MAXLIFE reported a mixed quarter as APE growth remains modest, impacted by sluggish growth in Protection/Non-PAR segment, while PAR/ULIP witnessed healthy growth. As a result, Protection mix moderated over 1HFY22. On the distribution front, the Bancassurance/proprietary channel supported the growth momentum. VNB margin expanded sharply to 29.1% in 2QFY22 (v/s 19.7% in 1QFY21), Financials & Valuations (INR b)...