Due to strong insurance company performance, CEO salaries approach 3 billion KRW... Two-thirds are bonuses
The annual salaries of CEOs at insurance and card companies have been revealed to approach up to 3 billion KRW.
According to the Financial Supervisory Service's electronic disclosure system on the 20th, last year, among insurance company executives, Chairman Chung Mong-yoon of Hyundai Marine & Fire Insurance (photo) received the highest salary of 2.943 billion KRW. Following him were Hong Won-hak, CEO of Samsung Fire & Marine Insurance, with 1.764 billion KRW, and Jeon Young-mook, CEO of Samsung Life Insurance, with 1.596 billion KRW. Next, President Cho Yong-il of Hyundai Marine & Fire Insurance received 1.204 billion KRW, while CEO Yeo Seung-joo of Hanwha Life Insurance and CEO Kim Jeong-nam of DB Insurance received 1.16 billion KRW and 1.098 billion KRW respectively.
As insurance companies posted strong performances last year, large bonuses were reflected in executives' salaries. Chairman Chung's salary included a bonus of 2.038 billion KRW, and CEO Hong's salary also included a bonus of 946 million KRW. CEO Jeon's salary included 610 million KRW, while President Cho and CEO Kim's salaries included bonuses of 813 million KRW and 590 million KRW respectively.
The average annual salary per director and auditor at insurance companies was highest at Hyundai Marine & Fire Insurance with 761 million KRW. This was followed by Samsung Fire & Marine Insurance (514 million KRW), Samsung Life Insurance (498 million KRW), DB Insurance (330 million KRW), and Hanwha Life Insurance (329 million KRW).
Looking at card companies, Kim Dae-hwan, CEO of Samsung Card, had the highest salary at 1.806 billion KRW. Kim's salary included a bonus of 1.015 billion KRW. CEO Lim Young-jin of Shinhan Card followed with a salary of 1.217 billion KRW, including a bonus of 617 million KRW.
The average annual salary per director and auditor at card companies was highest at Samsung Card with 621 million KRW. Shinhan Card followed with 244 million KRW, Woori Card with 149 million KRW, and KB Card with 147 million KRW.
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Meanwhile, the Financial Supervisory Service conducted inspections on insurance and card companies regarding the appropriateness of executive performance compensation systems. Based on the inspection results, it plans to request financial companies to refrain from excessive bonus payments. Samsung Fire & Marine Insurance paid 47% of the highest-ever annual salary as bonuses to employees at the end of January, and Samsung Life Insurance's bonuses accounted for 23% of the annual salary. DB Insurance also paid 41% of the annual salary as bonuses, and KB Insurance set bonuses at 550% based on monthly bonuses. Hyundai Marine & Fire Insurance set bonuses at around 30% of the annual salary, and Meritz Fire & Marine Insurance set bonuses at around 60% of the annual salary.
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