In Q2FY20, gross premium income rose 6.6% YoY, driven by the increase in group level premium by 80.4% YoY. Value of New business (VNB), a measure of profitability of new business underwritten in a period, increased 20.2% YoY to Rs. 709cr in H1FY20. VNB margin, which is the ratio of VNB to the amount of new business underwritten in the period expanded to 21.0% from 17.5% in H1FY19. Profit after tax rose marginally by 0.5% YoY to Rs. 302cr in Q2FY20. We revise our target price to Rs. 572 based on 2.6x FY21E embedded...