The company reported ~73% CAGR in protection business APE over FY16-19 and aims to maintain this healthy growth rate. VNB margin is also likely to maintain a positive bias as the business mix continues to improve and the revival in the core savings business initiatives have facilitated an improvement in employee productivity and helped IRPU to reduce the cost ratios. Total opex ratio declined from 11.3% in FY15 to 9.3% in FY19 even as IPRU continued improvement in the persistency levels across cohorts despite volatility in the markets. The improvement in the persistency rate (13 month persistency in PAR products at ~90% better than ULIP products) and controlled cost ratios (which have ensured healthy returns to customers) have enabled IPRU to focus on the PAR business. IPRU has taken a strategic call to move toward balanced product categories and improve granularity in ULIP, which is likely to help reduce volatility in the business.