Lisa Iglesias
UnumAbout Lisa Iglesias
Lisa G. Iglesias is Executive Vice President and General Counsel at Unum Group, a role she assumed upon joining the company in January 2015; she is 59 years old as of the 2024 Form 10-K filing date . In 2024, Unum delivered after-tax adjusted operating income of $1.59 billion on $12.9 billion of revenue and achieved a 66% total shareholder return, framing the pay-for-performance backdrop for executive incentives she participates in . The Human Capital Committee cited her leadership on ethics, stakeholder engagement, sustainability disclosures, and enterprise counsel, awarding a 105% strategic objectives modifier to her 2024 incentives .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| WellCare Health Plans, Inc. | Senior Vice President, General Counsel and Secretary | Feb 2012 – Dec 2014 | Senior legal leadership at a managed care company (public) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | None disclosed in 10-K/Proxy |
Fixed Compensation
| Year | Base Salary/Earnings ($) | Target Bonus (% of Salary) | LTI Target (% of Salary) |
|---|---|---|---|
| 2024 | 593,269 | 100% | 175% |
| 2025 (targets) | 630,000 | 100% | 175% |
Performance Compensation
Annual Incentive Plan (Company metrics, 2024)
| Metric | Weight | Threshold | Target | Max | Actual/Result |
|---|---|---|---|---|---|
| After-tax Adjusted Operating EPS | 50% | $6.27 | $8.36 | $9.61 | $8.44 |
| Earned Premium (Core Ops) | 20% | $8,228.3m | $9,680.3m | $11,616.4m | $9,616.6m |
| Sales | 10% | $1,596.2m | $2,128.3m | $2,660.4m | $2,086.1m |
| Customer Experience | 10% | 70.0% | 100.0% | 120.0% | 98.8% |
| Adjusted Other Operating Expense Ratio | 10% | 21.5% | 19.5% | 17.5% | 19.6% |
| Committee Determination | — | — | — | — | Overall payout set at 100% of target |
Iglesias 2024 AIP outcome
| Base Salary Earnings ($) | Target (%) | Company Factor | Strategic Obj. Modifier | Paid ($) |
|---|---|---|---|---|
| 593,269 | 100% | 100% | 105% | 622,933 |
Long-Term Incentive (Design and 2024 grants referencing 2023 performance)
- Mix: 50% RSUs (time-based, 3-year ratable vesting) and 50% cash incentive units (CIUs, 3-year performance on growth in adjusted book value plus dividends, modified by relative TSR) .
- 2022 CIUs paid at 186.2% based on 155.2% shareholder return measures and 100th percentile relative TSR; Iglesias received $691,268 upon settlement in 2024 .
| Grant (Mar 1, 2024) | Type | Target ($) | Max ($) | Units/Shares | Grant Date Value ($) |
|---|---|---|---|---|---|
| 2024 LTI (for 2023 performance) | CIUs | 528,275 | 1,056,550 | — | — |
| 2024 LTI (for 2023 performance) | RSUs | — | — | 10,716 | 528,299 |
| 2024 LTI decision (for 2024 performance; granted Mar 2025) | RSUs/CIUs mix | 1,102,500 (target×105%) | — | — | — |
Multi‑Year Compensation (Summary Compensation Table)
| Year | Salary ($) | Stock Awards ($) | Non‑Equity Incentive Plan Comp ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 593,269 | 528,299 | 1,314,201 | 176,091 | 2,611,860 |
| 2023 | 565,000 | 450,596 | 1,718,581 | 163,076 | 2,897,253 |
| 2022 | 562,116 | 371,240 | 843,174 | 125,588 | 1,902,118 |
Notes: 2024 Non-Equity Incentive Plan Compensation includes the 2024 annual incentive (paid March 2025) and the vested 2022 CIUs ($691,268) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/24/2025) | 7,322 common shares; no settleable rights/units within 60 days noted for Iglesias |
| Unvested RSUs/SSUs at 12/31/2024 | 28,758 units; market value $2,100,197 (at $73.03) |
| Ownership guidelines (NEO) | 3× base salary requirement; Iglesias total ownership $2,617,407 equals 4.4× salary (meets/exceeds) |
| Hedging/Pledging | Execs prohibited from hedging and pledging Unum stock; company believes no pledged shares by insiders |
Scheduled Vesting (Iglesias – Unvested RSUs/SSUs)
| Vest Date | Grant Date | Units |
|---|---|---|
| Mar 1, 2025 | Mar 1, 2022 | 4,696 |
| Mar 1, 2025 | Mar 1, 2023 | 3,263 |
| Mar 1, 2025 | Mar 1, 2024 | 3,536 |
| Mar 1, 2026 | Mar 1, 2023 | 3,362 |
| Mar 1, 2026 | Mar 1, 2024 | 3,536 |
| Aug 24, 2026 (SSU) | Aug 24, 2020 | 6,721 (performance-conditioned) |
| Mar 1, 2027 | Mar 1, 2024 | 3,644 |
Employment Terms
Severance and Change-in-Control (CIC) Framework
- No NEO employment agreements; severance provided via company plans/agreements; clawbacks in place .
