We maintain BUY with a TP of Rs 665 (FY20 EV+ 26x FY20E VNB). Max Lifes 3QFY18 results were largely in line. New Business Premium grew by 15.5% while Individual APE growth was 16.8% YoY. Product mix tilted towards ULIP due to strong performance of the equity market. The company hasnt disclosed quarterly margin as it discloses it on half yearly basis.