WellPoint Chief Executive Officer Angela Braly received total pay valued at $9.84 million in 2008, her first full year at the helm of the Indianapolis-based health insurance giant.

That’s up from her $9.01 million in compensation in 2007, when she was CEO only half the year after taking over for the retiring Larry Glasscock.

The company noted that a majority of Braly’s 2008 compensation — $6.7 million, or about 68 percent — is tied to stock option grants that are currently worthless because of the sharp drop in the value of WellPoint shares.Last year was a tumultuous one for WellPoint. In March 2008, the WellPoint shares tumbled after the company unexpectedly slashed its profit forecast.“Our stock would have to increase by 100 percent or more for those to be of value to her,” WellPoint spokeswoman Kristin Binns said.A stock option allows the holder to buy a share for a set price, typically the price of the company’s stock at the time the options are granted.Shares of WellPoint closed at $38.44 Friday, down from a 52-week high of $57.86 in August.Braly received a cash bonus of $73,810. But Binns said that entire amount was for WellPoint hitting its goals in its Member Health Index, which measures improvements in the collective health of WellPoint members.Binns said WellPoint did not attain any of its financial targets tied to other potential bonus payments.Chief Financial Officer Wayne DeVeydt received pay valued at $3.02 million in 2008, up from $3.31 million in 2007. DeVeydt became CFO in mid-2007 when he replaced David Colby, who resigned amid a personal scandal.WellPoint saw its stock value decline by 52 percent in 2008 — underperforming the 37 percent decline in the Standard&Poor’s 500 index and the 23 percent drop in its peer S&P 500 Health Care Index.WellPoint said none of its executives will receive an increase in base salary this year.Executives across the nation — while still often taking home multimillion dollar packages of pay and perks — have seen declines in executive pay as their company’s stocks have plummeted.In the health insurance industry, Cigna CEO H. Edward Hanway saw his total pay drop to $12.24 million in 2008 from $25.85 million in 2007.At WellPoint rival Humana, Michael McCallister had pay worth $4.74 million in 2008, down from $10.31 million in 2007.WellPoint also said it will hold its meeting May 20 in Indianapolis.