In FY13, profit stood at Rs 451 crore, HDFC Life said.
Total premium increased 7 per cent to Rs 12,063 crore from Rs 11,323 crore in 2012-13, largely due to healthy growth in the renewal premium and group business.
Renewal premium was up 17 per cent to Rs 8,024 crore from Rs 6,887 crore.
HDFC Life's market share among private companies stood at 3.8 per cent compared with 17.5 per cent in the previous year.
Assets under management grew 25 per cent to Rs 50,258 crore from Rs 40,108 crore in the previous year.
ULIPs (unit-linked insurance plans) contributed 49 per cent and conventional business formed 51 per cent of the APE (annual premium equivalent) in the individual business.
HDFC Life was ranked number one among private players in group claim settlement ratio (99.8 per cent) and second in individual claim settlement ratio (95.7 per cent).
"We have made significant inroads as part of our large technology-enabled transformation programme with focus on social media, mobile, data analytics and cloud to drive business competitiveness.
"Going forward, apart from augmenting and nurturing our human capital, we will retain our focus on new growth engines," HDFC Life Managing Director and CEO Amitabh Chaudhry told reporters here.
He said the company is hopes to introduce two products by June this year.
"We are focused on pension and annuity, health and protection space," he said.
This year is likely to remain tough. However, if the new government takes positive steps, the industry may recover, he said.
Asked about expectations from the new government, Chaudhry said the industry needs three-four things to boost the sector, such as clarity on bancassurance so that companies can plan ahead and the burden of direct tax and service tax that needs to be looked into.
HDFC Life is a joint venture between Housing Development Finance Corporation Ltd (HDFC) and Standard Life plc, a UK financial services provider.