Shares of PB Fintech Limited witnessed a 6% increase, trading at Rs 993 on February 19, following the announcement that its wholly-owned subsidiary, Policybazaar Insurance Brokers, had obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) to upgrade its license from a direct insurance broker to a composite insurance broker.
“This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity,” stated the company in a regulatory filing on February 16.
As of 10:25 am, the shares were trading 6.07% higher at ₹987.80.
