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Yes Securities Report
VNB margin-
Max life's margin expanded on sequential basis due to seasonality as well traction for certain margin-enhancing products:
Calculated VNB margin for Q4 FY24 rose 134 basis points QoQ but fell -175bps YoY to 28.6%. One of the reasons for margin expanding sequentially is seasonality as the margin for Max Life is computed on actual cost due to which scale impact is highest in Q4.
Furthermore, Max Life has driven protection, health, annuity and riders, which have optimized margin despite a higher share of ULIP. In terms of margin guidance, management stated that VNB growth will be at the same level as sales growth or slightly lower, implying broadly stable margin.
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