ICICI Prudential Life (IPRU) posted ~16% YoY growth in New Business APE, led by healthy trends in the Protection (19% YoY) and ULIP businesses. Protection growth was supported by higher growth in the Credit Life business, led by improved credit demand and an increase in product pricing. Shareholder PAT stood at INR3.1b (~2% YoY growth). VNB grew ~20% YoY to INR5.15b (~13% beat). This was led by better-thanestimated APE growth and healthy margins at 26.7%. 13th month persistency stood flat at 84.8%, while 61st month persistency improved 290bp (v/s FY21 levels); the company guided for an overall...