SBILIFE reported a 28% YoY increase in GWP to Rs. 130.9bn in Q2FY21 driven by strong renewal premium and single premium, which grew 28% and 71% respectively to Rs 71.5bn and Rs 36.2bn. APE declined 3.5% YoY to Rs. 27.1bn but more than doubled sequentially. The savings APE declined 9.2% to Rs. 23.7bn while the protection APE grew 70% to Rs. 3.4bn. We expect SBILIFE's APE growth to be on par with the industry's. Individual savings APE declined 15% YoY to Rs. 21.1bn and comprise of 78% of the overall mix (Q2FY20: 88% Q1FY21: 75%). Although ULIP APE...