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According to the data released by Life Insurance Council (LIC), the life insurance industry added a total of 2.76 lakh agents in FY-2024 taking the total individual agent count to 29 lakh.
The number of individual agents grew by 10% in the last one year.
LIC India, the largest life insurer by size added over 68,000 individual agents in FY 2024. Currently, the company has over 14 lakh agents.
SBI Life and HDFC Life were next two life insurers in terms of addition new agents. While SBI Life added 37,000 individual agents, HDFC Life introduced over 35,000 new agents to the life insurance industry last financial year.
Not far behind were Tata AIA Life and Max Life which added 33,000 and 32,000 individual agents last financial year.
Further, Bajaj Allianz Life added 24,000 individual agents in FY 2024. These 6 life insurers added more than 20,000 individual agents each in FY24.
Meanwhile, a few life insurers like Aditya Birla Sun Life Insurance, Aviva Life Insurance and Shriram Life Insurance saw attrition of agents.
Let’s look at the complete list of individual life insurance agents:
|
Individual Agents of Life Insurers as on Mar-2024 |
|||||
|
S.no |
Insurer |
No. of Agents as of 01-Apr-2023 |
No. of Agents as on 31-Mar-2024 |
Change |
Change% |
|
1 |
Life Insurance Corporation of India |
13,47,325 |
14,14,743 |
67,418 |
5% |
|
2 |
SBI Life Insurance |
2,08,774 |
2,46,078 |
37,304 |
15% |
|
3 |
HDFC Life Insurance |
1,79,435 |
2,14,275 |
34,840 |
16% |
|
4 |
TATA AIA Life Insurance |
84,656 |
1,17,656 |
33,000 |
28% |
|
5 |
Max Life Insurance |
70,344 |
1,02,693 |
32,349 |
32% |
|
6 |
Bajaj Allianz Life Insurance |
1,25,912 |
1,50,841 |
24,929 |
17% |
|
7 |
PNB Metlife Life Insurance |
19,509 |
28,172 |
8,663 |
31% |
|
8 |
Bharti Axa Life Insurance |
44,457 |
52,942 |
8,485 |
16% |
|
9 |
ICICI Prudential Life Insurance |
2,01,472 |
2,09,521 |
8,049 |
4% |
|
10 |
Reliance Nippon Life Insurance |
54,013 |
61,036 |
7,023 |
12% |
|
11 |
Edelweiss Tokio Life Insurance |
69,034 |
75,904 |
6,870 |
9% |
|
12 |
Kotak Mahindra Life Insurance |
1,12,697 |
1,19,016 |
6,319 |
5% |
|
13 |
AGEAS Federal Life Insurance |
2,676 |
5,444 |
2,768 |
51% |
|
14 |
Pramerica Life Insurance |
14,857 |
16,704 |
1,847 |
11% |
|
15 |
Star Union Dai-Ichi Life Insurance |
393 |
1,540 |
1,147 |
74% |
|
16 |
Future Generali India Life Insurance |
8,814 |
9,718 |
904 |
9% |
|
17 |
GoDigit Life Insurance |
0 |
14 |
14 |
100% |
|
18 |
ACKO Life Insurance |
0 |
2 |
2 |
100% |
|
19 |
Aegon Life Insurance |
172 |
172 |
0 |
0% |
|
20 |
Canara HSBC Life Insurance |
127 |
126 |
-1 |
-1% |
|
21 |
IndiaFirst Life Insurance |
1,881 |
1,678 |
-203 |
-12% |
|
22 |
Shriram Life Insurance |
3,327 |
3,003 |
-324 |
-11% |
|
23 |
Aviva Life Insurance |
3,256 |
2,921 |
-335 |
-11% |
|
24 |
Aditya Birla Sun Life Insurance |
64,831 |
60,613 |
-4,218 |
-7% |
|
|
Grand Total |
26,17,962 |
28,94,812 |
2,76,850 |
10% |