India's PB Fintech posts Q1 profit on insurance boost

PB Fintech

06/08/2024 14:47

BENGALURU, Aug 6 (Reuters) - India's PB Fintech
 PBFI.NS , the parent of online insurance aggregator
Policybazaar, reported a profit for a third-straight quarter on
Tuesday, aided by rising sales of insurance policies. 
    The company, which also operates online credit marketplace
Paisabazaar, posted a consolidated net profit of 601.8 million
rupees ($7.2 million) for the quarter ended June 30, compared to
a loss of 114.1 million rupees a year ago.
    Analysts said PB Fintech continues to benefit from
increasing sales of insurance policies in the Indian market,
with rising financial awareness.
    PB Fintech's revenue from operations rose nearly 52% to
10.10 billion rupees, led by a 67% growth in its largest segment
- insurance broking.
    Online insurance new premium increased 62% year-on-year, led
by growing demand for health and life insurance policies, the
company added.  
    Meanwhile, its credit business growth, which had taken a hit
in the previous quarter following the Indian central bank's
crackdown on unsecured lending, remained sluggish. 
    PB Fintech disbursed credit worth 31.40 billion rupees
during the quarter, down from 35.42 billion rupees a year
earlier.
    The company's shares ended 2.6% lower ahead of the results. 
     
 
 

($1 = 83.9040 Indian rupees)

 (Reporting by Nishit Navin; Editing by Eileen Soreng)
 ((Nishit.Navin@thomsonreuters.com;))