SBI Life Insurance (SBILIFE) reported 9% YoY growth in new business APE to INR39.7b (in line). VNB margin for the quarter stood at 27.4% vs our estimate of 28.5% (26.8% in 1QFY25). Absolute VNB grew 12% YoY to INR10.9b (in-line), driven by the product mix shift toward non-linked products.