Revenue of PB Fintech, parent company of Policybazaar, surges by 33% to reach INR 1,348 crore during the first quarter of FY26
PB Fintech, the parent company of Policybazaar and Paisabazaar, has announced its financial results for the first quarter of 2023, showing a significant increase in revenue and profitability.
The core online insurance revenue for the company reached Rs 732 crore, marking a 37% year-on-year growth. This growth was accompanied by a 347% year-on-year jump in profit after tax (PAT) to Rs 85 crore.
The company's insurance premium in the UAE saw a 68% year-on-year growth, while the adjusted EBITDA margins improved from -12% to -6%. However, the core credit revenue for PB Fintech declined 22% year-on-year.
The annualized insurance premium stood at a impressive Rs 26,463 crore, with new protection premium, comprising health and term insurance, surging 46% during the same period.
Since its public listing in November 2021, PB Fintech's revenue has grown at a compound annual growth rate (CAGR) of 54%. Operating revenue rose 33% year-on-year to Rs 1,348 crore.
Revenue from PB Fintech's credit business for the quarter was Rs 102 crore. Revenue from new initiatives at PB Fintech rose approximately 50% year-on-year. These new initiatives now contribute about 5% to PB Fintech's consolidated revenues.
PB Partners, PB Fintech's agent aggregator platform, operates with over 350,000 advisors across 19,000 pin codes in India. PB Partners has strategically shifted towards "smaller and higher quality advisors."
Core online insurance premium grew 35% year-on-year. On a 12-month rolling basis, renewal/trail revenue grew 43% to Rs 725 crore. Core new insurance premium (excluding savings-linked products) recorded a 42% rise.
Quarterly renewal revenue reached an annualized run rate (ARR) of Rs 673 crore, reflecting a 47% year-on-year increase. Loan disbursals through PB Fintech's online platforms for the quarter were Rs 2,095 crore.
Quarterly insurance premium stood at Rs 6,616 crore, up 36% year-on-year. The specific figures for the founder or CEO of PB Fintech were not available in the provided search results.
In summary, PB Fintech has reported strong growth across its core business, with significant increases in insurance revenue and profitability. The company's strategic shifts towards new initiatives and higher quality advisors are paying off, as evidenced by the growth in new protection premium and the positive impact on the company's financial performance.
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