IPRULIFE's Annual Report reaffirms our view that the company will continue to focus on change in product mix, with a higher emphasis on Non-Linked and Protection segment, with new channel partners further aiding business growth. The share of banca channel (excluding ICICIBC) has increased to 11% v/s 5% in FY18. Strengthened distribution will enable further business diversification and drive increasing mix of Non-Linked segment, which will aid margin. The management reiterated its guidance to double FY19 VNB by FY23, aided by: a) opportunity in the long-term Savings business; b) leveraging opportunity in the...