PB Fintech, the parent firm of Policybazaar and Paisabazaar, on January 10 posted a 67 percent year-on-year growth in terms of insurance premium collected in the October-December 2021 quarter.
"The insurance premium originated by PB Fintech group increased from an aggregate of Rs 1,067 crore to Rs 1,786 crore, marking a growth of 67 percent for the quarter ended December 31, 2021 over the quarter ended December 31, 2020," the company said in a regulatory filing.
The growth as of December 31 for the first three quarters of the fiscal year 2021-2022 over the first three quarters of the fiscal year 2020-2021 was at 38 percent, it noted.
The company recorded an aggregate premium, including both new and renewal business, of Rs 4,803 crore for the period between April 1 and December 31, 2021.
As per the internal classification of the insurance major, premium for first year transactions through Policybazaar for India business (not including the POSP business) surged to Rs 1,052 crore at the end of December 2021 quarter, from Rs 627 crore in the year-ago period. This marked a 68 percent YoY growth.
"Within this, life insurance business, health insurance business and other insurance business grew at 73 percent, 50 percent and 69 percent respectively as compared to the same quarter last fiscal year," the regulatory filing noted.
"The same first year premium for PolicyBazaar India business (without PoSP business) grew from Rs 1,963 crore for the first three quarters ended December 31, 2020 to Rs 2,670 crore for the first three quarters ended December 31, 2021, a growth of 36 percent," it said.
This was 42, 40 and 25 percent for life insurance, health insurance and other insurance, respectively, for the first three quarters ended December 31, 2021 as compared to same period last fiscal year, it added.
PB Fintech also informed the exchanges that disbursement of loans through Paisabazaar grew from an aggregate of Rs 994 crore in the quarter ended December 31, 2020 to Rs 1,880 crore in the quarter ended December 31, 2021, registering a growth of 89 percent."The aggregate disbursement for the first three quarters of the fiscal year 2021- 2022 grew to Rs 4,370 crore at 166 percent growth rate over the aggregate disbursement of Rs 1,642 crore for the first three quarters of the fiscal year 2020-2021," the company further said.