The company’s consolidated profit after tax jumped 165% year-on-year to Rs 135 crore, as margins expanded meaningfully. This marked one of its best quarters since listing in November 2021.
Robust premium and revenue growth
The company’s total insurance premium stood at Rs 7,605 crore, up 40% YoY and 15% sequentially, supported by strong traction in the protection category. Annualised, this translates into a total premium run rate of Rs 30,420 crore, underscoring PB Fintech’s growing scale in the online insurance market.
Within that, the core online insurance premium rose 34%, while new protection business — which includes health and term insurance — grew 44%, with health insurance leading at a striking 60% year-on-year growth.
On the financial front, operating revenue increased 38% YoY to Rs 1,614 crore, driven by insurance revenues that grew 36%. The company’s adjusted EBITDA surged 180% YoY to Rs 156 crore, with margins doubling from 5% to 10%.
Renewal or trail revenue, a key indicator of long-term profitability, rose 39% YoY to an annualised run rate of Rs 774 crore, driven by 47% growth in the insurance segment. The quarterly renewal revenue in insurance alone reached an ARR of Rs 758 crore, up from Rs 516 crore last year.
Credit business bottoming out
The company’s credit vertical, run under Paisabazaar, saw revenue decline 22% YoY to Rs 106 crore, though sequential growth of 4% indicates a recovery from earlier weakness in unsecured lending demand. The total disbursal value for the quarter stood at Rs 2,280 crore for the core online business.
New initiatives and international expansion
PB Fintech’s newer businesses, including PB Partners (its insurance agent aggregator platform), continued to scale rapidly. Revenue from new initiatives grew 61% YoY, while losses narrowed sharply as adjusted EBITDA margins improved from -12% to -4%, now contributing 5% to overall revenue.
PB Partners now has over 3.8 lakh advisors and operates across 19,000 pin codes, covering 99% of India’s geography, with deeper reach into Tier-4 and Tier-5 towns.
The company’s UAE insurance business also showed strong momentum, with premiums growing 64% YoY. It is now profitable for the third consecutive quarter, with a focus on health and life insurance, and cross-border products in motor and health insurance segments.
Profitability and efficiency gains
With improving operating leverage and steady growth in renewal revenues, PB Fintech’s PAT margin improved to 8%, compared to 4% a year earlier. The company now earns about 1.77% of its total insurance premium as net profit, highlighting significant improvement in efficiency.
The company said it maintained high customer satisfaction levels with an Insurance CSAT of 90.5%, reflecting its focus on post-sale servicing and claims support.