ICICI Pru soars 9%, hits new high on strong performance in June quarter

VNB growth was driven by a resilient business model, innovative product offerings and diversified distribution and product mix

Shares of ICICI Prudential Life Insurance (ICICI Pru) hit a new high of Rs 660.95 as they rallied 9 per cent on the BSE in intra-day trade on Thursday after reporting strong earnings for the quarter ended June 2021 (Q1FY22). The APE (annualised premium equivalent) grew ahead of estimates at 7 per cent and the company delivered a significant beat on VNB (value of the new business) margins (+637 bps), driven by a higher share of protection and annuity.

The stock of the life insurance company surpassed its previous high of Rs 635.40 touched on July 7, 2021. In the past