APE growth declined 44% YoY led by 66% YoY drop in ULIPs while other segments maintained steady trends. Persistency declined further with 13 140bp/170bp QoQ. However, it is recovering and is above the assumptions incorporated in EV calculations. 1QFY21 VNB declined 35% YoY; however, management has reiterated its intention to double FY19 VNB guidance over the next 3-4 years. We expect continued buoyancy in the Protection business along with gradual recovery in ULIPs to drive business /VNB growth over the near term while persistency should move in a narrow range. 1QFY21 PAT was flat YoY at INR2.9b, supported by strong opex control even as business growth was weak. Renewal premium grew a modest 2.4% YoY as persistency declined slightly. month persistency dropped by 140bp/170bp QoQ; however, it is recovering and is above the assumptions incorporated in the EV calculations. In 1QFY21, total APE declined ~44% YoY led by ULIPs, which plunged 66% YoY.