HDFC Life Insurance Company on Monday reported its fiscal first quarter profit at Rs 478.97 crore, up 14.9 per cent in comparison to Rs 416.71 crore during the corresponding quarter of previous year. The company’s net premium income for the quarter stood at Rs 12,548.42 crore as against Rs 11,507.89 crore during the same period last year. 

HDFC Life’s annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, came in at Rs 2,866 crore for the quarter. This was up 23 per cent as against Rs 2,328 crore recorded during Q1FY24.

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The company recorded Value of New Business (VNB) for Q1 at Rs 718 crore, reflecting a growth of 18 per cent both YoY and on a two-year CAGR basis.

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In terms of Retail Sum Assured Growth, HDFC Life achieved 46 per cent growth, bolstered by higher sum assured multiples for savings products and strong rider attachment and aided by 28 per cent growth in retail protection. HDFC Life said that it registered a strong increase in the number of policies and witnessed expansion in ticket size as well. “Growth resurgence was experienced in Tier 1 markets whilst maintaining strong growth in Tier 2 and 3 geographies, which continue to account for a significant portion of the business,” it said in a regulatory filing.

HDFC Life also declared its highest ever bonus of Rs 3722 crore, to more than 22 lakh par policyholders.