HDFC Life Insurance reported 5.8% growth in net profit at Rs.450.54 crore. This was largely driven by a spurt in investment income despite a fall in net premium income. Post COVID, the business has shown signs of pick-up on sequential basis with traction in individual protection.

The annualised premium equivalent or APE fell by 30% to Rs.1198 crore in Q1 even as new business fell 33% to Rs.2623 crore in the quarter. Value of new business or VNB fell by 53% to Rs 291 crore. The margins on new business fell sharply from 29.8% last year to 24.3% this year.