Domestic major insurance general agencies (GAs) have surpassed 280,000 affiliated insurance agents. In the first half of this year, commission income exceeded 10 trillion won, with indicators of sales soundness, such as incomplete sales rates and contract retention rates, showing improvement.
According to the Korea Insurance Agency Association's '2026 First Half Major GA Disclosure Analysis' released on October 15, the number of agents affiliated with major GAs reached 281,580 as of the end of June, an increase of 32,491 (13.0%) compared to the same period last year. Major GAs are defined as corporate insurance agencies with more than 500 affiliated agents, and the number of such agencies rose from 72 to 73 during the same period.
Commission income increased by 1.4707 trillion won (16.4%), rising from 8.9811 trillion won in the first half of last year to 10.4518 trillion won this year. Life insurance commission income grew by 24.8% to 5.7314 trillion won, while non-life insurance commissions increased by 7.5% to 4.7204 trillion won.
Despite the growth in sales volume, the quality of sales has also improved. The incomplete sales rate decreased from 0.027% in the first half of last year to 0.023% this year, a drop of 0.004 percentage points.
The overall contract retention rate has risen as well. The retention rate for the 13th contract increased from 87.81% to 88.15%, a rise of 0.34 percentage points. The retention rate for the 25th contract improved from 72.16% to 75.85%, an increase of 3.69 percentage points. The retention rate for the 37th contract also rose from 55.31% to 61.54%, a gain of 6.23 percentage points.
However, the number of new contracts decreased from 9.71 million to 8.962 million, a decline of 7.7%. The number of new contracts per agent also fell, with each agent averaging 32 new contracts in the first half of this year, down 7 (17.9%) from 39 during the same period last year.
Conversely, the average amount of new contracts per agent increased from 12.39 million won to 12.85 million won, a rise of 460,000 won (3.7%). Although the number of new contracts per agent decreased, productivity in terms of monetary value improved.
The Insurance GA Association stated, "As the sales commission system is reformed to focus on long-term maintenance and management, we expect the quality of contract retention to further improve. We will support agents in establishing themselves as professionals who contribute to contract management and consumer rights protection."
* This article has been translated by AI.
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