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In a statement to the Australian Stock Exchange

Company’s Indi APE product mix shift to non par savings continues driven by growth from Annuities/Guaranteed products but same dragged on margins QoQ to 27.5% in H1FY20 from 29.8% in Q1FY20 on lag in pricing and new business strain along with movement in channel mix. Most metrics have continued to show improvement especially persistency. Although, recent run up in valuations of 4.0x Sep FY22 EV has left little room for large upside, while risk on margin coming off if growth slows in H2FY20..

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