- Non-CIC severance: NEOs (other than CEO) generally receive 18 months of base salary if terminated without cause; additional provisions include outplacement (≤$50k) .
- CIC (double-trigger): If terminated without cause/for good reason within 2 years post-CIC, NEOs receive 2× (base + annual incentive (greater of current-year target or prior-year paid)), prorated annual incentive, up to 2 years of health/welfare benefits, outplacement (≤$50k), and accelerated vesting of unvested CIUs/CSUs/SSUs/assumed equity per plan terms; no excise tax gross-ups, with cut-back if beneficial .
Estimated Termination Benefits for Iglesias (as of 12/31/2024)
| Scenario | Severance ($) | Prorated AI ($) | LTI Distribution ($) | Benefit Continuation ($) | Outplacement ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination without cause | 900,000 | — | 3,008,219 | — | 50,000 | 3,958,219 |
| Disability | — | 622,933 | 3,008,219 | 140,319 | — | 3,771,471 |
| Death | — | 622,933 | 3,008,219 | — | — | 3,881,152 |
| CIC termination | 2,861,100 | 600,000 | 3,713,909 | 131,884 | 50,000 | 7,356,893 |
| Retirement | — | — | 3,008,219 | — | — | 3,008,219 |
Clawback, Hedging, Trading, and Deferred Compensation
- Clawback policies: NYSE Rule 10D‑1 compliant Compensation Recovery Policy and broader Senior Officer Recoupment Policy (misconduct) .
- Insider trading and trading windows/pre‑clearance for insiders; anti‑hedging and anti‑pledging for directors and executive officers .
- Non-Qualified Deferred Compensation (2024): Executive contributions $215,764; company contributions $102,488; aggregate balance $2,742,077 .
Say‑on‑Pay, Peer Group, Consultant
- 2024 say‑on‑pay support: 93% approval; ongoing shareholder engagement noted .
- Independent compensation consultant to the Human Capital Committee: Pay Governance LLC .
Compensation Structure Analysis
- High at‑risk mix: Company states substantial majority of NEO total direct compensation is performance‑based (AIP + CIUs/RSUs) .
- 2024 AIP simplification: Removed adjusted operating ROE, increased EPS weighting to 50% to sharpen alignment with shareholder value .
- No excise tax gross‑ups; double‑trigger CIC; robust ownership/retention requirements; clawbacks exceeding NYSE minimums .
Performance & Track Record Signals
- Enterprise value creation context: Unum’s 2024 TSR 66.3% and multi‑year TSR outperformance vs peers; capital returns included $971m in buybacks .
- LTI performance: 2022 CIUs paid at 186.2% (100th percentile relative TSR) evidencing strong multi‑year execution .
Investment Implications
- Alignment: Iglesias exceeds ownership guidelines (4.4× vs 3× salary) with material unvested equity ($2.10m), combined with anti‑hedging/pledging policies and clawbacks—supporting shareholder alignment and prudent risk posture .
- Retention vs. optionality: Multi‑tranche vesting through 2027 (notably March 1, 2025–2027 and Aug 24, 2026 SSUs) creates ongoing retention hooks and potential event‑driven insider selling windows, subject to policy/trading plans .
- Downside protection/discipline: No employment agreement; non‑CIC severance is formulaic; CIC benefits are double‑trigger with no gross‑ups and cut‑back, reducing entrenchment risk .
- Pay-for-performance: 2024 AIP paid at 100% company factor with a modest 105% strategic modifier for Iglesias; strong three‑year LTI realization reflects enterprise outcomes rather than discretion, a constructive signal for investors monitoring incentive integrity .