We maintain BUY with a TP of Rs 840 (FY20 EV+ 26x FY20E VNB). SBI Lifes 3QFY18 was a strong quarter on both on growth and margins. Higher Interest rate, product mix drove its 9MFY18 margin to 16% (FY17 15.4%). APE growth was strong at 42.2% despite higher base of 3QFY17.