LIC has been able to deliver on strong VNB growth since listing, driven by all the right initiatives such as increase in non-par mix, increase in non-agency channel mix and strengthening digital initiatives. While these, along with the attractive valuation, have been the thesis for quite some time, the recent GST cut leading to higher volume growth possibility is a fresh trigger well illustrated by Oct’25 volumes data. Maintain BUY. Longer-term risk includes any adverse regulations such as open architecture in agency and increasing sensitivity to interest rates with increase in non-par book (LIC is working on scaling up the hedging of non-par portfolio).