In Q4FY20, Gross Direct Premium Income (GDPI) dropped 8.7% YoY, negatively impacted by de-growth of 4.1% YoY in Motor GDPI. Net premium increased 6.7% YoY, owing to Fire segment (+89.0% YoY). ROE increased 130bps YoY, supported by PAT (+23.8% YoY). The company's strong distribution network should help the company to withstand the challenging times. Hence, we maintain our HOLD rating with a revised target price of Rs. 1,321 based on 7.0x FY22E BVPS. GDPI declines on weak Motor segment...