HDFC Life's APE grew by 18% YoY although individual APE continued to grow better at 20% YoY in Q3. This has led to APE growth to move to positive 3% YoY in 9MFY21 from -4% YoY in H1FY21. Continued growth across product segments on individual basis was seen with strong focus remaining on protection, PAR picking up strongly and recovery in ULIP. This balanced growth also led to gradual uptick in margins of 50bps from H1 to 9MFY21. With new term product with tweaked pricing (we hear double digit price increase) margin pressure should be off and gradually expand faster in next...