Insurance Company CEO Annual Salary Approaches 3 Billion Won... Bonuses Alone Exceed 2 Billion Won

Meritz Fire & Marine Insurance, Many Top-Ranked Exceeding 2 Billion Won

In the insurance industry, five executives earned more than 2 billion KRW in annual salary last year. There were also cases where bonuses alone exceeded 2 billion KRW.

According to the Financial Supervisory Service's electronic disclosure on the 10th, the highest-paid insurance executive last year, excluding retirement income, was Chung Mong-yoon, Chairman of Hyundai Marine & Fire Insurance. He received 2.943 billion KRW, close to 3 billion KRW.

Following him were Kim Yong-beom, Vice Chairman of Meritz Fire & Marine Insurance, with over 2.4 billion KRW; Kim Jong-min, Vice President of Meritz Fire & Marine Insurance, with over 2.32 billion KRW; and Lee Beom-jin, Vice President of Meritz Fire & Marine Insurance, with over 2.25 billion KRW, sweeping the top ranks. Won Jong-gyu, President of Korean Re, also exceeded 2 billion KRW with 2.032 billion KRW.

Among them, some received bonuses alone amounting to 2 billion KRW. Vice President Kim Jong-min received a salary of about 240 million KRW but a bonus of approximately 2.06 billion KRW, the largest bonus in the industry. Chairman Chung Mong-yoon also received a salary of 865 million KRW and a bonus of 2.038 billion KRW.

Vice President Lee Beom-jin received a salary of 240 million KRW and a bonus of about 1.98 billion KRW, while Vice Chairman Kim Yong-beom received a salary of 710 million KRW and a bonus of 1.66 billion KRW. Kim Jung-hyun, Executive Director at the same company, also recorded the highest salary among executive directors in the industry with about 1.78 billion KRW. His salary was about 190 million KRW, and his bonus was about 1.57 billion KRW.

Earlier, Meritz Fire & Marine Insurance achieved a record-high net profit of 868.3 billion KRW (separate basis) last year and paid performance bonuses of up to 60% of annual salary to its executives and employees.

Other high earners were mainly concentrated in non-life insurance companies. Hong Won-hak, CEO of Samsung Fire & Marine Insurance, received an annual salary of 1.764 billion KRW, including a bonus of 946 million KRW last year. Jeon Young-mook, CEO of Samsung Life Insurance, also received an annual salary of 1.596 billion KRW, including a bonus of 610 million KRW.

Following them were Yeo Seung-joo, CEO of Hanwha Life Insurance, with an annual salary of 1.16 billion KRW; Kim Jung-nam, CEO of DB Insurance, with 1.098 billion KRW; Zhou Guodan, CEO of Tongyang Life Insurance, with 793 million KRW; Sung Dae-gyu, CEO of Shinhan Life Insurance, with 742 million KRW; Kang Sung-soo, CEO of Hanwha General Insurance, with 722 million KRW; Shin Chang-jae, CEO of Kyobo Life Insurance, with 716 million KRW; and Byun Jae-sang, President of Mirae Asset Life Insurance, with 660 million KRW.

Meanwhile, the highest average annual salary in the insurance industry last year was at the reinsurance company Korean Re, with 157 million KRW. Samsung Fire & Marine Insurance (136 million KRW), Shinhan Life Insurance (124 million KRW), Meritz Fire & Marine Insurance (120 million KRW), Hyundai Marine & Fire Insurance (111 million KRW), NH Nonghyup Life Insurance (110 million KRW), KB Insurance (108 million KRW), Kyobo Life Insurance (105 million KRW), NH Nonghyup Property & Casualty Insurance (101 million KRW), and Mirae Asset Life Insurance (100 million KRW) also exceeded 100 million KRW.

Others included Fubon Hyundai Life and Tongyang Life Insurance (95 million KRW), Hanwha Life Insurance (93 million KRW), ABL Life Insurance (89 million KRW), Hanwha General Insurance (86 million KRW), DB Insurance (85 million KRW), KDB Life Insurance (81 million KRW), Heungkuk Fire & Marine Insurance (80 million KRW), DB Life Insurance (76 million KRW), and Lotte Insurance (69 million KRW).