Lloyd's CEO John Neal’s 2024 remuneration slashed ahead of Aon move

By Ryan Hewlett

March 26 - (The Insurer) - John Neal's remuneration shrank by almost 64% in 2024, while other senior market executives saw their total take home overtake the departing Lloyd’s CEO last year.

The Corporation’s full-year accounts show Neal’s total pay fell to 983,000 pounds in 2024, down 63.7% year on year from 2.71 million pounds in 2023, as the executive forfeited most available bonuses following his recent resignation to join global broker Aon.

Neal announced in January that he would be leaving Lloyd’s to lead Aon's global reinsurance unit and its climate solutions arm after more than six years running One Lime Street

“As a leaver due to resignation, in line with Lloyd's policy he is not eligible for 2024 or 2025 incentive awards and all outstanding deferred awards are forfeit on termination of employment”, Lloyd’s explained in its 2024 annual report.

The marked decrease in Neal’s total pay was driven by the executive’s forfeiture of an individual performance-linked annual bonus, equal to 100% of salary and totalling 612,000 pounds in 2023, a market award of up to 100% of salary and a strategic transformation-related bonus of up to 200% of salary.

Together, Neal’s market award and Strategic Transformation Incentive Plan (STIP) award totalled 1.13 million pounds in 2023.

The STIP, launched in 2021, links rewards to specific KPIs deemed “critical to successful delivery and execution” of Lloyd’s profitable growth, the market’s technology and digital transformation and a ‘Fit for Purpose’ Lloyd’s.

In contrast, chief of markets Patrick Tiernan and Chief Financial Officer Burkhard Kesse each saw total remuneration rise last year, up 10.2% and 6.2% respectively in 2024 compared with 2023.

Tiernan saw total pay increase to 2.486 million pounds in 2024 while Keese’s total remuneration rose to 1.739 million pounds.

Outgoing chairman, Bruce Carnegie-Brown’s annual fee was broadly flat year on year at 665,000 pounds per annum. Carnegie-Brown’s replacement Sir Charles Roxburgh was confirmed as the next chair of Lloyd’s with effect from May 1, 2025, with a fee of 675,000 pounds.

Lloyd’s posted profit before tax of 9.6 billion pounds for 2024 and a combined ratio of 86.9%, slightly up on the previous year’s 84% amid a higher large claims environment.

Market GWP rose 6.5% to 55.5 billion pounds, primarily driven by volume growth of 8.5%, of which 7.6% was from existing and 0.9% from new syndicates.

Lloyd’s was contacted for comment.