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 19.3%. Lower than expected growth and lower protection share remain key risks. We rate IPRU a NEUTRAL with a TP of Rs 495 (Dec-20E EV + 19.5x Mar-22E VNB). IPRU printed a higher than est. 3QFY20 total APE of Rs 20.4bn (3.9/7.3% YoY/QoQ,+5.5% vs. est.). 9MFY19 reported VNBM was steady at 21.0%, leading to a +24.7% YoY VNB of Rs 11.4bn.