We have a BUY rating on RNAM with a TP of Rs 200 (+30.1%). Our TP implies a FY20/21E P/E of 23.6/20.2x. Private life insurers individual NBPs grew 17% YoY to Rs 46bn in Jan-19 (FY19TD growth 15%). Mutual fund equity (ex. arbitrage and ETF) net inflows on the other hand declined to a 31-month low of Rs 52bn in Jan-19 i.e. 51% below FY19TD monthly average of Rs 106bn.