24 July 2018 IPRU reported a muted 1QFY19 performance, with shareholder net profits declining 31% YoY (25% miss) even as policyholder surplus stood growth in net premium income due to a 13% decline in new business premium. (b) Total commission expenses grew 29.3% YoY due to a change in product mix, while opex increased 44.5% due to higher advertisement/employee cost. (c) New business margin improved to 17.5% from 16.5% in FY18. (d) Share of protection business in total APE increased to 8.2%. (e) 49 month persistency improved by 450bp to 63.7%. IPRU reported an 18% YoY decline in total APE. Savings APE declined 21% YoY to INR12.8b, while protection APE grew strongly by 48% YoY to INR1.1b.