annual report 2009-10 - IRDA

ANNUAL REPORT 2009-10TABLE 58GROUP NEW BUSINESS PERFORMANCE OF LIFE INSURERS FOR 2009-10 — CHANNEL WISE(Figures in per cent)Life Insurer Individual Corporate Brokers Direct Total ReferralsAgents Agents Selling IndividualNewBanks Others* BusinessPrivate Total 0.75 8.67 4.96 1.88 83.74 100.00 0.62LIC# 7.44 0.06 0.31 1.05 91.15 100.00 -Industry Total 5.81 2.15 1.44 1.25 89.34 100.00 0.15*Any entity other than banks but licenced as a corporate agent.# Does not include its overseas new business premium.Note: 1) New business premium includes first year premium and single premium.2) The leads obtained through referral arrangements have been included in the respective channels.## Does not include its overseas new business premiumIndividual and group businessII.2.10 Individual agents continue to play a major rolein procuring new insurance business. At the aggregatelevel (individual and group business together) theycontributed 60.91 per cent of the total new business.However, there was a decline in the contribution ofindividual agents from 65.45 per cent in 2008-09.Direct sales, as a channel, had witnessed a noticeablegrowth in underwriting new business, as compared tothe previous year. This mode had contributed 25.73per cent of the total new business in 2009-10 ascompared to 21.11 per cent during 2008-09.62