We maintain BUY with a TP of Rs 665 (FY20 EV+ 26x FY20E VNB). New Business Premium and Individual APE grew at a better than expected 23.8% YoY and 27.6% YoY respectively. For FY18, VNB margin improved 140bps to 20.2% as a result of higher share of protection business, higher interest rates and better product features in the Non-par segment. During FY18, Max has delivered an impressive 20.6% RoEV (+70bps).