Margins remain steady at 26% in FY21 and largely in-line with expectations HDFC Life's GWP grew by 18% YoY in FY21 and 22% YoY in Q4FY21 leading to a better APE growth of 13% in FY21 v/s 30% decline post lockdown and was led by continued growth in non-Par savings segment, Margins were steady at 26% in FY21 & 27% in Q4FY21 and largely in-line with expectation. Margin expansion has been not large as protection business has been slower in H2FY21 and higher mortality charges (COVID reserve) and fixed cost in the credit product business. Company has been able to steady its product mix to...