HDFCLIFE reported strong ~29% YoY growth in net premium income, led by a 47% YoY increase in new business premium. Shareholder earnings increased 12% YoY to INR4.3b, which is 4% below our estimate due to higher new business strain, though back-book surplus increased 27% YoY. increased 64% YoY, led by term/annuity APE growth of 63%/69% YoY. The share of the non-par savings business in individual APE increased sharply to 63% from 11% last year due to the success of the Sanchay Plus product. Renewal premium growth moderated to 10% YoY (v/s 17% YoY in FY19), though the persistency ratio improved across both the 13M/61M cohorts. HDFCLIFE made additional disclosure highlighting that, in the non- par business, while the VNB margin is not sensitive to the interest rate, the impact on EV in case of a 100bp decline in interest rate will be only 0.5%.