HDFC Life Insurance Company Ltd, on 12 January, announced its quarterly earnings for October-December.

The company reported a 16% year-on-year increase in its net profit to Rs 367 crore for the quarter under review from Rs 316 crore reported in the same quarter of the previous fiscal year.

The net premium income during the quarter stood at Rs 15,273 crore, which is a 6% YoY growth from Rs 4,402 crore reported in the corresponding quarter of the previous financial year.

However, the first-year premium experienced a slight dip by 2% YoY to Rs 2,680 crore during the quarter from Rs 2,725 crore recorded in the same quarter last year.

On the other hand, the income from investment skyrocketed by 131% YoY to Rs 11,372 crore in the December quarter against Rs 4,930 crore reported in Q3FY23.

The company’s Annualised Premium Equivalent (APE) stood at Rs 3,191 crore against Rs 3,260 crore last year, and the Value Of New Business (VNB) stood at Rs 856 crore compared to Rs 875 crore last year.

HDFC Life Insurance AUM (asset under management) stood at Rs 2.79 lakh crore, marking a 20% YoY growth from the same period last year.