Suncorp boss Patrick Snowball received a 50 per cent pay rise in the 2011/12 financial year to $8.27 million.
It makes Mr Snowball, an Oxford graduate who joined Suncorp in 2009, one of the highest paid chief executives in Australia.
The 62-year-old's pay rise was largely due to the more generous terms of a new contract he signed in August 2011, plus a larger cash incentive as Suncorp posted a 60 per cent rise in its full year profit.
Mr Snowball's remuneration for the year to June 30 was $2.75 million higher than his $5.52 million package in the previous year, Suncorp's annual report, released today, showed.
A base salary of $2.5 million in the year to June was up from $2.2 million in the previous year.
Mr Snowball was also paid a cash bonus of $1.48 million, up from $990,000 in 2010/11, while the share-based component of his short-term incentives remained steady at $1.5 million.
The short-term bonus was 77 per cent of his maximum potential bonus, reflecting a mixed result on Mr Snowball's performance targets, Suncorp said.
While the company's profit grew strongly from the previous year, in which Suncorp was hit hard by insurance claims from natural disasters, the result was still below its target.
"Our profit ... is still below what we'd like to be delivering," Mr Snowball said when delivering the company's financial results in August.
The main factor behind Mr Snowball's pay rise was the awarding of $2.7 million in previous year's deferred incentives, paid as shares.
Pay for other Suncorp executives in 2011/12 remained relatively stable compared with the previous financial year.
Chairman Ziggy Switkowski was paid $517,000 after being appointed to the role in October 2011.