Income from investment was healthy YoY but dipped QoQ to | 2623 crore in Q2FY20. Led by robust premium accretion, opex ratio has dipped to 6.5% in H1FY20 vs. 7.8% in H1FY19. Healthy accretion in premium led to higher policyholder surplus at | 349 crore but higher allocation to policyholders at | 293 crore and provision of | 67 crore relates to exposure to DHFL kept earnings lower than our estimate at | 130 crore. Persistency witnessed...