We like IPRU's re-engineered business model which focused on a more diversified product mix and an increasing protection mix. Sharp increase in VNB margin (to 21%) drive up our FY20/21E VNB estimates by 18.8%/16.1% to Rs 18.0/20.2bn. Lower than expected growth and lower protection share remain key risks. While IPRU reported an APE growth of a mere 5.3% YoY, protection share grew to 14.6% (+530bps vs. FY19). This boosted VNBM to an unexpected 21.0% (+400bps vs. FY19) and absolute VNB to Rs 3.1 (+29.9% YoY). We upgrade IPRU to a BUY with a TP of Rs 445 (Jun-20 EV + 19.0x FY21E VNB).