PB Fintech, the parent company of Policybazaar and Paisabazaar, said its consolidated loss for the quarter ended September 2022 narrowed to Rs 186.63 crore compared to Rs 204.44 crore loss in the same quarter last year. The growth was led by strong growth in insurance premiums, credit disbursal and operating revenue.
The company said its revenue from operations for the period jumped 105.11 percent to Rs 573.47 crore from Rs 279.58 crore reported in the corresponding quarter last year.
Insurance premium for the quarter was at Rs 2,545 crore, up 79 percent year-on-year (YoY). Credit disbursal was at Rs 2,922 crore, up 94 percent YoY, the firm said in a release. According to the company, the core business adjusted EBITDA was Rs 12 crore positive for the quarter after absorbing a Rs 5 crore loss by the non-insurance business.
“We are at an annual run rate of insurance premium of over Rs 10,000+ crore,” said the company. “Our consistent efforts to improve customer service and claims support are paying off with multiple heartening customer messages.”
The company claimed it was growing against the tide. “While there has been an industry slowdown in retail protection sales, we delivered 34 percent growth in health insurance premiums and 29 percent in life insurance new biz premiums, which is 2-5 times of the industry,” it said.
PB Fintech said Paisabazaar, which helps users compare and choose credit offers, continues to grow very well and has rebounded strongly from COVID. The company is now at a monthly run rate of Rs 12,000 crore disbursal and 5 lakh credit card issuance on an annualised basis.
The company expects its credit business to be adjusted EBITDA positive by Q4, FY22.
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