IPRU Life reported 4QFY19 PAT of INR2.6b (in-line). Gross premium growth picked up to 16.4% YoY in the quarter (+14.3% for FY19), mainly led by ~11%/118% growth in first-year/single premium. income grew 14% (+15% YoY in renewal premium), while PAT declined 30% YoY to INR11.4b. 24 April 2019 was flat YoY at INR78b for FY19 (+11% in 4QFY19). Savings APE declined 3.6% YoY to INR70.8b, while protection APE grew by a robust ~62% YoY to INR7.2b, mainly led by group protection. Share of protection in total new business APE improved further to 9.3% (5.7% for 12MFY18, 7.