We maintain BUY with a TP of Rs 810 (FY20 EV+ 25x FY20E VNB). While SBI Lifes Total APE for FY18 grew 26.9% YoY, 4QFY18 Total APE growth was muted at 6.3% YoY largely due to the high base in 4QFY17. VNB Margins for the year expanded 80bps to 16.2% for FY18. Margin increase was despite a negative experience in mortality, and was driven by better product mix, positive experience in persistency, and lower acquisition costs.