HDFC Life's overall APE de-grew by 30% YoY as FYP and Single Premiums de-grew 23%YoY/38%YoY respectively. Product mix on Ind. APE basis continued its bias in Par segment from NPar (slowed SP product on higher base) which also has drag on margins being maintained at 24.3% (flat QoQ) as individual protection business still was better. Structurally growth pull back will be stronger with better positioning on protection, digital and tech led adoption. Although, in medium term slower attachment rates in credit life, on-par peer positioning in term insurance rates and lower room for risks on...