HDFC Life/SBI Life/IPRU Life have reported strong performance in 9MFY23 with VNB growth of 22%/40%/23% YoY. Outlook remains optimistic on the back of growth prospects of retail protection, credit protect, non-par products (all have fared good) and sustained increase in persistency. Possible tailwinds from composite license is an optionality that can enhance positive sentiment.