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Recent Life Insurance Council data shows that the life insurance industry welcomed over 2.37 lakh new agents to reach total agent count of 27.65 lakh in December 2023.
The industry witnessed growth of over 9% in the last one year.
LIC India, the largest life insurer of the country, added 51,000 new agents. Its agency force increased from 13.22 lakhs in Dec 2022 to 13.73 lakhs in Dec 2023.
SBI and Tata AIA followed LIC by adding close to 50,000 agents and 33,000 agents, respectively.
Among other life insurers who added over 20,000 new agents were HDFC Life, Max Life and Bajaj Allainz.
Among insurers which saw maximum attrition were AGEAS Federal, AVIVA and Shriram Life.
While private sector life insurers added 1.86 lakh new agents, public sector or LIC added over 50,000 new agents in the last one year.
Here is the complete list of life insurers with net no. of agents:
|
Life Insurer |
Net no. of agents on Dec-2022 |
Net no. of agents on Dec-2023 |
Change |
|
LIC India |
1322586 |
1373761 |
51175 |
|
SBI |
193635 |
243590 |
49955 |
|
TATA AIA |
70909 |
103735 |
32826 |
|
HDFC |
158312 |
187693 |
29381 |
|
Bajaj Allianz |
117706 |
142658 |
24952 |
|
Max |
70230 |
94432 |
24202 |
|
Bharti Axa |
40884 |
52406 |
11522 |
|
PNB Metlife |
18047 |
25847 |
7800 |
|
Kotak Mahindra |
103994 |
111526 |
7532 |
|
Edelweiss Tokio |
66819 |
73961 |
7142 |
|
Reliance Nippon |
52796 |
58295 |
5499 |
|
Future Generali India |
8431 |
9713 |
1282 |
|
Pramerica |
14747 |
15898 |
1151 |
|
Star Union Dai-Ichi |
288 |
1087 |
799 |
|
Aegon |
172 |
172 |
0 |
|
Exide |
0 |
0 |
0 |
|
Canara HSBC |
129 |
126 |
-3 |
|
IndiaFirst |
1798 |
1589 |
-209 |
|
ICICI Prudential |
201948 |
201672 |
-276 |
|
Shriram |
3672 |
3002 |
-670 |
|
Aviva |
3777 |
3005 |
-772 |
|
Aditya Birla Sun |
59203 |
57225 |
-1978 |
|
AGEAS Federal |
8644 |
4346 |
-4298 |
|
Private total |
1206401 |
1391988 |
185587 |
|
Grand total |
2528987 |
2765749 |
236762 |