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Results
28-Oct-23
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Analysis
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SBI Life Insurance Company
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Strong premium collection growth, VNB jumps 20% in Q2FY2024
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SBI Life Insurance
Company has posted 1% increase in the net profit of Rs 380.19 crore in the
quarter ended September 2023 (Q2FY2024). The company has posted 22% increase in
net premium collection to Rs 20049.66 crore in Q2FY2024, aided by 11% growth in
the renewal business to Rs 10120 crore, while new business premium jumped 34%
to Rs 10050 crore in Q2FY2024.
The Company has
maintained its leadership position in Individual Rated Premium of Rs 4390 crore
with strong private market share in Q2FY24. There is strong growth in
Individual New Business Premium by 21% to Rs 6110 crore in Q2FY24. New Business
Premium (NBP) increased 34% to Rs 10050 crore in Q2FY24.
Protection
New Business Premium has increased by 36% from Rs 900 crore in Q2FY23 to Rs 1220
crore in Q2FY24.
Gross
Written Premium (GWP) has grew by 21% to Rs 20170 crore in Q2FY24 mainly due to
34% growth new business premium and 11% growth in Renewal Premium (RP) in
Q2FY24.
There is strong growth
in 49th month and 61st month persistency (based on premium considering Regular
Premium/ Limited Premium payment under individual category) in H1FY24 by 92 bps
and 509 bps respectively due to our focus on improving the quality of business
and customer retention.
AuM grew by 22% from Rs
282630 crore end September 2022 to Rs 345150 crore end September 2023 with
debt-equity mix of 68:32. Over 95% of the debt investments are in AAA and
Sovereign instruments.
The Company’s net worth
increased by 14% from Rs 12210 crore end September 2022 to Rs 13970 crore end
September 2023.
Robust solvency ratio
of 2.12x end September 2023 as against the regulatory requirement of 1.50x
indicating strong financial position of the Company
VoNB jumped 20% to Rs
1488 crore for Q2FY24. VoNB margin stands at 28.6% in
H1FY24.
The Company has
strong distribution network of 305,320 trained insurance professionals
consisting of agents, CIFs and SPs along with widespread operations with 1,011
offices across country.
The Company has
diversified distribution network comprising of strong bancassurance channel,
agency channel and others comprising of corporate agents, brokers, micro
agents, common service centers, insurance marketing firms, web aggregators and
direct business.
APE channel mix for
H1FY24 is bancassurance channel 60%, agency channel 26% & other channels
14%.
NBP of Agency channel
has increased by 32% to Rs 3130 crore in H1FY24 and NBP of Banca channel has
increased by 18% to Rs 8820 crore in H1FY24 as compared to same period last
year.
Indian
Embedded Value (IEV) stood at Rs 512.0 end September 2023.
Financial
Performance H1FY2024
Profit after Tax (PAT) grew by 19% to Rs 760 crore for H1FY24.
VoNB increased by 12% to Rs 2360 crore for H1FY24. VoNB margin stands at 28.6%
in H1FY24. The Company has maintained its leadership position in Individual
Rated Premium of Rs 7060 crore with 24.6% private market share in H1FY24. There
is strong growth in Individual New Business Premium by 20% to Rs 10170 crore in
H1FY24. New Business Premium (NBP) has grew by 24% to Rs 16260 crore in H1FY24
aided by growth in Single premium business by 28%.
Protection New Business Premium has increased by 25% from
Rs 1600 crore in H1FY23 to Rs 2000 crore in H1FY24 due to growth in group
protection business by 34% to Rs 1570 crore in H1FY24.
Gross Written Premium (GWP) has grew by 21% to Rs 33730
crore in H1FY24 mainly due to 28% growth in Single Premium (SP) and 17% growth
in Renewal Premium (RP) in H1FY24.
Total Cost ratio for H1FY24 is 10.0% against 10.2% for H1FY23.
