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Results
20-Jan-22
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Analysis
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Bajaj Finserv
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Weak performance in insurance segment
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Bajaj Finserv has posted 3% decline in the net profit to Rs 1255.79 crore in the quarter ended December 2021 (Q3FY2022).
The income from operation increased 10% to Rs 17586.74 crore in Q3FY2022.
Overall
OPM has increased to 33.00% in Q3FY2022 from 32.33% in Q3FY2021, leading to 12%
rise in operating profit to Rs 5,803.81 crore.
Other
income increased 1402% to Rs 32.9 crore. Interest cost increased 8% to Rs
2444.53 crore. Depreciation moved up 16% to Rs 143.09 crore. PBT moved up 17%
to Rs 3249.09 crore.
The
effective tax rate increased to 27.69% in Q3FY2022 compared to 25.09% in
Q3FY2021. Provision for tax was expense of Rs 899.57 crore compared to Rs
697.31 crore.
Profit
after tax rose 13% to Rs 2349.52 crore. There was profit attributable to
non-controlling interest of Rs 1093.64 crore as compared to Rs 791.89 crore.
The share of profit of associate companies was loss of Rs 0.09 crore. Finally,
Net profit attributable to owners declined 3% to Rs 1255.79 crore.
Book
value of the company stood at Rs 2459.6 per share end December 2021.
Business highlights
Bajaj
Finance (BFL) - Consolidated
Total income for Q3FY22 increased by
28% at Rs 8535 crore against Rs 6659 crore in Q3FY21.
Profit after tax for Q3FY22 increased
by 85% to Rs 2125 crore mainly
on account of robust AUM growth, higher net interest income and better asset
performance.
Core AUM growth was Rs 14700
crore for Q3FY22 - highest ever quarterly growth. Assets Under Management (AUM)
as at 31 December 2021 increased by 26% to
Rs 181250 crore against Rs 143550 crore as at 31
December 2020. This includes AUM of Rs 49203 crore of its 100% mortgage
subsidiary, BHFL, which recorded a growth of 39% over the AUM as on 31 December
2020.
Gross NPA and Net NPA (ECL Stage 3),
recognized as per extant RBI prudential norms and provisioned applying the
expected credit loss (ECL) method prescribed in Ind AS, as of 31 December 2021
stood at 1.73% and 0.78% respectively. BFL holds a management and
macro-economic overlay of Rs 1083 crore end December 2021.
Capital adequacy ratio (including
Tier-II capital) as of 31 December 2021 was 26.96%. The Tier-I capital stood at
24.44%.
For Bajaj Housing Finance (BHFL), the
capital adequacy ratio (including Tier-II capital) stood at 19.37%.
Bajaj
Allianz General Insurance Company
Gross written premium for Q3FY22 stood
at Rs 2959 crore against Rs 3392 crore in Q3FY21. BAGIC wrote crop insurance
off 214 crore in Q3FY22 against Rs 655 crore in Q3FY21 and wrote health
insurance under government schemes of Rs 15 crore in Q3FY22 against Rs 178
crore in Q3FY21.
Net earned premium for Q3FY22 was Rs
1930 crore against Rs 1838 crore in Q3FY21.
Claim ratio increased to 69.6% in
Q3FY22 against 66.6% in Q3FY21. The increase in claim ratio includes losses
from heavy rainfall in Uttarakhand and Tamil Nadu and higher losses on crop
insurance.
Combined ratio stood at 98.9% in
Q3FY22 against 96.1% in Q3FY21.
Despite adverse weather events and
higher losses on crop insurance, BAGIC recorded an underwriting profit of Rs 5
crore in Q3FY22. (Rs 27 crore in Q3FY21).
Investment and other income (net) for
Q3FY22 stood at Rs 402 crore against Rs 413 crore in
Q3FY21. Profit on sale of investments was lower by Rs 25 crore (before tax) in
Q3FY22.
Profit after tax for Q3FY22 stood at to Rs 304 crore against Rs 330 crore
in Q3FY21.
As on 31 December 2021, the solvency
ratio was 333%, which is well above the minimum regulatory requirement of 150%.
Assets Under Management (AUM),
represented by cash and investments as on 31 December 2021 stood at Rs 23977
crore against Rs 21873 crore as on 31 December 2020 - an increase of 10%.
Bajaj
Allianz Life Insurance Company
New business premium for Q3FY22 was Rs 2377 crore against Rs 1706 crore
in Q3FY21 - an increase of 39%.
Individual rated new business premium
was Rs 1033 crore in Q3FY22 against Rs 613 crore in Q3FY21 - an increase of
68%.
