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Thursday, January 31, 2013

10 percent drop in individual life insurance agents

Private life insurers witnessed a drop of 17 per cent and LIC of 4 per cent.
 According to the annual reported issued by IRDA, the year 2011-12 witnessed a 10 per cent decrease in the number of individual life insurance agents. The number has gone down from 26 lakh as on 31st March, 2011 to 23 lakh as on 31st March, 2012.
While the private life insurers recorded a decrease of 17 per cent, LIC showed a decrease of 4 per cent. LIC has more individual agents than all private life insurers put together. At the end of the year, the number of agents with LIC stood at 12 lakh. IRDA in its annual report said, “It is in the interest of all the stakeholders to work on reducing the turnover of agents and build a stable and growing agency force.”
 Details of individual life insurance agents
Insurer
Agents as of 1st April 2011 (in lakh)
Additions during 2011-2012 (in lakh)
Deletion during 2011-2012 (in lakh)
Agents as of 31st March 2012 (in lakh)
Net change in %
Private
13
3.7
5.9
10.8
- 17%
LIC
13.4
3.4
4.0
12.8
- 4%
Industry
26.4
7.1
9.9
23.6
- 10%
The count of corporate agents as of 31st March 2012 stood at 882. Licenses of 1417 corporate agents were cancelled and 134 new agents were added. LIC has terminated 82 corporate agents while adding
27 new licenses. The private insurers have terminated 1335 corporate agents while recruiting 107 new corporate agents.
 Details of corporate life insurance agents
 
Insurer
Agents as of 1st April 2011
Addition during 2011-2012
Deletion during 2011-2012
Agents as of 31st March 2012
Net change in %
Private
1870
107
1335
642
-       65%
LIC
295
27
82
240
-       18%
Industry
2165
134
1417
882
-       59%


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