Average Annual Salary at 11 Major Domestic Insurers Reaches 114.3 Million KRW
Up 7.43% from Previous Year
Samsung Fire & Marine Insurance Tops with 150 Million KRW
KB Non-Life, Hanwha Non-Life, and KB Life Also Join the 100 Million KRW Salary Club
The average annual salary of executives and employees at major domestic insurance companies has exceeded 110 million KRW. Samsung Life Insurance and Samsung Fire & Marine Insurance, which both achieved record-breaking performances last year, recorded salaries reaching 150 million KRW, topping the financial sector in terms of pay.
The average annual salary of executives and employees at major domestic insurance companies has exceeded 110 million KRW. Photo by Getty Images
According to the Financial Supervisory Service's electronic disclosure system on the 21st, the average annual salary per employee at 11 domestic insurance companies that submitted their '2024 Business Reports' by the previous day was 114.3 million KRW, a 7.43% increase compared to the previous year (106.83 million KRW). In 2023, life insurance companies had higher average salaries than non-life insurance companies, but this was reversed last year. The average salary of five non-life insurance companies last year was 112.27 million KRW, while six life insurance companies recorded 116 million KRW. This appears to be because the life insurance industry, which is more affected by low birth rates and aging, underperformed the non-life insurance industry in terms of results.
The highest salary among insurance company employees was at Samsung Fire & Marine Insurance, recording 149.55 million KRW. This surpassed Hana Bank (120 million KRW), which has the highest salary in the banking sector, and was slightly behind Samsung Card (150 million KRW), which has the highest salary in the card sector. Based on solid performance, they received substantial bonuses, achieving the highest salary in the insurance sector. Samsung Fire & Marine Insurance was the first in the non-life insurance industry to surpass 2 trillion KRW in net profit last year. Bonuses were paid at up to 50% of the annual salary.
Samsung Life Insurance's salary is 149 million KRW. This ranks second in the insurance industry and first in the life insurance sector. Samsung Life Insurance recorded a record-high net profit of 2.1068 trillion KRW last year. Bonuses at Samsung Life Insurance were set at up to 38% of the annual salary.
The company with the largest year-on-year salary increase was KB Non-Life Insurance. KB Non-Life's salary last year was 106 million KRW, up 24.7% from 85 million KRW the previous year. KB Non-Life recorded a record-high net profit of 839.5 billion KRW last year.
The only company where salaries decreased compared to the previous year was DB Non-Life Insurance. DB Non-Life's salary last year was 89.82 million KRW, down 2.6% from the previous year. Compared to 2023, the number of regular employees decreased while temporary workers increased, leading to a decline in average salary. DB Non-Life recorded a record-high net profit of 1.7722 trillion KRW last year. DB Non-Life paid bonuses up to 45% of the annual salary.
Hanwha Non-Life Insurance and KB Life Insurance entered the 100 million KRW salary range for the first time this time. Hanwha Non-Life's salary last year was 106 million KRW, up 9.2% from the previous year. During the same period, KB Life Insurance's salary increased by 17.8% to 106 million KRW.
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