LIC is treading well towards increasing VNB by pushing product mix towards non-participating segment (8.9% in FY23 individual APE mix vs 7.1% in FY22) and sharp focus on improving persistency (improvement in all cohorts except 25M in FY23). Volume growth outperformed the industry in 9MFY23 (27% YoY growth for LIC vs 20% growth for private insurers in terms of total weighted APE) but Q4FY23 witnessed a decline of 16% YoY vs private insurers witnessing a growth of 18% YoY.