The Gross Written Premium (GWP) for Q3FY25 stood at INR 126,601 Mn, a growth of 23.1 (+13.3% QoQ), primarily led by a 56.2% YoY surge in New Business Premium (NBP). The Value of New Business Margin contracted by 166 bps YoY (-220 bps QoQ) in Q3FY25 to 21.2% (vs. our est. of 23.5%).