Strong product mix and APE (Annualized Premium Equivalent) growth in individual protection segment along with improvement in premiums through digital payments should help performance. Hence, we upgrade our rating to BUY with a revised target price of Rs. 660 based on 4.5x FY22E Embedded Value per share. Growth momentum continues for premium Q2FY21 gross premium rose 34.8% YoY to Rs. 10,182cr on account of strong growth under renewal premium (+20.8% YoY to Rs. 4,310cr), single premium (+65.5% YoY to...