Maintain BUY with a marginally increased TP of Rs 750 (FY20 EV + 16.7x FY21 VNB). Driven by protection business (NBP Rs 4.8bn, +220.0% YoY), SBI Lifes 3QFY19 total NBP grew 34.6% YoY to Rs 39.2bn. Total APE at Rs 28.9bn grew 17.2% YoY, an improvement from 14.2% seen in 2QFY19. Protection business share on APE basis improved to 7.3% (198bps YoY) as the companys focus on individual protection (through its parent SBI) resulted in a 10x YoY/+37.5% QoQ growth in individual protection business to Rs 1.1bn.