In recent days, public opinion has been stirred up by the incident of actress Ngoc Lan livestreaming to reflect on the life insurance contract signed with MVI Life (now Aviva Vietnam). Currently, MVI Life is a company of Manulife Vietnam Insurance Company.
Life insurance is an industry that has received a lot of attention recently. Along with the incident involving Manulife Vietnam, employee salaries at insurance companies are also a matter of public concern.
Salary and bonus statistics at some large companies today including Manulife Vietnam, Prudential , Dai-ichi Life... show that the average salary of each employee is up to 1 billion VND/person. Not to mention, these businesses also spend a lot of money on bonuses and agent support.
Manulife Vietnam: Average salary cost 1 billion VND/person
According to Manulife Vietnam's 2022 year-end financial report, the company has 1,153 employees. Last year, the company spent up to VND 1,133 billion on salaries, an average of VND 1 billion/person.
This figure may include mandatory payroll expenses, which are surprisingly high for the financial industry as a whole. It may also include a portion of the associate's salary.
In addition, Manulife Vietnam employees also receive commissions when selling insurance contracts. Last year, it is known that the company spent nearly 4,200 billion VND on rewarding and supporting agents.
Manulife Vietnam is currently one of the three largest life insurance companies in the Vietnamese market. According to the introduction, the company is serving more than 1.5 million customers with a network of 80 offices across the country.
The average salary that Manulife employees received last year was 1 billion VND/person (Photo: Tien Tuan).
Prudential: Nearly 900 million VND/person
Not far behind, Prudential had 1,615 employees by the end of last year. The company spent up to 1,440 billion VND on salaries. Equivalently, the average employee received a salary of 892 million VND/person.
Similar to Manulife Vietnam, Prudential employees also receive commissions when selling insurance contracts. Prudential's report shows that in 2022, the company spent more than VND5,165 billion on agency costs. Of which, the majority was bonuses and allowances of VND3,032 billion, support costs of VND2,093 billion and recruitment and training costs of more than VND40 billion.
Prudential Vietnam is a member of Prudential - a group founded in 1848, headquartered in the United Kingdom. According to the website, Prudential Vietnam currently has more than 360 general agency offices, transaction offices and customer service centers...
AIA Vietnam: 970 million VND/person
Also in the top, AIA Vietnam is paying employees nearly 1 billion VND/person. Specifically, by the end of 2022, this company had 1,043 employees, the company spent 1,013 billion VND on employee costs, or an average of more than 971 million VND/person.
According to AlA Vietnam's report, in 2022 the company spent nearly VND 2,276 billion on rewards and support for agents. The report did not state how much of this amount was paid to agents who were company employees or outside agents.
To date, AIA Vietnam said it has more than 200 offices nationwide, linked with 6 partner banks and protects 1 million customers.
Dai-ichi Life: 174 million VND/person
Another company that publishes annual financial indicators is Dai-ichi Life. As of the end of 2022, Dai-ichi Life had 2,037 employees, but the company spent VND354.5 billion on employee costs, or an average of more than VND174 million/person.
According to the website, Dai-ichi Life was established in January 2007 with 100% Japanese capital, a member of Dai-ichi Life Group - the largest life insurance company in Japan and one of the world's leading insurance groups with strong financial potential and nearly 120 years of operating experience.
Dai-ichi Life Vietnam said that it currently ranks 3rd in terms of business network with more than 290 offices and general agents nationwide, along with a team of 1,800 employees and 120,000 professional financial consultants (as of December 31, 2021). As of December 31, 2021, the total assets managed by this company reached nearly VND 46,400 billion.
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