India's ICICI Prudential Life Q3 profit jumps on new policy sales
ICICI Prudential's larger peers HDFC Life Insurance and SBI Life Insurance reported strong third-quarter profits as well, on the back of strong retail insurance policy sales. ICICI Prudential's value of new business (VNB), or expected profit from new policies, rose 8.5% year-on-year to 15.75 billion rupees for the nine months to the end of December. Annualised premium equivalent (APE) sales, the annualised total value of all single- and recurring-premium policies, jumped 27% to 54.30 billion rupees for the nine-month period.