IPRU reported a mixed performance in Q4/FY24, where the slight miss in VNBmargins was offset by a minor beat in APE, which led to VNB in line with ourestimates. The negative surprise came in at Rs2.9bn (~0.8% of FY23EV) due tonegative mortality variance in EV on account of IBNR/IBNER adjustmentsrelated to the credit life portfolio.