(Bloomberg) -- Genworth Financial Inc. slashed Chief Executive Officer Tom McInerney’s compensation by 78 percent after higher-than-expected costs from long-term care insurance fueled a record $1.2 billion annual loss and a stock plunge.

His pay for 2014 dropped to $2.7 million from $12 million in 2013, his first year on the job, the Richmond, Virginia-based insurer said Thursday in a regulatory filing. The CEO received no bonus or options, compared with a $3 million incentive and $7.1 million in options a year earlier, when the stock doubled.

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