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Results
22-Jul-23
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Analysis
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HDFC Life Insurance Company
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Healthy growth, VNB improves
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HDFC Life Insurance Company, on consolidated
basis, has posted 15% increase in net profit to Rs 416.72 crore in the quarter
ended June 2023 (Q1FY2024), while the net profit has also increased 15% on
sequential basis.
The company has maintained market leadership
position as a top three life insurer across individual and group businesses. The
company has closed the quarter with a robust growth of 12% in individual WRP,
which was 1.5x of private industry, despite coming off a strong March. Over the
last 4 years, despite facing open architecture and intense competition from
unlisted insurers, our market share has steadily increased from 12.5% in FY19
to 16.5% in FY23 in the private sector and 7.2% to 10.8% at an overall industry
level.
The company has continued to maintain a
steady growth trajectory, growing by 13% in terms of total APE to Rs 2328 crore
in Q1FY2024. New business premium jumped 46% to Rs 10372 crore, while the
renewal premium galloped 26% to Rs 9254 crpre. The total premium income has
increased 36% to Rs 19626 crore in Q1FY2024. The value of new business surged
69% to Rs 1511 crore in Q1FY2024. The growth has been boosted by strong buying
of big ticket policies ahead of change of taxation from 1 April 2023.
New business margin for Q1FY2024 improved to 26.2% from 25.1% for Q1FY2023,
while eased from 27.6% in FY2023. The value of new business has surged 18% to Rs
610 crore for Q1FY2024.
The embedded value is Rs 41843 crore, with an operating return on
embedded value of 16.0% for Q1FY2024 up from 15.7% in Q1FY2023.
AUM of the company increased 19% to Rs 253301 crore end June 2023 from Rs
213405 crore end June 2022 crore and also moved up from Rs 238782 crore end March
2023.
The consolidated Networth stood at Rs 13390 crore end June 2023, while
the solvency ratio of the company was at 200% end June 2023.
Embedded Value per share stood at Rs 194.6 per
share at end June 2023.
Financial Performance FY2023:
HDFC Life Insurance Company has posted 3% decline
in the net profit to Rs 1368.28 crore on consolidated basis in FY2023. Total
Premium increased 25% to Rs 57533 crore in FY2023, aided by new business premium
of Rs 29085 crore and renewal premium of Rs 28448 crore. Value of New Business surged
37% to Rs 3674 crore and new business margin improved to 27.6% in 9MFY2023.
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HDFC Life Insurance Company: Results Consolidated Policyholders
Account
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2306 (3)
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2206 (3)
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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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11507.88
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9870.06
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17
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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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11630.70
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-3301.12
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LP
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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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86.41
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59.59
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45
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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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17.87
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8.25
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117
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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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23242.86
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6636.78
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250
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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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662.85
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400.65
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65
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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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1630.65
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1560.41
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5
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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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54.54
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110.78
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-51
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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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8094.99
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7296.83
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11
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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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12565.22
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-2956.50
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PL
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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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21.78
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14.84
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47
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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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23030.03
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6427.01
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258
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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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212.83
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209.77
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1
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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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232.69
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250.59
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-7
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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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2306 (3)
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2206 (3)
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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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232.69
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250.59
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-7
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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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232.84
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121.17
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92
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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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9.54
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6.06
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57
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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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475.07
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377.82
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26
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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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45.65
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29.26
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56
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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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17.87
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8.25
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117
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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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-6.54
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-22.71
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-71
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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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56.98
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14.80
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285
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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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418.09
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363.02
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15
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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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1.37
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1.62
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-15
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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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416.72
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361.40
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15
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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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7.8
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6.7
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6.4
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6.2
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EV (Rs)
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194.6
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167.4
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183.9
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156.0
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* on current equity of Rs 2149.68 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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Previous News |
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(
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