HDFCLIFE delivered a stable performance in 3QFY19, with shareholder weighted premium grew 27% YoY (11% YoY in APE terms), led by ~64% growth in single premium. In 9MFY19, the share of protection business increased to 16.6% in total APE, while it stood at 28.1% in un-weighted new business premium. New business margins stood at 24% (24.3% for 1HFY19), driving 25% YoY growth in VNB. Renewal premium growth stood at 18% YoY (22% YoY in 2QFY19), as 13 month individual persistency declined marginally to 82% (from 83% in 1HFY19). The share of ULIPs in individual APE stood stable at 59%, while the composition of non-par savings business increased sharply to 14% (11% in 1HFY19), aided by sharp growth in annuity business (4x growth in 9MFY19). This reflects higher growth in the single premium business, the share of which has increased from 28% in 9MFY18 to ~36% in 9MFY19.