Former UnitedHealth Group (NYSE:UNH) CEO Andrew Witty is reported to have received an 11.9% pay increase to remain among the highest-paid CEOs of U.S.-listed health insurers in 2024, according to an S&P Global Market Intelligence analysis.
Witty, who was also the most compensated CEO of a managed care company in 2023, received $26.3 million in total compensation in 2024, the majority of which came from $17.3 million in stock grants.
The remainder comprised $1.8 million in cash, $5.8 million in options granted, and $1.5 million from a non-equity incentive compensation plan, the report said.
UnitedHealth (NYSE:UNH) shares have plunged nearly 40% year-to-date, driven by a sharp earnings decline in its Medicare Advantage and Optum Health physician businesses—a downturn that led to the sudden resignation of Witty in May, removing him from contention for 2025 executive rankings and prompting the return of former CEO Stephen Hemsley to the helm.
The health insurer also suspended its 2025 guidance at the time, citing rising medical costs, while ongoing civil and criminal DOJ investigations into its Medicare billing practices have added regulatory uncertainty to its operational challenges.
UnitedHealth Group (NYSE:UNH) has since created a Public Responsibility Committee to “monitor and oversee financial, regulatory, and reputational risks that may affect the company’s operations and mission.”
The company received a bit of a shot in the arm recently after Berkshire Hathaway took a $1.57 billion stake.
Seeking Alpha analysts rate the company at Buy, and SA’s Quant rating at hold.