Group protection new business was Rs 717
crore in Q3FY22 against Rs 431 crore in Q3FY21- an increase of 66%.
Renewal premium for Q3FY22 was Rs 1702 crore v /s Rs 1441 crore in
Q3FY21 - an increase of 18%.
Gross written premium increased by 30%
to Rs 4079 crore in Q3FY22
against Rs 3147 crore in Q3FY21.
Shareholders profit after tax during
Q3FY22 stood at Rs 88 crore against Rs 118 crore in Q3FY21, impacted mainly due
to higher new business strain.
Solvency ratio stood at a healthy 604%
as on 31 December 2021 as against the minimum regulatory requirement of 150%.
Assets Under Management (AUM),
represented by total investments stood at Rs 83194 crore as on 31 December 2021 against Rs 70295 crore as
on 31 December 2020 - an increase of 18%.
For 9MFY22, the New Business Value was
Rs 314 crore against Rs 142 crore in 9MFY21 - an increase of 121%.
Financial Performance 9MFY2022
The
income from operation of Bajaj Finserv increased 10% to Rs 49544.41 crore in
9MFY2022. Overall OPM eased to 30.69% in 9MFY2022 from 32.87% in 9MFY2021,
leading to 2% rise in operating profit to Rs 15206.17 crore.
Other
income increased 429% to Rs 32.9 crore. Interest cost increased 0.33% to Rs
7016.92 crore. Depreciation moved up 14% to Rs 413.4 crore. PBT moved up 4% to
Rs 7808.75 crore.
The
effective tax rate increased to 25.98% in 9MFY2022 compared to 25.07% in
9MFY2021. Provision for tax was expense of Rs 2028.43 crore compared to Rs
1881.5 crore. Profit after tax rose 3% to Rs 5,780.32 crore.
There
was profit attributable to non-controlling interest of Rs 2569.26 crore in
9MFY2022 as compared to Rs 2130.94 crore in 9MFY2021. The share of profit of
associate companies was loss of Rs 0.37 crore. Finally, Net profit attributable
to owners fell 8% yoy to Rs 3210.69 crore in 9MFY2022.
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Bajaj Finserv:
Consolidated Results
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Particulars
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2112 (3)
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2012 (3)
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Var %
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2112 (9)
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2012 (9)
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Var %
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2103 (12)
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2003 (12)
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Var %
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Income from Operations
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17586.74
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15958.53
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10
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49544.41
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45198.10
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10
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60591.20
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54346.69
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11
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OPM (%)
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33.00
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32.33
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30.69
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32.87
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32.19
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33.29
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OP
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5803.81
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5159.25
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12
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15206.17
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14855.06
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2
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19501.89
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18091.54
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8
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Other Income
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32.90
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2.19
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1402
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32.90
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6.22
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429
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0.37
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4.78
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-92
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PBDIT
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5836.71
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5161.44
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13
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15239.07
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14861.28
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3
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19502.26
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18096.32
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8
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Interest (Net)
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2444.53
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2258.42
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8
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7016.92
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6993.85
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0
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9141.28
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9338.53
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-2
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PBDT
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3392.18
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2903.02
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17
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8222.15
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7867.43
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5
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10360.98
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8757.79
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18
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Depreciation /
Amortization
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143.09
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123.84
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16
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413.40
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363.23
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14
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498.46
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456.79
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9
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PBT
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3249.09
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2779.18
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17
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7808.75
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7504.20
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4
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9862.52
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8301.00
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19
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Tax Expenses
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899.57
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697.31
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29
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2028.43
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1881.50
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8
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2494.96
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2308.06
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8
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PAT
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2349.52
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2081.87
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13
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5780.32
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5622.70
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3
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7367.56
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5992.94
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23
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Profit attributable to
non-controlling interest
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1093.64
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791.89
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38
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2569.26
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2130.94
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21
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2896.92
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2624.47
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10
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Share of profit/loss
of Associate
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-0.09
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-0.02
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-
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-0.37
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-0.36
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-
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-0.18
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0.66
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PL
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Net Profit after
minority and share in associate
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1255.79
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1289.96
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-3
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3210.69
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3491.40
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-8
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4470.46
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3369.13
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33
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EPS *
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315.6
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324.2
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269.0
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292.5
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280.9
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211.7
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* Annualized on
current equity of Rs 79.57 crore. Face Value: Rs 5, Figures in Rs crore
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Source: Capitaline
Corporate Database
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Bajaj Finserv: Segment
Results
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Particulars
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2112 (3)
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2012 (3)
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(%) of Total
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Var (%)
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2112 (9)
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2012 (9)
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(%) of Total
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Var (%)
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2103 (12)
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2003 (12)
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(%) of Total
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Var (%)
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Segment Revenue
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Life insurance
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4079.73
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3146.72
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23
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30
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10408.31
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7523.52
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21
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38
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3444.00
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3169.16
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18
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9
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General insurance
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2959.45
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3392.27
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16
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-13
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10488.27
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9836.96
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21
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7
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5147.75
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4830.07
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27
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7
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Insurance
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7039.18
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6538.99
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39
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8
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20896.58
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17360.48
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41
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20
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8591.75
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7999.23
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45
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7
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Less: Reinsurance
ceded and Reserve for unexpired risk
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-12.39
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796.20
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0
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LP
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1804.49
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1709.70
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4
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6
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1166.41
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1500.59
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6
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-22
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Add : Investment and
other income
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2104.54
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3659.09
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12
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-42
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7624.73
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9918.62
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15
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-23
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2839.91
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3417.47
