Maintain BUY with a TP of Rs 735 (Avg FY20-21E EV + 20.8x avg FY20-21E VNB). Driven by protection business (NBP Rs 3.7bn, +164.2% YoY), SBI Lifes 2QFY19 total NBP grew 39.8% YoY to Rs 34.8bn. APE growth was lower at 14.2% YoY to Rs 23.9bn given change in structure of credit protect product from (regular to single premium). Protection business growth was stellar in both individual and group segments- 256/127% YoY respectively and its share on APE basis improved to 5.9% vs. 4.5% in 1QFY19. Consequently, co reported VNB margin expansion of 20bps for 1HFY19 to 19.2%