HDFC Life's overall APE grew by 15.5% YoY on slower individual APE growth of 11.0% but individual product mix break-up mix showcases continued growth in protection and non-par savings mainly the annuity product which are both margin accretive and hence VNB continued to showcase strong growth of +20%. Overall VNB margins were marginally weak (150bps on Q3FY19 implied) as bank invests in new business partnerships and hence pick-up in margins are lagged and should start adding ahead, while partnerships have been towards co-operative banks incrementally, previous...