In Q1FY20, gross premium income rose 14.7% YoY, with the amount of premium renewed at retail level up 9.7% YoY. Value of New business (VNB), a measure of profitability of new business underwritten in a period, increased 26.6% YoY to Rs. 309cr in Q1FY20. VNB margin, which is the ratio of VNB to the amount of new business underwritten in the period expanded to 21.0% from 17.5% in Q1FY19. Profit after tax rose marginally by 1.2% YoY to Rs. 285cr in Q1FY20. We maintain our BUY recommendation with a revised target price of Rs....