ICICI Prudential Life (IPRU) posted 14% YoY growth in new business premium, led by a sharp rise in the single premium business. However, on APE, new business declined 18% YoY, largely due to ULIP plunging 39% YoY (strong trends reported on a sequential basis). Persistency rate improved in 13th/61st month by 60bp/50bp QoQ to 82.7%/58.0%. However, on a YoY basis, it declined across cohorts (barring 61st month). Overall, persistency in the Protection segment has improved sharply. VNB margins moderated to 25.7% (26% in 9MFY21), led by moderation in...