Gross Written Premium (GWP) grew by 6.5% YoY/ 16.3% QoQ to INR 1,93,319 Mn in Q3FY23, mainly driven 6.5% YoY/ 16.3% QoQ growth in renewal premium. Value of New Business (VNB) grew by 31.3% YoY/ 21.8% QoQ to INR 15.1 Bn in Q3FY23 with margins at 27.8%. The VNB margins expanded by 264 bps YoY on account of better product mix but declined by 374 bps QoQ.