, accounted for a hefty share of his 2011 pay package, Excellus spokesman James Redmond said.
In early March, Klein announced plans to retire at the end of this year.
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