SBI Life Insurance Company (SBIL) reported gross written premium (GWP) of Rs113.7bn (+22.5% yoy, +24.1% qoq), almost in line with our estimate, supported by annualized premium equivalent (APE) growth of 16.8% yoy to Rs30.4bn. Value of new business (VNB) margin was 17.7% (at gross-tax), 10bps below Emkay est. (+150bps yoy and +20bps ytd). Product mix boosted margins 300bps yoy, while...