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The financial year 2022-23 ended on a positive note for the life insurance industry in terms of addition of new agents. Over 2.22 lakh new agents have joined the life insurance industry over the last one year, shows the latest Life Insurance Council data.
The growth was largely due to private insurers. In FY 2023 private players have added 2.02 lakh new agents in the life insurance industry while LIC saw its agent count increasing by 20,000.
Among all life insurers, HDFC, SBI and Bajaj Allianz have added the highest number of agents in 2023. HDFC has added 64,000 new agents, highest across all insures. SBI and Bajaj Allianz were the next two insurers in terms of new agent addition by adding 62,700 and 29,800 new agents.
On the other hand, insurers which saw highest attrition were Aditya Birla Sun Life, Ageas Federal and Aviva Life. Aditya Birla Sun Life saw attrition of over 15,000 agents in FY 2023.
Overall, the life insurance industry has over 26.28 lakh agents.
Let us look at the table to know more:
|
Life insurers |
No. of Agents as of 01-Apr-2022 |
Net No. of Agents as on 31-Mar-2023 |
Difference |
|
HDFC Life Insurance |
115442 |
179435 |
63993 |
|
SBI Life Insurance Company |
146057 |
208774 |
62717 |
|
Bajaj Allianz Life Insurance |
96139 |
125912 |
29773 |
|
Tata AIA Life Insurance |
55165 |
84656 |
29491 |
|
Life Insurance Corporation Of India |
1326432 |
1347325 |
20893 |
|
Max Life Insurance |
61143 |
70344 |
9201 |
|
Reliance Nippon Life Insurance |
46538 |
54013 |
7475 |
|
Bharti Axa Life Insurance |
37645 |
44457 |
6812 |
|
PNB Metlife Life Insurance |
12770 |
19509 |
6739 |
|
Edelweiss Tokio Life Insurance |
63484 |
69034 |
5550 |
|
Future Generali India Life Insurance |
6178 |
8814 |
2636 |
|
ICICI Prudential Life Insurance |
198924 |
201472 |
2548 |
|
Kotak Mahindra Life Insurance |
110730 |
112697 |
1967 |
|
Pramerica Life Insurance |
14314 |
14857 |
543 |
|
Star Union Dai-Ichi Life Insurance |
163 |
393 |
230 |
|
Exide Life Insurance C |
0 |
0 |
0 |
|
IndiaFirst Life Insurance |
1901 |
1881 |
-20 |
|
Canara HSBC Life Insurance |
157 |
127 |
-30 |
|
Aegon Life Insurance |
208 |
172 |
-36 |
|
Sahara India Life Insurance |
10318 |
10246 |
-72 |
|
Shriram Life Insurance Company |
3784 |
3327 |
-457 |
|
Aviva Life Insurance |
5087 |
3256 |
-1831 |
|
Ageas Federal Life Insurance |
13024 |
2676 |
-10348 |
|
Aditya Birla Sun Life Insurance |
79904 |
64831 |
-15073 |
|
Private total |
1079075 |
1280883 |
201808 |
|
Grand total |
2405507 |
2628208 |
222701 |
