March 3, 2017 / 6:36 AM / 6 months ago

Zurich Insurance pays CEO Greco 7.8 mln Sfr for first year

ZURICH, March 3 (Reuters) - Zurich Insurance Chief Executive Mario Greco received 7.8 million Swiss francs ($7.7 million) in compensation for 2016 after joining the company in March last year, the Swiss insurer said in its annual report published on Friday.

Greco was also awarded a "replacement payment" in cash and performance shares vesting in 2019 worth 4.2 million francs to compensate for the forfeiture of his incentive plan rights with his previous employer, Zurich said.

Zurich, Europe's fifth-biggest insurer, is in the middle of a major overhaul focused on streamlining and cutting costs.

($1 = 1.0121 Swiss francs)

Reporting by Joshua Franklin

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