Financial Sector Gender Equality: Woori Bank and Hyundai Marine & Fire Insurance at the Bottom... DB Insurance and Kookmin Bank Take 1st and 2nd Place [K Population Strategy]

(3) Domestic Financial Companies' Gender Employment Status Survey
Mirae Asset Tops Securities, NH Investment Second
DB Insurance and KB Kookmin Excel Across All Areas
Woori Bank Has Zero Female Outside Directors in Last 5 Years
Conservative Financial Sector Must Actively Support Work-Family Balance

Editor's NoteThe key to solving South Korea's population problem lies within companies. A corporate atmosphere that evaluates work regardless of gender and a family-friendly culture are crucial to addressing the K population issue. Although low birth rates are influenced by multiple factors, it is important to ensure that workplace burdens do not become obstacles that make people hesitate to have children. Asia Economy visited companies leading family-friendly policies to identify the points where these systems have been stably established, and plans to explore various solutions with companies that lack realistic conditions. Through this, we encourage change starting from companies and analyze the government's role in making this possible. We listen to voices emphasizing that company culture and atmosphere, which reduce psychological burdens more than financial support, are key, and present alternatives from various perspectives.

The financial sector is considered one of the most conservative industries, with only three female bank presidents in history. Change must begin in the financial sector, where high-earning elites gather, and gender equality must be established to find the key to solving the K population problem.

On the 9th, Asia Economy analyzed gender-related employment indicators (female regular employees, length of service, salary, internal and external directors' status and growth rates) of 15 domestic financial companies and compiled a comprehensive score. DB Insurance ranked first with 30.5 points out of 100 in the overall gender equality score. Among the 15 companies, Hyundai Marine & Fire Insurance ranked last with 24.5 points.

By sector, among the four major banks (KB Kookmin, Shinhan, Hana, Woori), KB Kookmin Bank took first place, while Woori Bank had the lowest score. Among securities firms, Mirae Asset Securities ranked first, and Korea Investment & Securities was the most behind in gender equality.

Woori Bank Last Among Banks... Hyundai Marine & Fire Insurance Last Overall

In the banking sector, Woori Bank ranked last. It remained at the bottom by going against global standards in the female outside director category. Woori Bank had no female outside directors among its 3 to 5 outside directors from 2018 to 2022. The European Union (EU) has mandated 40% female outside directors starting June 2026, and domestically, the 2022 amendment to the Capital Markets Act requires companies with total assets over 2 trillion won to not compose their boards entirely of men. However, since the law applies only to publicly listed companies, Woori Bank, a subsidiary of Woori Financial Group, avoided legal issues but lagged behind the trend toward gender equality.

Hyundai Marine & Fire Insurance ranked 15th, last in the entire financial sector, showing the greatest lag in gender equality. Hyundai Marine & Fire Insurance scored low in female employees' length of service and salary levels. While numbers alone cannot fully evaluate, this can be interpreted as female employees having a less favorable working environment compared to other financial firms. As of 2022, the average length of service for female employees at Hyundai Marine & Fire Insurance was 12.2 years, more than 5 years shorter than male employees (17.5 years). The average salary of female employees was only 71.17% of that of male employees, indicating a larger gender wage gap compared to other financial firms.

Samsung Card ranked 14th overall, with the lowest score among the 15 financial companies in the proportion of female regular employees. From 2018 to 2022, the proportion of female regular employees at Samsung Card remained in the 30% range. Considering other financial companies have 40-50%, this is more than a 10 percentage point difference. As of 2022, the proportion of female regular employees at Samsung Card was 34.14%, 9.57 percentage points lower than Shinhan Card (43.71%), a peer company. Samsung Card explained this was due to the spin-off of Samsung Card Customer Service, which moved female personnel to a subsidiary.

Overall 1st Place ‘DB Insurance’... Bank 1st Place ‘KB Kookmin Bank’

DB Insurance received consistently high scores in female employees' length of service, proportion of female outside directors, and proportion of female regular employees. The company’s focus on strengthening female-friendly systems in the male-dominated financial sector contributed to its top ranking. Last year, DB Insurance appointed Professor Jeon Seon-ae from Chung-Ang University as an outside director, making 20% of the board female, and has been focusing on creating a female-friendly work environment through maternity protection policies such as parental leave and reduced working hours.

As of 2022, the average length of service for female employees at DB Insurance was 11.3 years, not significantly different from the male employees' average of 13.3 years, and steadily increased over five years from 8.8 years in 2018 to 10.6 years in 2021. The proportion of female regular employees exceeded 50% every year over the past five years.

KB Kookmin Bank, which implements company-wide female talent support measures, ranked second overall with 30.3 points and first among the four major banks. Since KB Financial Group actively appoints women to key positions compared to other financial groups, its core affiliate KB Kookmin Bank also achieved high scores in the number of female regular employees, average length of service, and salary. KB Kookmin Bank also implements preferential policies for female personnel, such as assigning 20% of branch managers, 30% of headquarters team leaders, and 40% of headquarters team members as women.

Based on these efforts, the average salary level of female employees compared to male employees has steadily increased over the past five years since 2018, reaching 85.96% in 2022. The proportion of female regular employees rose by 5.57 percentage points from 49.03% in 2018 to 54.60% in 2022, making female regular employees outnumber male employees.

Among securities firms, Mirae Asset Securities ranked third overall with 29.8 points, placing in the upper tier. Mirae Asset Securities showed notable active advancement of women into core departments. The number of female managers in revenue-generating departments at Mirae Asset Securities increased annually from 461 in 2020 to 502 in 2021 and 515 in 2022.

Mirae Asset Securities received good scores across length of service, salary, and internal directors. The average length of service for female employees increased by more than three years from 11.3 years in 2018 to 14.6 years in 2022, reaching a level similar to the average length of service for male employees (14.9 years) in the same year.

Special Coverage Team 'K Population Strategy - Gender Equality is the Answer'

Reporters Yuri Kim, Hyunju Lee, Hyunjin Jung, Aeri Boo, Byungseon Gong, Juni Park, Seungseop Song; Economic and Financial Editor Pilsoo Kim