We like IPRU's re-engineered business model which is focused on a more diversified product mix along with an increased protection share. We expect VNB to grow at FY19-22E CAGR of 17.5%. Lower than expected growth and lower protection share remain key risks. We rate IPRU a NEUTRAL with an unchanged TP of Rs 445 (Sep-20E EV + 19.2x Sep-21E VNB). While IPRUs 2QFY20 APE declined 4.3% YoY to Rs 19.0bn, protection share grew to 14.9% (+560bps vs. FY19). VNB and VNBM increased to Rs 4.0bn (+15.6/29.0% YoY/QoQ) and 21.0% (vs. 17.0% in FY19) respectively.