The CEO of Prudential Financial Inc. received a 4.5 percent pay cut in 2009, even as the company moved to a profit from a loss.

The life insurer and annuity provider gave CEO John Strangfeld nearly $15.6 million in total compensation last year, compared with the $16.3 million he received in 2008. The totals are based on Associated Press calculations of data filed with regulators.

Strangfeld's overall pay cut was given in a year when the company moved to a profit from a loss of more than $1 billion. Prudential booked profit from its financial services businesses of $3.41 billion in 2009 compared with a loss of $1.14 billion, and revenue climbed to $27.74 billion from $25.99 billion.

Strangfeld's salary rose 7 percent to a little over $1 million from $970,769, and his bonus more than doubled to $8.6 million from $3.3 million.

But he received far less in stock and options awards, based on their value on the days they were granted. The value of Stangfeld's stock and options awards fell to about $5.8 million from nearly $11.9 million in 2008, according to proxy materials filed Friday with the Securities and Exchange Commission.

The value of his pay ultimately depends on the company's stock performance over time, since a chunk of his grants were given as stock options. As Prudential's stock price changes, the options can rise or fall in value or even become worthless.

Strangfeld's other compensation, a category of perks not typically available to the average employee, fell to $85,927 from $144,745. The company spent less on his home security — $24,736 in 2009 vs. $85,767 in 2008 when the system was installed — but costs were roughly the same, at about $22,000, to provide company vehicles for personal and commuting purposes. Strangfeld also booked above-market returns on deferred compensation of about $1,100.

The company, which chose not to take bailout funds from the government at the height of the financial crisis, completed debt and equity sales of more than $4 billion during the year to shore up its balance sheet.

In its filing, Prudential also scheduled its annual shareholder meeting for May 11 at its Newark, N.J., headquarters.

The Associated Press formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonus, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.

The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.