Shares of leading life insurance services provider - ICICI Prudential Life Insurance - rose as much as 11.44 per cent to hit an intraday high of  504 a day after the (icici bank online)  company reported its March quarter earnings. ICICI Prudential Life Insurance's net profit fell to  62.51 crore from  178 crore. However, the stock rallied on the back of strong growth the business despite challenges posed by the COVID-19 pandemic. 


                          

"Despite the challenges posed by the pandemic, ICICI Prudential Life Insurance posted a strong growth in the quarter ended March 31, 2021. New business (icici bank online Annualised Premium Equivalent (APE) grew 27 percent year-on-year in Q4-FY2021 to ₹ 2,509 crore, on the back of 108 percent year-on-year growth in March 2021 to ₹ 1,101 crore," ICICI Prudential Life Insurance said in a press release. 

The value of new business (VNB) for the quarter grew by 26 percent year-on-year to ₹ 591 crores. VNB for FY2021 stood at ₹ 1,621crore with a margin of 25.1 per cent, up from 21.7 percent for FY2020, ICICI Prudential said. 

“Despite the disruptions caused by Covid-19, we were able to demonstrate resilience in our operations. In this quarter, APE grew by 27 percent year-on-year with the month of March posting the best-ever monthly sales for the Company in any year since inception," N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said in a statement. 

New business premium grew by 23 percent year-on-year in Q4-FY2021 to end the quarter at  5,133 crore, resulting in new business premium for FY2021 at  13,032 crore. The annuity business registered a robust growth of 213 percent from  346 billion in Q4-FY2020 to  1,083 crore of new business received premium in Q4-FY2021; resulting in new business premium of  22.92 billion for this segment in FY2021.  

The persistency ratios have seen improvements in almost all cohorts of persistency, specifically in the 13th month. Assets under Management grew by 40 per cent (icici bank online  from ₹ 1,529.68 crore at March 31, 2020 to ₹ 2,142.18 crore at March 31, 2021, ICICI Prudential added.