Please find enclosed earnings call transcript.

AI summary - Q1-FY2027 VNB grew 24.9% y-y to ₹5.71bn; VNB margin expanded 200bps to 26.7% - PAT increased 27.8% y-y to ₹3.86bn; AUM at ₹3.34tn; solvency ratio strong at 225.4% - Retail protection APE grew 60.4% y-y; protection share in APE rose to 27.9% - Savings APE grew 5.8% y-y; cost-to-premium ratio for savings reduced 50bps to 13.6% - Distribution: agency APE +2%, direct +8.3%, bancassurance +5.6%, partnership +29.5% - Focus on absolute VNB growth over margin fixation; no formal margin guidance - Protection growth expected to moderate in H2FY27; MFI segment recovery to support - Persistency stable at 84% (13th month); claim settlement ratio 99.3% with 1-day turnaround