It indicates “My love” as well as can be equated in a different way to several variations relying on who is your addressee (male or female, the distance of the partnership), and the context in addition to whether it is a talked utterance or created sentence.
In ordinary talked Arabic, you might state:
“يا حَبِيبِي” in case of a male, or “يا حَبِبَتِي” in case of a female.
You can also use “يَا حَبِيب القَلب” as a unisex phrase. In Arabic, if you want to express your tenderness and intimacy to someone, one of the ways to do this, if she is a woman, is to call her with the masculine form of her name.
As an extra example for this case, The Prophet Muhammed, peace be upon him, used to call his wife Aisha “عَائِشَة,” may Allah be pleased with her, with the masculine form of her name “عَائِش” expressing his great love and affection.
If you are saying it to your own children, you may say “يَا قُرَّة عَينِي” or “يَا فَلذّة كَبِدِي,” however, I recommend using them in writing, as they are not common in the spoken Arabic.