Max Life, SBI and Bajaj Allianz added over 1 lakh agents in 1 year

Data released by Life Insurance Council, a trade body of the life insurance industry shows that Max Life, SBI and Bajaj Allianz are the top three companies in terms of addition of new agents.

An analysis of data shows that Max Life Insurance has alone added close to 50,000 new agents in the last one year. SBI Life and Bajaj Allianz followed Max Life with addition of 35,000 and 21,000 new agents, respectively.

Put together, these three companies have added over 1 lakh agents in the last one year which is in line with the total industry’s addition of 1 lakh agents. The total number of insurance agents has increased from 24 lakh in September 2021 to 25 lakh in September 2022.

Further, Tata AIA Life Insurance and HDFC Life captured fourth and fifth position by adding 18,000 and 8000 new agents, respectively.

Meanwhile, Reliance Nippon Life Insurance has seen attrition of 3.37 lakh agents, which is the highest among all life insurers. Kotak Mahindra Life Insurance and Aditya Birla Sun Life Insurance also saw high attrition last year, respectively.

The largest insurer, LIC India has also witnessed attrition of 9000 agents between September 2021 and September 2022.

Here is a list of agents added in life insurance business from September 2021 to September 2022.