Given the strong distribution footprint of its parent SBI (24k+ branches), improving protection share (8.1%), lowest operating cost ratios (9.5%), improving margins (VNBM: 19.8%) and tailwinds from financialisation of savings we expect SBILIFE to deliver strong FY19-21E VNB CAGR of 15.5% p.a. and RoEVs of ~17.5-18%. Lower than expected growth and protection share remain a key risk to our call. FY19 NBP growth of 25.7%, was driven by higher share of protection (NBP: 11.9%, +643bps YoY), which in turn led to adj. VNBM expansion of 140bps to 19.8%. Consequently absolute adj. VNB grew a stellar 22.1% YoY to Rs 19.2bn. SBILIFE is our top BUY with a TP of Rs 785 (FY20 EV + 19.8x FY21E VNB).