Given the strong distribution footprint of its parent SBI (24k+ branches), improving protection share (1HFY20: 8.8%, +340bps YoY), lowest operating cost ratios (10.4%), improving margins (VNBM: 20.2%) and tailwinds from financialisation of savings we expect SBILIFE to deliver strong FY19-22E VNB CAGR of 20.1% p.a. and RoEVs of ~17.3%. Lower than expected growth and protection share remain a key risk to our call. SBILIFEs 2QFY20 performance continues to be strong with NBP/APE growth of 33.8/48.3%. 1HFY20 VNBM came in at 20.2% (+40bps vs. FY19) and VNB at Rs 5.7bn (+24.6% YoY). SBILIFE is our top BUY with a TP of Rs 940 (Sep-20 EV + 21.1x Sep-21E VNB).