Fat-cat bosses earning millions as they increase your premiums

THE bosses of Britain’s biggest insurers have raked in huge pay packets while loyal customers are hit by the renewal rip-off.

Stefan Stern, of the High Pay Centre, said: ‘When you see very high rewards, the question is, have these people really earned it? Consumers should ask how well served they feel.’

Direct Line Group boss Paul Geddes, 47, earned £4.1 million last year and the company generated overall profits of £353 million. The firm had 3.9 million motor policies on its books.

Mr Geddes joined Royal Bank of Scotland as head of marketing in 2004. He oversaw Direct Line’s separation from

RBS following its rescue by taxpayers during the financial crisis.

Admiral’s boss David Stevens, 55, took the top job in May 2016 and pocketed ‘only’ £386,000 for his work that year, but as one of the company’s co-founders, he owned 9.5 million shares worth £200 million at the end of last year.

Mr Stevens said in 2014 that his business hero was Mike Ashley, the boss of troubled retailer Sports Direct, because he was a ‘contrarian’.

This was before Sports Direct was hit by a scandal which saw it accused of mistreating staff and operating like a ‘Victorian workhouse’. Admiral made a £289.8 million profit last year and had 4.1 million UK customers. Aviva boss Mark Wilson, 50, pocketed £4.4 million last year and the firm – which also has a large life insurance and pensions operation – earned profits of £1.8 billion from its 31 million customers worldwide.

More Than owner RSA’s chief executive Stephen Hester, 56, was paid £4.3 million last year as his company made a £101 million profit.

Garry Hoffman, the 56-year-old boss of Hastings, took home £798,000 last year as profits reached £78.4 million.

Esure chief executive Stuart Vann, 45, earned £2.9 million in 2016 and the company made profits of £72.7 million.