VNB margins steady at 25% despite higher COVID claim provisions Max Life's overall APE grew by 36% YoY in Q4FY21 ending FY21 with 19.5% YoY growth best among peers and given the pandemic impact which was led by led by 18% FYP premium. Also protection growth of 10-12% YoY was better than peers, while product launches at start of FY21 augured well with non-par savings mix improving by 12% with doubling of APE in FY21. Max has done well at start of FY22 despite challenges from second wave. It should continue to gain market share with continued focus on non-par savings/protection and...