HDFC Life (HDFCLIFE) reported improvement in new business APE (led by the Non-PAR and PAR businesses), while the trend in Retail Protection remained muted. VNB margins improved to 27%, aided by a rise in Non-PAR as well as cost control. Thus, absolute VNB grew 52% YoY in 4QFY21. On the persistency front, better trends were witnessed in the PAR/Protection...