MAXLIFE reported a stable quarter due to strong APE growth, led by robust trend in PAR/ULIP segment, while Protection registered a healthy growth. Non-PAR, however, witnessed a decline. As a result, Protection mix moderated in 3QFY22. On the distribution front, both bancassurance and proprietary channel supported the growth momentum. VNB margin moderated to 24.9% in 3QFY22 (from 29.1% in 2QFY22), impacted by a shift in mix towards the ULIP with management guiding for margin to remain in the ~25-26% level. We expect VNB margin to sustain at...