The life insurance industry has close to 22 lakh agents as on June 2019, shows the latest life insurance council (LIC) data. Over 1.10 lakh agents joined life insurance distribution business in the last one year.
A further analysis of the data shows that this is the seventh straight month when industry saw addition in the number of agents, a positive sign for the industry.
While LIC alone added 28,000 agents last fiscal, their private counterparts saw addition of 82,600 new distributors.
Among the private players, ICICI Prudential Life Insurance clocked the highest net increase in its agents. It hired 19000 new agents in the last one year ending on June 2019. Bajaj Allianz and Edelweiss Tokio Life added the highest number of agents after ICICI Prudential in the last one year.
Meanwhile, Max Life insurance lost 9503 agents, the highest among all life insurers. Future Generali and Aviva followed the list of highest attrition, respectively.
Typically, if an insurer is adding new agents even when the attrition rate is not high, it means it is looking to expand its business. Meanwhile, if an insurer’s attrition is higher than its addition of new agents, they are eyeing for profitability by removing non-performing agents.
Agents dominate life insurance sales for individual investors. Usually, they channelize a lion’s share of the industry’s new business premium.
|
Statement of Individual Agents of Life Insurers as on Jun-2018 (Provisional) |
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|
INSURER |
Net No. of Agents as on 30-Jun-2018 |
Net No. of Agents as on 30-Jun-2019 |
Difference |
|
Aditya Birla Sun Life Insurance Company Limited |
87272 |
85960 |
-1312 |
|
Aegon Life Insurance Company Limited |
5726 |
5204 |
-522 |
|
Aviva Life Insurance Company Limited |
16341 |
13349 |
-2992 |
|
Bajaj Allianz Life Insurance Company Limited |
63038 |
78069 |
15031 |
|
Bharti Axa Life Insurance Company Limited |
31802 |
40076 |
8274 |
|
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited |
0 |
4 |
4 |
|
DHFL Pramerica Life Insurance Company Limited |
13013 |
14413 |
1400 |
|
Edelweiss Tokio Life Insurance Company Limited |
33322 |
44506 |
11184 |
|
Exide Life Insurance Company Limited |
44944 |
47104 |
2160 |
|
Future General India Life Insurance Company Limited |
12453 |
7969 |
-4484 |
|
HDFC Life Insurance Company Limited |
83128 |
93627 |
10499 |
|
ICICI Prudential Life Insurance Company Limited |
155732 |
174695 |
18963 |
|
IDBI Federal Life Insurance Company Limited |
12340 |
15131 |
2791 |
|
IndiaFirst Life Insurance Company Limited |
1736 |
2145 |
409 |
|
Kotak Mahindra Life Insurance Company Limited |
95653 |
106310 |
10657 |
|
Max Life Insurance Company Limited |
56219 |
46716 |
-9503 |
|
PNB Metlife Life Insurance Company Limited |
6557 |
7402 |
845 |
|
Reliance Nippon Life Insurance Company Limited |
51951 |
58055 |
6104 |
|
Sahara India Life Insurance Company Limited |
10476 |
10431 |
-45 |
|
SBI Life Insurance Company Limited |
112119 |
121137 |
9018 |
|
Shriram Life Insurance Company Limited |
4490 |
4449 |
-41 |
|
Star Union Dai-Ichi Life Insurance Company Limited |
3887 |
2671 |
-1216 |
|
TATA AIA Life Insurance Company Limited |
24684 |
30045 |
5361 |
|
PRIVATE TOTAL |
926883 |
1009468 |
82585 |
|
Life Insurance Corporation Of India |
1145356 |
1173341 |
27985 |
|
GRAND TOTAL |
2072239 |
2182809 |
110570 |
Source: LIFE INSURANCE COUNCIL