“It wouldn’t look out of place in the City of London,” he wrote.

Mr Prestridge wrote that Lindsay Sinclair, NFU Mutual’s chief executive, reaped the most rewarding financial harvest with an annual package worth £1,722,011, boosted by more than £1 million from a mix of short-term and long-term performance bonuses.

“All in all, his remuneration increased by 63 per cent,” wrote Mr Prestridge.

Referring to one executive’s performance bonuses of £144,000 for just six months in the post, Mr Prestridge declared: “Nice work, if you can get it.”

But Mr Prestridge added: “In the directors’ defence, NFU Mutual enjoyed a good 2013 with profits nearly doubling to £635 million.

“However, as the same directors acknowledge in the accounts, this was more a result of benign weather in that year (leading to no flood insurance claims) than management acumen. Sales of life and pension plans actually fell.

“What rankles most of all, though, is that the directors reaped these rich personal rewards while the mutual bonus pot for customers shrank—it was £68 million last year, compared to £76 million in 2012—and premiums continued to increase.”

But a spokesman for NFU Mutual told the Herald: “NFU Mutual had another great year in 2013 when we helped thousands of customers recover from floods and storm damage and still delivered results which enabled us to share a £68 million mutual bonus pot with our members.

“As the major employer in Stratford, and an integral part of the local community, it is important that the business remains strong and continues to do well.

“Obviously it is essential that we have capable people at all levels to support our future success, and our remuneration policies are designed to attract and retain the talented people we need, while not paying more than is necessary to be competitive in the marketplace.”

The spokesman pointed out that NFU Mutual was named Best Financial Services Provider for 2013 by Which? and that the company had paid “loyal members” £529 million over the past five years.