(Bloomberg) -- Judy Greffin, former chief investmentofficer of Allstate Corp., hadher bonus cut in half before announcing her retirement from thelargest publicly traded U.S. home and auto insurer.

The money manager’s cash incentive award fell to $500,000 for2015, from $1 million in 2014 and $1.4 million in 2013, theNorthbrook, Illinois-based company said in a filing Monday. Hertotal pay dropped to $3.3 million from $4.8 million. Greffin’sbonus was 65% of her target.

Griffin retired on March 31

Net investment income slipped 8.8% last year to $3.2 billion,partly because a unit sale reduced the size of the portfolio. Thecompany also endured a decline in the basket of investments thatincludes private equity and real estate. There were $250 million of net realized capital lossesin the fourth quarter, driven by energy-relatedholdings, compared with gains of $106 million in the year-earlierperiod.

Greffin retired on March 31,after helping diversify the company’s portfolio and steer theinsurer through the financial crisis of 2008 and 2009. While atAllstate, she led a team of almost 300 professionals that managedabout $78 billion. She agreed to provide consulting services toAllstate for a year after her retirement. Chief Financial OfficerSteve Shebik is overseeing investments on an interim basis whileChief Executive Officer Tom Wilson seeks a replacement to carry outhis strategy of seeking alternatives to bonds.

CEO pay

Wilson announced Greffin’s promotion to CIO in late 2008 after thecompany was burned by investment losses earlier that year. Shedidn’t immediately respond to a message seeking comment through herLinkedIn account. Greg Burns, a spokesman for Allstate, declined tocomment beyond the filing.

The CEO’s compensation was also cut in 2015 as the insurerslumped 12% in New York trading, the stock’s first decline afterthree straight years of advancing at least 29%. His package dropped11% to $13.9 million.

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