Exclusive Life Insurance Agents' Annual Income 48.75 Million KRW... 1 in 10 Earns Over 100 Million KRW

Exclusive Agent Job Satisfaction 63 Points
"Income Guaranteed Based on Effort and Performance"

On the 17th, the Life Insurance Association conducted a 'Job Perception and Satisfaction Survey' targeting 2,200 exclusive agents from 13 life insurance companies operating exclusive agent channels. The survey found that the average annual income of exclusive agents was 48.75 million KRW.

[Asia Economy Reporter Oh Hyung-gil] It has been revealed that 1 out of 10 life insurance agents affiliated with life insurance companies are high-income earners making over 100 million KRW.

On the 17th, the Life Insurance Association conducted a "Job Perception and Satisfaction Survey" targeting 2,200 exclusive agents from 13 life insurance companies operating exclusive agent channels. The survey found that the average annual income of exclusive agents was 48.75 million KRW.

This is about 10 million KRW higher than the average income per worker of 38.28 million KRW in 2020. However, income distribution showed a polarization tendency with income segments below 24 million KRW and above 60 million KRW. In particular, the average income by career length was lowest at 37.3 million KRW for those with less than 5 years of experience and highest at 64.92 million KRW for those with 15 to 20 years of experience.

Additionally, average business expenses such as transportation and meal costs accounted for 25.5% of income, and the average annual net income after deducting business expenses was 36.3 million KRW.

Among exclusive agents, those in their 40s and 50s accounted for 63.2% of all respondents by age group, and those with 5 years or less of experience accounted for a high proportion of 42.7% by career length.

On the 17th, the Life Insurance Association conducted a "Job Perception and Satisfaction Survey" targeting 2,200 exclusive agents from 13 life insurance companies operating exclusive agent channels. The survey found that the average annual income of exclusive agents was 48.75 million KRW.

The current satisfaction level with the exclusive agent profession was 63.0 points, which was higher than the "overall job satisfaction" score of 61.0 points from the 2019 Ministry of Employment and Labor’s job information survey of current employees.

By career length, agents with less than 1 year showed the lowest satisfaction, and satisfaction steadily increased after the second year.

Regarding the advantages of the agent profession, respondents cited "income guaranteed according to effort and performance (58.0%)" and "freedom in time management (26.2%)." On the other hand, "unstable income (52.4%)" and "sales pressure (28.1%)" were pointed out as disadvantages.

Regarding income changes compared to before COVID-19, 7 out of 10 respondents (70.3%) answered that their income had decreased, while only 8.9% said it had increased.

An official from the Life Insurance Association said, "The low income level and satisfaction of agents with short tenure may lead to job turnover and make stable customer management services difficult." He added, "It is necessary to induce stable settlement of exclusive agents through systematic education and sales activity support at the initial stage, presenting achievable goals and visions, and resolving dissatisfaction factors."

This content was produced with the assistance of AI translation services.