PB Fintech – parent of online insurance and credit comparison platforms Policybazaar and Paisabazaar – has said the total insurance premium sourced out of its platforms grew 67 per cent to Rs. 1,786 crore during the quarter ended December 31, 2021.
For the first three quarters of this fiscal, the aggregate premium sourced grew 38 per cent to Rs. 4,803 crore, the company said in its Q3 operating performance update filed with the stock exchanges.
Meanwhile, premium for the first year transactions through Policybazaar for India business (not including the POSP business) surged 68 per cent to Rs. 1,052 crore for the December 31 quarter, from Rs. 627 crore in the same quarter in the previous fiscal.
Within this, life insurance business, health insurance business and other insurance business grew at 73 per cent, 50 per cent and 69 per cent, respectively for the quarter under review.
For the first three quarters in aggregate, the first year premium for Policybazaar India business (without POSP business) grew 36 per cent to Rs. 2,670 crore as compared to Rs. 1,963 crore (y-o-y). This was 42, 40 and 25 per cent growth for life , health and other insurance, respectively.
Meanwhile, disbursement of loans through its Paisabazaar platform (credit comparison platform) grew 89 per cent at Rs. 1,880 crore as compared to Rs. 994 crore (y-o-y).
The aggregate disbursement for the first three quarters grew 166 per cent to Rs. 4,370 crore.
Morgan Stanley said in a research note that PB Fintech’s loan disbursements and premium growth was stronger than expected in the quarter. The research note said that the company’s third quarter numbers whereas stronger than forecast, but broadly in line with expectations as regards the first nine months performance of the current fiscal.
