Dongbu Insurance Co. pays the highest annual salaries to first-year employees, beating the former best-paying company Samsung Fire and Marine Insurance Co., according to news reports.

Unlike the public conception that Samsung affiliate companies offer the highest annual starting salaries, Samsung Fire and Marine Insurance Co. ranked No. 3 despite its No. 1 performance in business Yonhap News said.

Before tax reduction, the annual salaries for first-year employees with bachelor’s degrees was the highest at Dongbu Insurance at about 46.5 million won ($43,000), followed by Hyundai Marine and Fire Insurance Co. at about 45.8 million won ($42,000).

The nation’s leading insurance firm Samsung Fire and Marine Insurance Co. and LIG Insurance Co. together ranked No. 3 in first-year payment at about 43 million won.

Dongbu’s aggressive human resources strategy of high annual salaries to first-year employees owes much to the company’s president and CEO Kim Jeong-nam.

“Human talent determines the firm’s position in market competition, so we tried to offer higher annual payments to the new employees than Samsung Fire and Marine Insurance,” Kim said.

“I believe that the college-graduate first-year employees of our company are very happy about that decision.”

In the life insurance sector, Samsung Life Insurance topped the list at 42 million won, followed by Hanwha Life Insurance at 40 million won.

By Chung Joo-won (joowonc@heraldcorp.com)