Life Insurance Premium Drops by 2.33%

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NEW DELHI – Money collected by life insurance companies as premiums dropped by 2.33% during the quarter ended Sep 30, 2012, largely due to the slowdown in economic growth, minister of state for finance Namo Narain Meena said on Friday.

In written reply to a question in the Lok Sabha, Meena said various factors were responsible for the decline in life insurance premiums. However, the minister did not specify the factors.

“The reasons for a negative growth in the premium collections are various factors that are influencing the financial sector as a whole,” Meena said.

Finance minister P Chidambaram said recently that slowdown in economic growth had negatively impacted the performance of banks and other financial institutions.

Non-performing assets (NPAs) of the public sector banks have risen sharply in the recent quarters due to the poor economic growth.

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