New Delhi (Anish Yande): Shares of ICICI Prudential Life rose by 10 percent on Tuesday's trading session. The shares rose to Rs 501 per share on the BSE, following the opening bell. ICICI Prudential Life shares reached an intraday high of Rs 514.90 per share.
Shares of ICICI Prudential up by 10 percent:
The shares of the life insurance company rose in intra-day trading on Tuesday. ICICI Prudential Life Insurance shares rose as the company announced growth in new business premium by 23 percent year-on-year during the March quarter.
Shares of SBI Life Insurance jumped to Rs 924 per share, at an increase of 2 percent. HDFC Life Insurance shares rose to Rs 686 per share on the BSE, at an increase of 3 percent.
ICICI Prudential Life Insurance recorded an increase in the value of new business for the March quarter of 2020-21. The value of new business was recorded at Rs 591 crore, at an increase of 26 percent. Value of new business has risen to Rs 1,621 crore in the fiscal year 2020-21.
The VNB margin expanded from 21.7 percent in 2019-20 to 25.1 percent in 2020-21.
Net premium income of ICICI Prudential Life rise in March quarter:
The net premium income of ICICI Prudential Life Insurance has been recorded at Rs 10,475.12 crore in the corresponding quarter in the previous fiscal. In the March quarter, the net premium income of the life insurance company increased to Rs 11,879.28 crore, at a rise of 13.4 percent.
The net profit fell from Rs 1,068.75 crore in 2019-20 to Rs 960.15 crore in 2020-21, at a decrease of 10.16 percent.
Net profit was recorded at Rs 179 crore in the January-March quarter from the previous fiscal. The net profit declined to Rs 64 crore in January-March 2021 quarter, by 64.2 percent. The net profit for the full year fell from Rs 1,069 crore in the previous fiscal to Rs 960 crore.
ICICI Prudential Life Insurance's Asset Under Management grew by 40 percent to Rs Rs 2.14 lakh crore. The life insurance firm has become the market leader among private insurers with an increase in market share to 13 percent.
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