Factuary

National Insurance Company — Distribution Mix

National Insurance Company's new business was led by the Brokers channel at 41.0% of premium for Q1 FY26-27, as reported in IRDAI form NL-36.

combined ratio, Q1 FY26-27
134.4%
−0.5 pts
incurred claims ratio, Q1 FY26-27
98.9%
−4.2 pts
net commission ratio, Q1 FY26-27
10.7%
−2.8 pts
expense ratio to gross premium, Q1 FY26-27
31.8%
+4.7 pts
Total premium, Q1 FY26-27
₹4,20,280.89 lakh
+7.7%
Leading channel, Q1 FY26-27
Brokers
41.0% 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
Brokers14,25,107₹1,72,210.57 lakh (41.0%)10,59,050₹1,61,458.93 lakh (41.4%)
Agents/POSP14,85,282₹1,60,162.18 lakh (38.1%)14,80,041₹1,54,881.99 lakh (39.7%)
Agents/POSP channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Individual Agents13,29,274₹1,49,078.55 lakh13,34,276₹1,45,940.06 lakh
Point of Sales Person (Direct)1,56,008₹11,083.63 lakh1,45,765₹8,941.93 lakh
Direct WebsiteNot disclosed₹0 lakh (0.0%)Not disclosed₹0 lakh (0.0%)
Banks4,516₹1,178.67 lakh (0.3%)5,612₹1,229.1 lakh (0.3%)
Direct non-website46,558₹85,291.85 lakh (20.3%)49,145₹71,132.08 lakh (18.2%)
Direct non-website channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Direct Business – Officers/Employees46,558₹85,291.85 lakh49,145₹71,132.08 lakh
Direct Business – OthersNot disclosedNot disclosedNot disclosedNot disclosed
Corporate Agents11,710₹942.52 lakh (0.2%)3,925₹702.76 lakh (0.2%)
Others2,736₹495.1 lakh (0.1%)2,497₹919.4 lakh (0.2%)
Others channels (7)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Micro Agents0₹0 lakh0₹0 lakh
Common Service Centres (CSC)0₹0 lakh0₹0 lakh
Insurance Marketing Firm825₹231.27 lakh274₹90.97 lakh
MISP (Direct)1,896₹263.74 lakh2,180₹827.22 lakh
Web Aggregators15₹0.09 lakh43₹1.21 lakh
Referral Arrangements0₹0 lakh0₹0 lakh
Other0₹0 lakh0₹0 lakh
Total, India29,75,909₹4,20,280.89 lakh (100%)26,00,270₹3,90,324.26 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₹4,00,929.95 lakh27,06,657
Q3 FY25-26₹5,82,077.07 lakh34,02,539
Q4 FY25-26₹3,94,024.08 lakh34,54,790
Q1 FY26-27₹4,20,280.89 lakh29,75,909
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