Insurance major ICICI Prudential Life Insurance Company on Monday reported 65% decrease in consolidated net profit at Rs 63 crore for the quarter ending March 31, 2021. It was Rs 179 crore in the year-ago period. “The value of new business for the fourth quarter of 2020-21 grew by 26 per cent and stood at Rs 591 crore. This resulted in value of new business (VNB) of Rs 1,621 crore for 2020-21 with an expansion in VNB margin from 21.7 per cent in 2019-20 to 25.1 per cent in 2020-21,” said ICICI Prudential Life Insurance in a statement on Monday. For the quarter ended March 31, 2021, its net premium income increased by 13.4 per cent to Rs 11,879.28 crore against Rs 10,475.12 crore in the corresponding quarter in the previous fiscal.