APE declined 3% y-o-y in Q4FY25, while VNB grew by 2% y-o-y. For FY25, APE grew 15% y-o-y, Individual APE grew by 13% and value of new business (VNB) grew by 6% y-o-y. VNB margins improved to 22.7% (up 120 bps y-o-y/ up 150 bps q-o-q) versus estimates of 21.9% in Q4 driven by product mix changed towards non-par segment and retail protection.