Health insurer UnitedHealth Group overcame a sluggish economy last year to manage 28 percent profit growth and rewarded CEO Stephen Hemsley by more than doubling his total compensation.

An Associated Press analysis found that the 57-year-old executive received 2009 total compensation valued at $8.9 million from the Minnetonka, Minn., company, up from $3.2 million the year before.

But that doesn't include the exercise of his stock options. When options are added in, the top dog at the nation's largest health insurer by market capitalization made a cool $102 million. Notes the Minneapolis Star Tribune:

Chief executive Stephen Hemsley pulled in $102 million in 2009, with $98.6 million coming from exercised stock options, according to a filing with the Securities and Exchange Commission Wednesday.

That’s the biggest payday at the Minnetonka-based health insurer since 2006, when former chief Dr. William McGuire collected $127 million.

It’s also a big leap from Hemsley’s compensation of $9.5 million in 2008, which included $6.2 million in exercised options. He made $5.0 million in 2007, a year in which he exercised no options.

Hemsley’s stock options were originally granted in October 1999 and were set to expire last year. He exercised 4,875,000 shares at $28.94 per share; they had an exercise price of $8.7188 per share.

Hemsley's pay package included a $1.3 million base salary, a performance-based cash bonus of nearly $2 million and restricted stock and options valued at about $5.6 million.

The AP's executive pay calculation -- which produced the smaller, $8.9 million figure, was based on a regulatory filing, and aimed to isolate the value the company's board placed on the CEO's total compensation package. AP's story follows below.