SBI Life Insurance (SBILIFE) reported a robust quarter, with strong APE growth led by recovery in ULIP and continued strong traction in NonPAR/Annuity and Individual Protection. Also, it reported strong VNB growth of 93% YoY on an effective tax rate (ETR) basis with margins improving sharply to 27.7%. FY21 VNB margins improved to 23.2%. Persistency improved across cohorts, with 13th/61st month persistency improving 180bp/170bp YoY to 87.9%/61.6%. The company continues to maintain cost leadership, with the total expense ratio declining to 8.3% in FY21 (v/s 9.9% in FY20). The Embedded Value (EV) based on actual tax rate...