Korean Pension Insurance Sales Surge 78.1% in First Half on Stock Rally

Korean insurance broker Toss Insurance reported pension insurance new contract volume surged 78.1% year-over-year in the first half of the year, according to customer data analysis released on the 15th. The growth was driven by a strong stock market rally, with the KOSPI reaching the 9000 level during the period. Variable annuity products, which invest premiums in stocks and bonds, accounted for six of the top ten best-selling pension insurance products, reflecting increased investor interest in market-linked retirement savings vehicles amid concerns about traditional pension adequacy.

Pension Insurance Sales Surge 78.1% in First Half

Toss Insurance's customer data analysis showed pension insurance new contracts increased 78.1% compared to the same period last year. Variable annuity insurance products captured six positions in the top ten best-selling pension insurance products. Variable insurance products allocate a portion of premiums to investments in stocks and bonds, distributing investment performance returns to policyholders.

Age 60+ Group Leads Growth at 135.3%

By age group, customers aged 60 and above recorded the highest growth rate at 135.3%. The 50s age group followed with 107.8% growth, while customers under 20 showed 97.5% increase. The 40s demographic grew 69.6%, and the 30s age group recorded 49.1% growth. The sharp increase among customers under 20 indicated younger generations are pursuing private pension planning through financial products earlier in life.

Health Insurance Contracts Increase 16.5%

Health insurance new contract volume rose 16.5% year-over-year, with interest expanding notably among younger demographics. Simplified insurance products recorded 44.5% growth compared to the same period last year.

Pet Insurance New Contracts Jump 80%

Pet insurance new contract volume increased 80% year-over-year, coinciding with continued growth in the companion animal market.

A Toss Insurance representative stated the company will continue expanding its product lineup to enable customers to explore and design desired insurance products on the platform, noting customer needs are becoming increasingly personalized.

FAQ

What drove the 78.1% surge in Korean pension insurance sales in the first half?

The growth was driven by a strong stock market rally with the KOSPI reaching the 9000 level, increasing investor interest in market-linked retirement products. Variable annuity insurance, which invests premiums in stocks and bonds, accounted for six of the top ten best-selling pension products.

Which age group showed the highest growth in pension insurance purchases?

Customers aged 60 and above recorded the highest growth rate at 135.3%, followed by the 50s age group at 107.8%. Notably, customers under 20 showed 97.5% growth, indicating younger generations are starting private pension planning earlier.