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Results
13-Jan-24
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Analysis
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HDFC Life Insurance Company
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Moderate premium collection growth
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HDFC Life Insurance Company, on consolidated basis,
has posted 16% increase in net profit to Rs 367.53 crore in the quarter ended December
2023 (Q3FY2024). The company continued to be ranked amongst the top 3 life
insurers across individual and group businesses. The number of policies clocked
a healthy growth of 9%, outpacing private and overall industry. This aligns
with core objective of establishing a sustainable long-term business by
broadening our customer reach.
The company has covered close to 5 crore lives
across individual and group businesses. Growth from Tier 2 and 3 markets remain
strong, witnessing 14% growth year on year. Retail protection grew by 36% based
on individual APE and credit protect clocked 21% growth YoY.
Towards the latter part of Q3FY24, the company introduced
Click 2 Achieve, an industry first, do-it-yourself (DIY) non-par savings
product. This plan empowers customers to create unlimited combinations, tailor
their cash flows to align with personal goals, with the cushion of a guaranteed
return. The product has been received well across channels and garnered Rs 100
crore within 4 weeks of its launch. This is 2nd Rs 100 crore in a month product
to be launched this year.
The company has announced new bancassurance
partnerships with Karnataka Bank, Karur Vysya Bank and NKGSB Co-operative Bank.
The total premium income has increased 7% to Rs
15526 crore in Q3FY2024. The company has witnessed 3% decline in the new
business premium collection to Rs 7130 crore, while the renewal premium jumped
17% to Rs 8396 crpre.
The value of new business fell 2% to Rs 856 crore
in Q3FY2024. New business margin for 9MFY2024 at 26.5% improved on sequential
basis from 26.2% for H1FY2024, while it was steady from 26.5% in 9MFY2023.
The embedded value surged 20% Rs 45173 crore, with
an operating return on embedded value of 16.5% for 9MFY2024 up from 16.4% in
H1FY2024.
AUM
of the company increased 20% to Rs 279707 crore end December 2023 from Rs 233839
crore end December 2022 crore and also moved up from Rs 264870 crore end September
2023.
The
consolidated Networth stood at Rs 14174 crore end December 2023, while the
solvency ratio of the company was at 190% end December 2023.
Embedded Value per share stood at Rs 210.0 per
share at end December 2023.
Financial
Performance 9MFY2024:
HDFC Life Insurance Company has posted 16% increase
in the net profit to Rs 1162.45 crore on consolidated basis in 9MFY2024. Total
Premium increased 11% to Rs 42139 crore in 9MFY2024, aided by new business
premium income growth of 7% to Rs 20100 crore and renewal premium income growth
of 15% to Rs 22039 crore. Value of New Business improved 5% to Rs 2267 crore
and new business margin was steady at 26.5% in 9MFY2024.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Premium earned (net)
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15273.25
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14402.22
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6
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41578.34
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37410.17
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11
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56878.78
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46800.95
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22
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Income from Investments
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11372.04
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4929.79
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131
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31109.28
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11412.89
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173
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12604.39
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19511.78
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-35
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Other income
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70.52
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72.50
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-3
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257.76
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197.25
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31
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465.05
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192.33
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142
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Contribution from the Shareholders` account
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19.28
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313.73
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-94
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50.38
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336.88
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-85
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879.49
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554.44
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59
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Total Income
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26735.09
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19718.24
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36
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72995.76
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49357.19
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48
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70827.71
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67059.50
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6
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Commission
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1246.99
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693.45
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80
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3098.28
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1777.08
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74
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2890.59
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2007.75
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44
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Op. expenses related to Insurance business
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1779.42
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2123.38
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-16
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5154.76
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5525.98
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-7
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8449.48
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5852.98
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44
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Others
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66.86
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98.91
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-32
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197.74
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308.73
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-36
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404.73
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117.58
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244
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Benefits paid (Net)
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9894.74
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8691.80
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14
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27346.43
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27745.40
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-1
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38971.52
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32616.32
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19
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Change in valuation of policy liabilities
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13686.12
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7912.31
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73
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37284.09
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13304.18
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180
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18590.16
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25237.00
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-26
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Provision for taxation
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-2.41
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-131.29
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-98
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-592.09
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-92.08
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543
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159.11
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184.50
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-14
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Total Expense
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26671.72
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19388.56
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38
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72489.21
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48569.29
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49
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69465.59
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66016.13
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5
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PAT
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63.37
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329.68
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-81
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506.55
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787.90
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-36
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1362.12
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1043.37
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31
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Transfer to Shareholders` account
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131.37
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415.76
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-68
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500.61
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885.95
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-43
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1472.18
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1105.72
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33
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HDFC Life Insurance Company: Results Consolidated Shareholders
Account
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2312 (3)
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2212 (3)
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Var %
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2312 (9)
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2212 (9)
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Var %
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2303 (12)
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2203 (12)
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Var %
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Amounts transferred from Policyholders` account
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131.37
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415.76
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-68
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500.61
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885.95
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-43
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1472.18
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1105.72
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33
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Income from investments
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282.17
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244.75
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15
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752.88
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526.80
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43
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723.91
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813.10
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-11
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Others
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11.89
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7.84
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52
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42.34
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20.88
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103
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92.78
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19.01
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388
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Total income
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425.43
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668.35
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-36
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1295.83
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1433.63
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-10
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2288.87
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1937.83
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18
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Expenses (apart from Insurance)
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39.81
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39.33
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1
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121.83
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111.81
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9
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151.84
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113.96
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33
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Contribution to policyholders account
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19.28
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313.73
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-94
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50.38
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336.88
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-85
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879.49
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554.44
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59
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Others
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-3.09
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0.01
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LP
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3.91
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-23.90
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LP
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-24.67
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-33.32
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-26
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Total Expenses
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56.00
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353.07
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-84
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176.12
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424.79
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-59
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1006.66
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635.08
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59
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PBT
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369.43
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315.28
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17
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1119.71
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1008.84
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11
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1282.21
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1302.75
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-2
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Tax
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1.90
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-0.63
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PL
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-42.74
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2.51
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LP
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-86.07
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-24.18
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256
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PAT
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367.53
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315.91
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16
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1162.45
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1006.33
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16
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1368.28
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1326.93
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3
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EPS (Rs)*
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6.8
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5.9
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7.2
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6.2
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6.4
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6.2
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EV (Rs)
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210.0
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175.4
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210.0
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175.4
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183.9
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156.0
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* on current equity of Rs 2150.66 crore of face value of Rs 10
each
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PL: Profit to Loss, LP: Loss to Profit
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Figures in crore, Source: Capitaline Database
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