HDFC Life has increased focus on the Protection and Non-PAR segments; the Non-PAR Savings business grew at ~220% YoY and the Protection business at 15% YoY. The Annuity business is gaining momentum; thus, its share has improved to ~16% of NBP (4% of the total individual APE). The share of Protection has improved to ~17.2% of the total APE. Furthermore, growth in new business premiums, led by the Group Savings business, increased at 25% YoY. HDFC Life reported improvement in persistency, led by a focus on better quality business, the leveraging of technological capabilities, and need-based selling, resulting in surrenders declining to ~35% in FY20 from ~76% in FY15. Surrenders and withdrawals together as a percentage of total benefit payouts declined to ~48% in FY20, from ~64% in FY18, weighed by management focus on need-based selling.