India, April 15 -- ICICI Prudential Life Insurance reported a near 58% rise in fourth-quarter profit on Tuesday, aided by a pickup in new business growth and steady income from renewed policies. Profit stood at Rs.609 crore ($65.4 million) for the three months ended March 31, up from Rs.386 crore a year earlier. For the full year, profit rose 34.6% to Rs.1,600 crore, and included gains from the sale of its stake in ICICI Pension Fund Management Company. Net premium income jumped 17% to Rs.19,180 crore. One-time premiums increased 46%, while renewal premiums rose nearly 6%. ICICI Prudential is India's first major life insurer to report its results, in a quarter where retail policy growth is expected to be supported by tax cut benefits, while demand for market-linked products, where returns depend on equity market performance, is likely to remain subdued amid volatility. "The recent '0% GST reform' in September 2025 has made insurance policies more affordable and our retail protection segment registered a strong 50.9% year-on-year growth in second half of FY26," said MD and CEO Anup Bagchi. Analysts had expected momentum to pick up for ICICI Prudential Life as it shifted focus back to growth after prioritising margins over volumes in recent quarters, supported by a higher mix of protection and non-participating savings products. Annualised premium equivalent (APE) sales, a key measure of new business for insurers, rose 9.4% to Rs.3,830 crore. Value of new business, which reflects expected profit from new policies, increased more than 21% to Rs.965 crore, supported by an improved product mix. Margins on new business expanded to 24.7% at the end of March from 22.8% a year earlier, as a shift toward higher-margin products helped offset the impact of the loss of a tax credit that was removed following tax cuts....