New Delhi, July 31 -- India's four listed private life insurers reported strong growth in new business in the June quarter, driven largely by one-off group policies sold to companies rather than broad-based retail demand.

At the same time, the goods and services tax (GST) exemption on pure protection policies lifted retail sales but reduced new business margins by 60-120 basis points, with insurers expecting the impact to ease by the December quarter.

Standalone profit rose at all four insurers, increasing 12% year-on-year in the June quarter to Rs.611.42 crore at HDFC Life, 22% at SBI Life to Rs.725 crore, 27.8% at ICICI Prudential Life to Rs.386 crore and 20% at Canara HSBC Life to Rs.28 crore.

SBI Life's annualised premium equivalen...