South Korea’s Shinhan Financial Group Chairman Han Dong-woo has become the most-paid executive in the country’s financial sector in the first half of this year. He had been the most paid financial executive in the same period last year.

According to first-half reports of financial firms Wednesday, Han was paid total 1.2 billion won ($1.09 million) including 366 million won in salary for his tenure for the first six months this year. The pay was about one fourth of what he earned in the same period of last year, 4.1 billion won that included 3.2 billion won long-term performance pay for his work from 2011 to 2013.

Among financial group leaders, Hana Financial Group Chairman Kim Jung-tai was the second biggest earner, with total compensation reaching 978 million won that include salary (341 million won) and performance incentive (637 million won). He was paid 872 million won in the same period a year ago. KB Financial Group Chairman Yoon Jong-kyoo came in third with total compensation of 682 million won. He did not have to report his total pay last year because he earned less than 500 million won. In Korea, only executives who earn more than 500 million won are required to disclose their pay in a regulatory filing.

Park Jin-hei, Citibank Korea CEO, was the top earner among bank CEOs with total compensation of 751 million won. Ham Young-joo, KEB Hana Bank CEO, came in second with 613 million won, followed by Shinhan Bank CEO Cho Yong-byoung with 605 million won.

Among the nation’s insurers, Hyundai Marine & Fire Insurance Chairman Chung Mong-yoon topped the chart, raking in 1.2 billion won. Its CEO Lee Cheol-young was also one of the highest earners in the insurance industry, with total compensation of 563 million won. The insurer’s net profit last year dropped 9.6 percent to 212.3 billion won, but the company paid its senior executives more after it paid changes in their compensation in the first half this year, according to a company official.

Korean Reinsurance Company CEO Won Jong-gyu was paid 629 million won for the January-June period and became the second-biggest earner in the insurance industry. The insurers’ late chairman Won Hyuk-hee was paid 1.7 billion won. Korean Re’s employees were paid the most in the industry as their average pay for the first half reached 51 million won.

By Park Joon-hyung and Park Yoon-ye

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