Average Annual Salary of 11 Major Domestic Insurance Companies: 114.3 Million KRW

Samsung Fire & Marine Insurance Tops with 150 Million KRW... Surpasses Hana Bank as the Highest in Banking Sector

KB Insurance, Hanwha Insurance, and KB Life Insurance Also Enter the 'Hundred Million KRW Salary' Club

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 had submitted their "2024 Business Reports" as of the previous day was 114.3 million KRW, a 7.43% increase from the previous year's 106.83 million KRW. In 2023, life insurance companies had a higher average salary than non-life insurance companies, but this trend reversed last year. In 2023, the average salary at five non-life insurance companies was 112.27 million KRW, while at six life insurance companies it was 116 million KRW. This is believed to be due to the life insurance sector, which is more affected by low birth rates and an aging population, underperforming compared to the non-life insurance sector.

Samsung Fire & Marine Insurance appears to have achieved the highest annual salary in the insurance sector by receiving substantial bonuses based on solid performance.
Last year, it became the first in the non-life insurance industry to surpass 2 trillion won in net profit.
Bonuses were paid at up to 50% of the annual salary.

Samsung Fire & Marine Insurance ranked first among insurance companies with an annual salary of 149.55 million KRW. This surpassed Hana Bank, which has the highest salary in the banking sector (120 million KRW), and was slightly behind Samsung Card, which leads the card sector (150 million KRW). Backed by strong performance and substantial bonuses, Samsung Fire & Marine Insurance recorded the highest salary in the insurance industry. Last year, it became the first non-life insurer to surpass 2 trillion KRW in net profit. Bonuses were paid up to 50% of the annual salary.

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The annual salary at Samsung Life Insurance was 149 million KRW, ranking second in the insurance industry and first among life insurers. Samsung Life Insurance posted 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.

KB Insurance saw the largest year-on-year salary increase. The annual salary at KB Insurance last year was 106 million KRW, up 24.7% from the previous year's 85 million KRW. KB Insurance also recorded its highest-ever net profit of 839.5 billion KRW last year.

DB Insurance was the only company where the average salary decreased compared to the previous year. The annual salary at DB Insurance last year was 89.82 million KRW, a 2.6% decrease from the previous year. This appears to be due to a decrease in the number of regular employees and an increase in contract workers compared to 2023, resulting in a lower average salary. DB Insurance, however, posted a record-high net profit of 1.7722 trillion KRW last year. Bonuses at DB Insurance were paid up to 45% of the annual salary.

Hanwha General Insurance and KB Life Insurance entered the 100 million KRW salary range for the first time this year. Hanwha General Insurance's annual salary last year was 106 million KRW, up 9.2% from the previous year. During the same period, KB Life Insurance's annual salary was 106 million KRW, a 17.8% increase.