This resulted in VNB growing 16% YoY to INR4b, mainly led by Retail and Group Protection business. commission) grew 9% YoY (higher than the premium growth) as operating expenses increased 14% YoY, mainly driven by investment in the protection business. Management also highlighted that there has been decline in the higher ticket size ULIPs in Protection mix improved to 14.9% of the total APE driving 360bp YoY improvement in VNB margins stood at 21% (+360bp YoY) in 2QFY20. APE in the Non-PAR savings (Annuity) segment grew 115% YoY to INR280m Value of new business grew 16% YoY to INR4b in 2QFY20 while for 1HFY20 VNB IPRU Lifes management has taken initiatives to develop a wherein the entire process right from pre-sales, on-boarding to claims & servicing has been smoothened by the company using digital capabilities. We expect Indian insurers to trade at a premium Private sector life insurance companies have 51% market share in total new business APE, and IPRU is amongst the leading players.