Prudential awards CEO $14 million 2008 compensation

NEW YORK (Reuters) - Prudential Financial Inc said it awarded Chief Executive John Strangfeld $14 million in compensation in 2008, his first full year as CEO, during a period when the No. 2 U.S. life insurer posted a $1.1 billion net loss.

Strangfeld's compensation was $10 million a year earlier, when he held the position of vice-chairman.

In 2008, he was granted $970,769 in salary, a $3.3 million bonus, $474,776 in stock awards, $3.8 million in option awards, $5.3 million for a change in pension value and $144,745 for other compensation.

While Strangfeld's salary in 2008 rose nearly 62 percent from $600,000 a year earlier, his bonus was cut by about 25 percent from 2007, when he was awarded $4.4 million.

The compensation for both years was according to a summary table in a Prudential proxy filing with the U.S. Securities and Exchange Commission.

Some pay consultants and governance experts tabulate pay differently, saying the summary total may be imperfect since it counts options and stock as part of pay when they vest rather than when they are awarded.

Prudential had a net loss of $1.1 billion last year compared with a net profit of $3.7 billion in 2007, hurt by large credit losses.

The shares of the Newark, New Jersey-based insurer were down 9 percent, or $1.70, at $17.06, in late afternoon trading on the New York Stock Exchange. The stock is down more than 80 percent from its 52-week high of $88 set on September 19, according to Reuters data.

(Reporting by Lilla Zuill; Editing by Andre Grenon)