Medibank's boss has earned 45 per cent more as managing director of the privatised health insurer than he did when the company was government-owned.
The company's annual report shows George Savvides' total remuneration in the 2015 financial year was $2.08 million, up from $1.43 million a year earlier.
His pay was boosted by $602,000 worth of equity-based performance rights related to Medibank's performance in 2015.
Pay for non-executive directors also rose, to a total of $1.1 million in the 2015 financial year, from $402,100 in the previous year.
However, several board members were only appointed in March 2014, so their 2014 remuneration covered the part-year in which they served.
Before Medibank was listed on the Australian share market in November 2014, fees for non-executive directors were set by the Commonwealth Remuneration Tribunal.
Medibank chairman Elizabeth Alexander said the business had delivered financial results ahead of its prospectus earnings forecast.
"Challenging industry conditions, including rising healthcare costs, resulted in increased customer lapses and cover reductions, impacting revenue," Ms Alexander said in the annual report.
"However, strong progress on health benefit claims management and management expenses enabled the health insurance business to deliver a strong result."
Medibank more than doubled its net profit to $285.3 million in the year to June 30, 2015, beating the prospectus forecast of $251 million.
Shares in Medibank, which were sold to retail investors at $2, gained three cents on Friday to $2.41.
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