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Earnings declined for the four largest Massachusetts health insurers last year as they stepped up investments in new products, technology, and markets in a rapidly changing business.
At the same time, compensation for top executives rose at two of the health insurance companies while declining at two others, according to reports filed with the state Friday.
The highest-paid executive at the nonprofit insurers was Eric H. Schultz, chief executive of Harvard Pilgrim Health Care in Wellesley. He drew total compensation of $1.9 million last year, up 38.5 percent from the nearly $1.4 million he received in 2012. But the biggest part of his compensation was a bonus payable in 2013 from a three-year incentive plan.
For all the health insurers, net income was squeezed in 2013 by mounting competition as they responded to pressure from government and employers to make care more affordable.