Life insurer's new biz up 12pc at Rs 1.2 lakh cr in FY14

The first year premium income of life insurance companies increased by 11.6 per cent to Rs 1.20 lakh crore for the year ended March, 2014.
The life insurers had raised business premium of Rs 1.07 lakh crore in the year ago period, according to the Insurance Regulatory and Development Authority's (Irda) data.
State-run insurance giant LIC registered a rise of 17.8 per cent in new business at Rs 90,123.75 crore in FY14.
Total first-year business premium income of private insurers fell by 4 per cent to Rs 29,517.38 crore in FY14, from Rs 30,747.85 crore in the previous year.
The premium income of SBI Life declined by 2.2 per cent to Rs 5,067.03 crore, HDFC Standard's by 9 per cent to Rs 4,037.18 crore, while that of Canara HSBN OBC life fell marginally by 0.1 per cent to Rs 605.89 crore during the year.

ICICI Prudential showed a decrease of 21.8 per cent in its premium income at Rs 3,761.33 crore, ING Vysya's first year premium fell by 11.1 per cent to Rs 567.88 crore and Birla SunLife's fell by 7.6 per cent to Rs 1,696.50 crore.
However, Reliance Life posted a 40.5 per cent jump in first year premium income at Rs 1,933.99 crore and Bharti AXA Life reported 50.9 per cent surge to Rs 375.19 crore in FY14.