Premium accretion witnessed moderation amid the Covid-19 lockdown at the end of the quarter. Despite moderation in premium, focus on investments (net MTM loss of ~| 75 crore for shareholders) and higher shareholders surplus enabled better profitability. Opex growth witnessed a dip at 7.9% YoY to | 1180 crore with opex ratio steady at 9.9%. Moderation in new business premium & investment loss led to a decline in topline, offset by a decline in actuarial liability resulting in healthy policyholder surplus at | 659 crore. Such high surplus led to betterthan-expected earnings at | 531 crore; up 16% YoY. Volatility in market led...