HDFCLIFE reported 10% YoY growth in net premium income, primarily led by 20% growth in the first-year premium. Renewal premiums grew 10% YoY/37% QoQ, aided by improvement in persistency ratios. growth moderated to 18% YoY led by term APE growth of 30% YoY. The share of non-PAR savings business in Individual APE declined to 51% v/s 58% in 1QFY20. The share of ULIPs remained constant at 26% while share of the PAR business increased to 13% v/s 6% in 1QFY20. During 2QFY20, share of the Protection business stood at 16% in total APE (7% on individual APE basis) while the Annuity business contributed 4% to total APE (1% in FY17). On un-weighted basis, Annuity and Term together accounted for 42% of total NBP v/s 26% in FY17. moderated to 25.4% in 2QFY20 (27.5% in 1HFY20) due to lower mix of the Non-PAR Savings business. Thus, the VNB grew at a modest 24% YoY to INR4.