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The calendar year 2021-22 ended on a positive note for the life insurance industry in terms of addition of new agents. Over 1.10 lakh new agents have joined the life insurance industry in the last calendar year, shows the latest IRDAI data.
The growth was largely due to private insurers. In 2022, private players have added 1.17 lakh new agents in the life insurance industry while LIC saw its agent count declining by 7000.
Among all life insurers, SBI, HDFC Standard and Bajaj Allianz have added the highest number of agents in 2022. SBI has added 58,000 new agents, highest across all insures. HDFC Standard and Bajaj Allianz were the next two insurers in terms of new agent addition by adding 45,600 and 24,700 new agents.
On the other hand, insurers which saw highest attrition were Exide, Kotak and Aditya Birla Sun Life.
Let us look at the table:
|
Insurer |
Net no. of agents in December 2021 |
Net no. of agents in December 2022 |
Net Difference |
|
SBI Life |
135902 |
193635 |
57733 |
|
HDFC Life |
112749 |
158312 |
45563 |
|
Bajaj Allianz |
93003 |
117706 |
24703 |
|
TATA AIA |
48544 |
70909 |
22365 |
|
Max Life |
58224 |
70230 |
12006 |
|
Reliance Nippon |
43216 |
52796 |
9580 |
|
PNB Metlife |
11773 |
18047 |
6274 |
|
Edelweiss Tokio |
61186 |
66819 |
5633 |
|
ICICI Prudential |
196785 |
201948 |
5163 |
|
Bharti Axa |
36607 |
40884 |
4277 |
|
Future Generali India |
5282 |
8431 |
3149 |
|
Pramerica Life |
14412 |
14747 |
335 |
|
Star Union Dai-Ichi |
164 |
288 |
124 |
|
Aegon |
208 |
172 |
-36 |
|
IndiaFirst Life |
1843 |
1798 |
-45 |
|
Canara HSBC Oriental Bank |
184 |
129 |
-55 |
|
Shriram |
3748 |
3672 |
-76 |
|
Sahara India |
10337 |
10260 |
-77 |
|
Aviva Life |
5534 |
3777 |
-1757 |
|
AGEAS Federal |
12624 |
8644 |
-3980 |
|
Life Insurance Corporation of India |
1329448 |
1322586 |
-6862 |
|
Aditya Birla Sun Life |
75237 |
59203 |
-16034 |
|
Kotak Mahindra |
126924 |
103994 |
-22930 |
|
Exide Life |
34232 |
0 |
-34232 |
|
PRIVATE TOTAL |
1088718 |
1206401 |
117683 |
|
GRAND TOTAL |
2418166 |
2528987 |
110821 |