Commission ratio for H1FY24 is 4.6% against 4.5% for H1FY23. Operating Expense
ratio for H1FY24 is 5.4% against 5.6% in H1FY23.
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SBI Life Insurance:
Results Policyholders Account
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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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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20049.66
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16477.26
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22
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33154.16
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27513.28
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21
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66581.00
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58432.29
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14
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Income from
Investments
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8507.40
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11036.73
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-23
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23086.29
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4631.07
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399
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13260.14
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23567.95
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-44
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Other income
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11.53
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11.27
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2
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20.10
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22.03
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-9
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49.85
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44.81
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11
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Contribution from the
Shareholders` account
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0.00
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0.00
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-
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0.00
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0.00
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-
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1707.49
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982.15
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74
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Total Income
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28568.59
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27525.26
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4
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56260.55
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32166.38
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75
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81598.48
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83027.20
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-2
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Commission
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795.92
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711.77
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12
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1317.07
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1219.35
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8
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2935.96
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2084.05
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41
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Op. expenses related
to Insurance business
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1116.22
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854.64
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31
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2055.99
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1620.31
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27
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3536.00
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3048.69
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16
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Others
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240.15
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194.92
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23
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425.13
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356.12
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19
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832.32
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782.87
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6
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Benefits paid (Net)
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10044.52
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7636.69
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32
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17147.95
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12808.41
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34
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30287.46
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31339.82
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-3
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Change in valuation of
policy liabilities
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15970.76
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17732.32
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-10
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34490.41
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15461.27
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123
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41003.10
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43761.85
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-6
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Provision for taxation
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37.10
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50.31
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-26
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79.99
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83.75
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-4
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147.40
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126.16
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17
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Total Expense
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28204.67
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27180.65
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4
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55516.54
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31549.21
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76
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78742.24
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81143.44
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-3
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PAT
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363.92
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344.61
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6
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744.01
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617.17
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21
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2856.24
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1883.76
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52
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Transfer to
Shareholders` account
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166.53
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190.25
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-12
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355.57
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290.59
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22
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2707.15
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1732.43
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56
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SBI Life Insurance:
Results Shareholders Account
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2309 (3)
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2209 (3)
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Var %
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2309 (6)
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2209 (6)
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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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166.53
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190.25
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-12
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355.57
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290.59
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22
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2707.15
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1732.43
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56
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Income from
investments
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247.57
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203.20
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22
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459.60
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379.36
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21
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795.25
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988.41
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-20
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Total Income
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414.10
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393.45
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5
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815.17
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669.95
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22
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3502.40
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2720.84
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29
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Expenses (apart from
Insurance)
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25.08
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8.76
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186
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33.01
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16.93
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95
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37.23
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156.98
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-76
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Contribution to
policyholders account
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0.00
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0.00
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-
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0.00
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0.00
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-
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1707.49
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982.15
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74
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Others
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2.04
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-1.95
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PL
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5.44
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-1.03
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PL
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-0.76
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20.96
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LP
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Total Expenses
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27.12
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6.81
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298
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38.45
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15.90
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142
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1743.96
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1160.09
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50
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PBT
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386.98
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386.64
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0
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776.72
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654.05
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19
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1758.44
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1560.75
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13
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Tax
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6.79
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9.90
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-31
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15.49
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14.47
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7
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37.87
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54.76
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-31
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PAT
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380.19
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376.74
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1
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761.23
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639.58
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19
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1720.57
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1505.99
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14
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EPS (Rs)*
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15.2
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15.1
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15.2
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12.8
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17.2
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15.0
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Embedded Value (Rs)
per share
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512.0
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423.8
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512.0
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423.8
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464.0
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396.2
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* on current equity of
Rs 1001.09 crore of face value of Rs 10 each, PL: Profit to Loss, LP: Loss to
Profit
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Figures in crore,
Source: Capitaline Corporate Database
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(
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(
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09:28
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(
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