SBI Life ended the FY21 with 6.6% of APE growth which grew 48% YoY/13% QoQ on back of 24% growth in New business premium in FY21 & 62% YoY/14% QoQ in Q4FY21. Strong top line and mix also enhanced margins to be better than expectations at 20.4% in FY21 (PLe: 19.9%) and implying 22.2% exit margin in Q4FY21 (PLe:21.2%). This led to a strong 20% YoY growth in absolute VNB. Strong growth was seen in non-par savings, individual protection, group business and recovery in ULIPs happening quarter to quarter. Going ahead, with non-par (both saving & protection) still at 23-24%...