"Average 100 Million, Top 10% Earn 200 Million"... Insurance Company Salaries Surpass Banking Sector

Samsung Life Insurance and Fire & Marine Insurance Average Salary Surpasses KB, Top Commercial Bank
Several in Top 10% Earn 200 Million KRW or More... None in Commercial Banks

The average annual salary at major domestic insurance companies exceeded 100 million KRW, surpassing that of the banking sector. Several companies had an average salary of over 200 million KRW for the top 10% earners.

According to the salary data for life and non-life insurance companies received on the 9th by the office of Yoon Chang-hyun, a member of the National Assembly's Political Affairs Committee from the People Power Party, from the Financial Supervisory Service, the average total salary (including bonuses) for employees at Samsung Life Insurance in 2021 was 115 million KRW. This slightly exceeded KB Kookmin Bank’s average salary of 110.74 million KRW, which ranked first in the banking sector. Kyobo Life Insurance (97.38 million KRW) and Hanwha Life Insurance (92 million KRW) also approached 100 million KRW.

Large non-life insurance companies also had average employee salaries exceeding 100 million KRW. Industry leader Samsung Fire & Marine Insurance recorded 126.79 million KRW, significantly surpassing KB Kookmin Bank. Hyundai Marine & Fire Insurance also exceeded 100 million KRW with 107.6 million KRW. Others ranked as follows: Meritz Fire & Marine Insurance at 94.8 million KRW, KB Insurance at 88.22 million KRW, and DB Insurance at 78.49 million KRW.

When narrowing the scope to the top 10%, several insurance companies had average salaries exceeding 200 million KRW. Among life insurers, Samsung Life Insurance was the highest at 217 million KRW. Kyobo Life Insurance (181.29 million KRW) and Hanwha Life Insurance (171.5 million KRW) were also close to 200 million KRW.

The situation was similar for non-life insurers. Meritz Fire & Marine Insurance’s top 10% average salary was 225.46 million KRW, ranking first across the entire insurance industry. Samsung Fire & Marine Insurance also exceeded 200 million KRW with 224.27 million KRW. Hyundai Marine & Fire Insurance was close to 200 million KRW at 197.94 million KRW. In contrast, none of the top five commercial banks?KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup?had a top 10% average salary exceeding 200 million KRW in 2021.

It is estimated that insurance companies’ average salaries rose further last year. In particular, non-life insurers that posted strong performances are expected to continue their high salary trends. Besides the basic wage increase effect, a 'bonus feast' occurred due to improved loss ratios. This year, Meritz Fire & Marine Insurance set bonuses at 50-60% of the annual salary. Samsung Fire & Marine Insurance paid 47%, DB Insurance 41%, and KB Insurance set bonuses at 550% of the monthly bonus. Hyundai Marine & Fire Insurance is reported to pay around 30% of the annual salary as bonuses.