ICICI Prudential Life Insurance Company (IPRU) reported gross written premium (GWP) of Rs76.8bn (+16.4% yoy, +39.2% qoq), a slight miss vs. our estimate of Rs78.1bn, with lower-than-expected new business premium (NBP) of Rs25.8bn (+13.1% yoy, +45.7% qoq) leading to a loss of market share to peers. Value of new business (VNB) margin remained stable at 17.5% on a sequential basis (lower than our est. of 17.8%) despite strong growth in protection segment (+108.2% yoy in 2QFY19) on an increasing share of ULIPs and lower share of participating products. Persistency showed strong resilience even in this environment with meaningful...