India's PB Fintech posts fourth straight quarterly profit on insurance broking boost

PB Fintech

05/11/2024 15:38

BENGALURU, Nov 5 (Reuters) - India's PB Fintech
 PBFI.NS , which owns and operates online insurance aggregator
Policybazaar, reported a profit for a fourth straight quarter on
Tuesday, aided by higher demand for insurance policies.
    The company, which also operates online credit marketplace
Paisabazaar, posted a consolidated net profit of 506.7 million
rupees ($6 million) for the quarter ended Sept. 30, compared
with a loss of 202.5 million rupees a year ago. 
    Analysts said PB Fintech, which has seen a sharp rise in its
topline in recent quarters, continues to benefit from increasing
demand in India's largely underpenetrated insurance policy
sector, aided by improving financial literacy and income levels.
    PB Fintech's revenue from operations rose 44% to 11.67
billion rupees, led by a jump in insurance broking, its largest
segment, which grew 58%.
    The company's insurance premium for the quarter grew 57%,
aided mainly by a 69% growth in new health and life insurance.
    Meanwhile, its credit business, which had taken a hit due to
the Indian central bank's crackdown on unsecured lending, faced
some slowdown, with disbursement remaining flat during the
quarter compared to last year, and revenue declining 8%.
    Shares of the company ended 4.2% lower ahead of the results.

     
($1 = 84.0850 Indian rupees)

 (Reporting by Nishit Navin in Bengaluru; Editing by Vijay
Kishore)
 ((Nishit.Navin@thomsonreuters.com;))