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Result Highlights

Embedded Value metrics

 *Annual Premium Equivalent: APE at Rs.11,910 mn was up by 18% QoQ but down -7% YoY.

* Value of New Business: VNB stood at Rs. 3,730mn, up by 75% QoQ but flat YoY

* VNB margin (APE basis): VNB margin came in at 31.3%, up by 1021bps QoQ and 217bps YoY.

Product traction and mix

  * Par product APE grew/de-grew 18%/-23% QoQ/YoY, with share in new business APE remaining flat QoQ but down -336bps YoY to 17%.

* Non-Par savings product APE grew 66%/5% QoQ/YoY, with share in new business APE up by 1108bps QoQ and 436bps YoY to 38%.

* ULIP APE grew 1%/flat QoQ/YoY with share in new business APE down by - 554bps QoQ but up by 219 bps YoY to 32%. 

Accounting metrics

* New Business Premium:NBP at Rs.18,940 mn was up by 28% QoQ and 1% YoY.

* PAT: PAT came in at Rs.616mn, down by -10% QoQ but up by 29% YoY

Other key metrics

 * Expense ratio: Expense ratio for the quarter was 19.9%, down by -401bps QoQ and -154bps YoY.

* Persistency: 13th month persistency at 84% was flat both on QoQ and YoY. 37th month persistency at 61% was flat QoQ but up 100bps YoY. 61st month persistency at 50% was flat both on QoQ and YoY.

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