Given the strong distribution footprint of its parent SBI (24k+ branches), improving protection share (1QFY20: 11.2%), lowest operating cost ratios (11.2%), improving margins (VNBM: 19.9%) and tailwinds from financialisation of savings we expect SBILIFE to deliver strong FY19-22E VNB CAGR of 19.8% p.a. and RoEVs of ~17.5. Lower than expected growth and protection share remain a key risk to our call. After a strong FY19, SBILIFE continues to deliver strong performance with NBP growth of 52.7% and VNBM of 19.9% (+10bps over FY19). SBILIFE is our top BUY with a TP of Rs 914 (Jun-20 EV + 22.1x FY21E VNB).