Focus on favorable product mix and agency channel: Growth outlook remains constructive with management guiding for ~1314% APE growth over FY27E, supported by consistent execution and more balanced product mix. The company continues to diversify beyond ULIPs, with improving traction in non-par, par and protection, which should support better growth quality as well as profitability. While banca remains the anchor channel with ~60% of APE, regulatory commentary around open architecture has created some overhang on the long-term reliability of...