Magma General Insurance — Distribution Mix

Magma General Insurance's new business was led by the Brokers channel at 81.6% of premium for Q1 FY26-27, as reported in IRDAI form NL-36.

combined ratio, Q1 FY26-27
118.5%
+2.9 pts
incurred claims ratio, Q1 FY26-27
84.3%
+0.3 pts
net commission ratio, Q1 FY26-27
20.9%
+0.3 pts
expense ratio to gross premium, Q1 FY26-27
32.7%
+2.7 pts
Total premium, Q1 FY26-27
₹86,777 lakh
−3.2%
Leading channel, Q1 FY26-27
Brokers
81.6% 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
Brokers2,28,977₹70,775 lakh (81.6%)2,02,280₹71,981 lakh (80.3%)
Agents/POSP46,857₹10,929 lakh (12.6%)54,472₹13,108 lakh (14.6%)
Agents/POSP channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Individual Agents21,729₹4,814 lakh21,916₹4,953 lakh
Point of Sales Person (Direct)25,128₹6,115 lakh32,556₹8,155 lakh
Direct Website36₹4 lakh (0.0%)50₹4 lakh (0.0%)
BanksNot disclosed₹162 lakh (0.2%)1₹31 lakh (0.0%)
Direct non-website291₹1,592 lakh (1.8%)431₹1,841 lakh (2.1%)
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 – Others291₹1,592 lakh431₹1,841 lakh
Corporate Agents7,141₹3,032 lakh (3.5%)6,727₹2,223 lakh (2.5%)
Others1,188₹283 lakh (0.3%)1,998₹429.09 lakh (0.5%)
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 Firm392₹73 lakh1,020₹118 lakh
MISP (Direct)780₹207 lakh977₹311 lakh
Web Aggregators16₹3 lakh1₹0.09 lakh
Referral ArrangementsNot disclosedNot disclosedNot disclosedNot disclosed
OtherNot disclosedNot disclosedNot disclosedNot disclosed
Total, India2,84,490₹86,777 lakh (100%)2,65,959₹89,617.09 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₹76,651 lakh2,49,204
Q3 FY25-26₹85,453.91 lakh3,27,050
Q4 FY25-26₹1,09,824 lakh3,36,951
Q1 FY26-27₹86,777 lakh2,84,490