Policybazaar parent’s insurance premium collection jumps 70% in March quarter

PB Fintech is the parent company of Policybazaar and Paisabazaar

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Policybazaar and Paisabazaar parent PB fintech’s total insurance premium collection in the March quarter surged 70 percent year on year to Rs 2,177 crore, the company said in a filing on April 6.

For the year ended March, collections jumped 46 percent to Rs 6,975 crore.

New life insurance premium in India grew 40 percent in the year while health insurance premium rose 47 percent, excluding point of sales persons (POSPs), the company said in its quarterly update. Sequentially, new life insurance premium in India grew 38 percent and health insurance premium rose 40 percent.

Insurance premium through POSPs (B2B2C business) for March crossed Rs 200 crore per month. A total premium of Rs 745 crore was generated for the year ended March 2022. Insurance premium for the Dubai business grew 132 percent to Rs 124 crore for the year ended March 2022.

Digital consumer credit marketplace Paisabazaar’s aggregate loan disbursement grew 126 percent to Rs 6,607 crore for FY22. It issued 162,000 credit cards as against 45,000 in the last fiscal year. As many as 2.7 crore consumers availed the credit score product in FY22 as against 2.2 crore in FY21.

Also Read: PB Fintech founders' share sale sees muted response, only half of planned sale executed