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Life insurers together reported a total commission expense of Rs 42,146 crore for the year ended March 2023. Of this, 72% of the total gross commission or Rs 30,386 crore was paid to individual agents.
LIC, the largest insurance player paid Rs. 25,282 crore to individual agents which formed 99% of its total commission expense. On the contrary, private players collectively paid Rs 5,104 crore or 31% of their total commission to individual agents.
While LIC has 13.47 lakh agents, 12.81 lakh agents are empanelled with private insurers.
Among private life insurers, SBI Life Insurances paid the highest commission of Rs 1,097 crore to its 2.09 lakh individual agents. Overall, the company paid total commission of Rs.3000 across intermediaries.
Tata AIA Life Insurance, ICICI Prudential Life Insurance and HDFC Life Insurance paid the next highest commission of Rs.753 crore, Rs.663 crore and Rs.649 crore to its 84,656 agents, 2.01 lakh agents and 1.79 lakh agents, respectively.
Notably, these are the only four private players where the commission to individual agents is over Rs 500 crore.
In percentage terms, other than LIC India, Reliance Nippon Life Insurance (74%) and Edelweiss Tokio Life Insurance (60%) paid the highest portion of their commission to individual agents.
|
March 2023 (Rs in crore) |
|||
|
Name |
Commission to Individual Agents |
Total Commission |
No. of individual agents |
|
Life Insurance Corporation of India |
25,281.83 |
25,580.39 |
13,47,325 |
|
SBI Life Insurance |
1,096.58 |
3,062.49 |
2,08,774 |
|
Tata AIA Life Insurance |
753.36 |
1,998.79 |
84,656 |
|
ICICI Prudential Life Insurance |
663.19 |
1,863.89 |
2,01,472 |
|
HDFC Life Insurance |
649.29 |
2,710.18 |
1,79,435 |
|
Bajaj Allianz Life Insurance |
485.14 |
1,206.67 |
1,25,912 |
|
Max Life Insurance |
393.23 |
1,613.83 |
70,344 |
|
Aditya Birla Sun Life Insurance |
352.36 |
843.60 |
64,831 |
|
Kotak Mahindra Life Insurance |
284.61 |
814.22 |
1,12,697 |
|
Reliance Nippon Life Insurance |
121.88 |
164.13 |
54,013 |
|
Edelweiss Tokio Life Insurance |
81.12 |
136.16 |
69,034 |
|
PNB MetLife India Insurance |
70.04 |
519.45 |
19,509 |
|
Bharti AXA Life Insurance |
58.87 |
188.28 |
44,457 |
|
Pramerica Life Insurance |
25.46 |
60.24 |
14,857 |
|
Future Generali India Life Insurance |
22.97 |
65.74 |
8,814 |
|
Shriram Life Insurance |
16.46 |
150.42 |
3,327 |
|
IndiaFirst Life Insurance |
13.58 |
310.43 |
1,881 |
|
Aviva Life Insurance |
7.97 |
35.21 |
3,256 |
|
AGEAS Federal Life Insurance |
6.17 |
108.06 |
2,676 |
|
Canara HSBC Oriental Bank of Commerce Life Insurance |
1.10 |
413.55 |
127 |
|
Star Union Dai-ichi Life Insurance |
0.85 |
298.77 |
393 |
|
Aegon Life Insurance |
0.06 |
1.58 |
172 |
|
Sahara India Life Insurance |
- |
- |
10,246 |
|
Grand Total |
30,386.12 |
42,146.09 |
26,28,208 |
1. Source: Company disclosures 2. Details of Sahara India Life Insurance were not available at the time of filing the story. Also, IRDAI had earlier directed Sahara India Life Insurance to stop new policy issuance 3. Audited disclosures were not available for all companies
