HDFC Standard Life Insurance Company Ltd (HDFC Life) has posted net profit growth of 24 per cent for FY18 to Rs 11.1 billion, compared with Rs 8.9 billion in FY 17.

New Business Premium for HDFC Life rose to Rs 113.5 billion for FY18, a 32 per cent increase from Rs 86.2 billion in FY17.

For the fourth quarter ended March 31, 2018, the company's net profit rose 40.4 per cent to Rs 3.5 billion as compared to the same quarter last fiscal.

"A balanced product mix, diversified distribution network and customer centric approach have helped deliver profitable growth," said Amitabh Chaudhry, Managing Director and Chief Executive Offer of HDFC Life.

Since listing in November 2017, this is the first full quarter result reported by the company.

Individual annualised premium equivalent (APE) grew by 31 per cent to Rs 48.9 billion for FY18 as compared to Rs 37.4 per cent in the previous fiscal year.

Total Premium growth stands at 21 per cent for FY18, whereby the company has collected Rs 235.6 billion in premium revenue, and now commands around Rs 1,066 billion in Assets Under Management (AUM), which is 16 per cent higher than in the previous fiscal year.

Group Premium revenues have risen 22 per cent to Rs 54.9 billion in FY18 as compared to Rs 41.9 billion in FY17.

Chaudhry said, "If we break up the group business into two sub-sets, one is the funded side of the business which has actually not grown, and the protection side of the business has grown by 63 per cent. So one part continues to grow at a rapid rate and the other has not grown by much."