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15
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-17
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Insurance total
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9156.11
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9401.88
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51
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-3
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26716.82
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25569.40
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53
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4
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10265.25
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9916.11
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54
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4
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Investments and others
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358.68
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79.33
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2
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352
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869.87
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168.48
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2
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416
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355.15
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146.96
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2
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142
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Retail financing
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8535.06
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6655.08
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47
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28
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23010.13
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19828.11
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45
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16
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8237.66
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5899.86
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44
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40
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Windmill
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6.28
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3.88
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0
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62
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21.57
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21.57
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0
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0
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45.27
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37.61
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0
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20
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Total Revenue
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18056.13
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16140.17
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100
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12
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50618.39
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45587.56
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100
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11
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18903.33
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16000.54
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100
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18
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Less : Inter-segment
revenue
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436.49
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179.45
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143
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1041.08
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383.24
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172
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433.88
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198.56
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119
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Net Revenue
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17619.64
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15960.72
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10
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49577.31
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45204.32
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10
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18469.45
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15801.98
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17
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Segment PBT
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Life insurance
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-20.10
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470.69
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-1
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PL
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134.11
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1220.53
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2
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-89
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344.83
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465.88
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9
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-26
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General insurance
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354.40
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707.49
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11
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-50
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1451.15
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2004.02
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19
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-28
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737.88
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707.08
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19
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4
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Insurance total
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334.30
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1178.18
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10
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-72
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1585.26
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3224.55
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20
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-51
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1082.71
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1172.96
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28
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-8
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Investments and others
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-106.06
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-79.31
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-3
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34
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-353.89
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-201.49
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-5
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76
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-63.12
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-16.04
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-2
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294
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Retail financing
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3024.71
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1680.64
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93
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80
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6575.06
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4474.54
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84
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47
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2771.15
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1677.96
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73
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65
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Windmill
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-3.95
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-0.35
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0
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1029
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1.95
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6.24
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0
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-69
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9.91
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8.35
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0
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19
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Total profit before
tax
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3249.00
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2779.16
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100
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17
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7808.38
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7503.84
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100
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4
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3800.65
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2843.23
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100
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34
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Capital Employed
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Life insurance
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9105.02
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10184.35
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4
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-11
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9105.02
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10184.35
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4
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-11
|
9048.30
|
9246.08
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8
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-2
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General insurance
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7754.86
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7286.39
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4
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6
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7754.86
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7286.39
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4
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6
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4312.20
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4136.72
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4
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4
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Insurance total
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16859.88
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17470.74
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8
|
-3
|
16859.88
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17470.74
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8
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-3
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13360.50
|
13382.80
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12
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0
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Investments and others
|
915.70
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750.33
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0
|
22
|
915.70
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750.33
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0
|
22
|
192.96
|
97.21
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0
|
98
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Retail financing
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194743.16
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159245.99
|
92
|
22
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194743.16
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159245.99
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92
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22
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99272.31
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69188.03
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88
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43
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Windmill
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37.53
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33.38
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0
|
12
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37.53
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33.38
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0
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12
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37.39
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40.53
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0
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-8
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Unallocable
|
15.52
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38.24
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0
|
-59
|
15.52
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38.24
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0
|
-59
|
-7.89
|
-16.95
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0
|
-53
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Total
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212571.79
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177538.68
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100
|
20
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212571.79
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177538.68
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100
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20
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112855.27
|
82691.62
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100
|
36
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Figures in Rs crore,
PL: Profit to Loss; LP Loss to Profit
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Source: Capitaline
Corporate Database
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Previous News |
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(
Results
-
Announcements
26-Apr-24
14:30
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Bajaj Finserv Ltd gains for third straight session
(
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03-May-24
13:05
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(
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