LIC is treading well towards increasing VNB by pushing product mix towards non- participating segment (9.45% in 9MFY23 Individual APE mix). However, volume growth has outperformed the industry in 10MFY23TD (25% YoY growth for LIC vs 19% growth for private insurers in terms of total weighted APE), especially in group segment (52% YoY growth in 10MFY23 vs 26% growth of private insurers in terms of group weighted APE).