HDFCLIFE delivered a steady quarter, with total un-weighted premium growing 30% YoY (+13% YoY in APE terms). PAT grew 20% YoY to INR2.8b (4% miss). The share of protection business increased to 16.2% in total APE, while it stood at 28.7% in un-weighted new business premium. New business margins stood at 24.3% (22.4% for 1HFY18), leading to 28% YoY growth in VNB. Renewal premium growth recovered further to 22% YoY (16% YoY in 1QFY19, 13% YoY in FY18). The share of ULIPs in individual new business APE rose to 59% from 57% in FY18, while the composition of non-par savings and protection business also increased. HDFCLIFE continues to see significant potential in the protection business and aims to improve the product mix, which should further support profitability. Opex stood at 14.1% of total premiums (14.2% in 1HFY18; 14.