Galaxy Health Insurance — Distribution Mix

Galaxy Health Insurance's new business was led by the Individual Agents channel at 53.8% of premium for Q1 FY26-27, as reported in IRDAI form NL-36.

combined ratio, Q1 FY26-27
153.0%
−157.6 pts
incurred claims ratio, Q1 FY26-27
59.8%
+36.5 pts
net commission ratio, Q1 FY26-27
13.7%
−6.3 pts
expense ratio to gross premium, Q1 FY26-27
89.5%
−183.4 pts
Total premium, Q1 FY26-27
₹4,621.62 lakh
+459.7%
Leading channel, Q1 FY26-27
Individual Agents
53.8% of premium

Channel mix — quarter ended Q1 FY26-27 vs. Q1 FY25-26 (year ago)

Channel groupPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Brokers86,247₹2,026.78 lakh (43.9%)31,375₹243.53 lakh (29.5%)
Agents/POSP17,503₹2,525.5 lakh (54.6%)4,173₹565.59 lakh (68.5%)
Agents/POSP channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Individual Agents17,164₹2,484.37 lakh3,791₹527.47 lakh
Point of Sales Person (Direct)339₹41.13 lakh382₹38.12 lakh
Direct WebsiteNot disclosed₹0 lakh (0.0%)Not disclosed₹0 lakh (0.0%)
BanksNot disclosed₹0 lakh (0.0%)Not disclosed₹0 lakh (0.0%)
Direct non-websiteNot disclosed₹0 lakh (0.0%)Not disclosed₹0 lakh (0.0%)
Direct non-website channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Direct Business – Officers/EmployeesNot disclosedNot disclosedNot disclosedNot disclosed
Direct Business – OthersNot disclosedNot disclosedNot disclosedNot disclosed
Corporate Agents3,519₹47.92 lakh (1.0%)5₹0.82 lakh (0.1%)
Others64₹21.42 lakh (0.5%)59₹15.74 lakh (1.9%)
Others channels (7)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Micro AgentsNot disclosedNot disclosedNot disclosedNot disclosed
Common Service Centres (CSC)Not disclosedNot disclosedNot disclosedNot disclosed
Insurance Marketing Firm-2₹8.47 lakh59₹15.74 lakh
MISP (Direct)Not disclosedNot disclosedNot disclosedNot disclosed
Web Aggregators66₹12.95 lakhNot disclosedNot disclosed
Referral ArrangementsNot disclosedNot disclosedNot disclosedNot disclosed
OtherNot disclosedNot disclosedNot disclosedNot disclosed
Total, India1,07,333₹4,621.62 lakh (100%)35,612₹825.68 lakh (100%)

Per IRDAI Form NL-36 (Business Channels Wise), "For the Quarter" column. Channels are grouped into ARGO's own 7-way classification (Brokers, Agents/POSP, Direct Website, Banks, Direct non-website, Corporate Agents, Others) — click a group with more than one channel to see its own breakdown. "Total, India" sums the 15 channels extracted here and excludes "Business outside India," a separate geography line on the same form. Some insurers report "Direct Business"'s sub-channels (Officers/Employees, Online, Others) as one combined figure rather than a real breakdown — shown as "Not disclosed" for those rows rather than guessed.

Total premium by quarter, trend

PeriodTotal, India premiumPolicies
Q2 FY25-26₹1,714.69 lakh51,871
Q3 FY25-26₹5,049.41 lakh1,15,106
Q4 FY25-26₹5,177.69 lakh1,16,537
Q1 FY26-27₹4,621.62 lakh1,07,333