Protection business though has grown at ~62% YoY and its share in the total APE improved to 9.3%. Though FY20 has started on a softer note, we believe that introduction of new customer friendly ULIP product (Exhibit 33) and stable market performance should drive ULIP sales over FY19-21E while the growth in protection business remains robust. Protection new business premium mix has improved from 4.6% to 20.6% over FY16-19. Retail Protection and Credit Life forms ~61%/~22% of the total Protection APE, enabling IPRU Life to report robust margins in the Protection business with VNB from protection business constituting ~59% of total VNB. In FY19, IPRU displayed improved persistency across cohorts (barring 25 despite markets being volatile. With improving customer awareness and product proposition, we expect persistency ratios to improve further, thereby aiding margin expansion and EV growth. Over FY15-19, IPRU Life reported 20% CAGR in EVOP led by robust VNB growth.