ICICI Prudential Life Q3 Results: VNB jumps 19%, margin expands to 24.4%

Shares of ICICI Prudential Life Insurance gained 2% on Tuesday, January 13, after the insurer reported a strong improvement in value of new business and margins for the December quarter.

Value of new business climbed 19% year-on-year to ₹615 crore in Q3, compared with ₹517 crore in the year-ago period.

The company witnessed a sharp expansion in VNB margins, which improved to 24.4% from 21.2% last year.

Total annualised premium equivalent grew at a steadier pace, rising 4% year-on-year to ₹2,525 crore from ₹2,438 crore in the same quarter last year.

At present, ICICI Prudential Life Insurance shares are trading 1.5% higher at ₹690.60. The stock is up 3% on a year-to-date basis.