We like Max Life given improving product mix (in favor of protection) and attractive valuations (~30% discount to SBIL/IPRUL). Having said that, the final outcome of partnership with Axis Bank i.e. renewal or Axis purchasing stake in MAXL remains a key monitorable. Driven by an increasing share of protection (10.2% share, +230 bps YoY) and lower effective tax rate, VNB margins expanded +150bps YoY to 21.7% (vs. 20.6 est). Consequently, absolute VNB grew a whopping 30.5% YoY to Rs 8.6bn. An upward revision in our margin estimates has boosted our TP to 661 (FY20 EV + 15.6x FY21E VNB).