The parent company of Policybazaar and Paisabazaar, PB Fintech, said that its consolidated loss for the three months ended in September 2022 decreased to Rs 186.63 crore from Rs 204.44 crore loss in the corresponding period the previous year. Strong increases in insurance premiums, credit disbursements, and operating revenue were the main drivers of the growth.
According to the company, its operating revenue for the quarter increased by 105.11 percent to Rs 573.47 crore from Rs 279.58 crore reported in the same quarter last year.
The insurance premium for the quarter was Rs 2,545 crore, an increase of 79% over the prior year (YoY). The firm stated in a release that credit disbursal was at Rs 2,922 crore, up 94 percent YoY. The company claims that after taking into account a loss of Rs 5 crore by the non-insurance segment, the adjusted EBITDA for the core business was Rs 12 crore positive for the quarter.
“We are at an annual run rate of insurance premium of over Rs 10,000+ crore,” said the company. “Our consistent efforts to improve customer service and claims support are paying off with multiple heartening customer messages.”
According to the corporation, it was expanding against the tide. “While there has been an industry slowdown in retail protection sales, we delivered 34 percent growth in health insurance premiums and 29 percent in life insurance new biz premiums, which is 2-5 times of the industry,” it said.
According to PB Fintech, Paisabazaar, which assists consumers in comparing and selecting loan options, is still doing extremely well and has made a great comeback from COVID. The corporation is currently disbursing Rs 12,000 crore per month and issuing 5 lakh credit cards on an annualised basis.
By Q4, FY22, the company anticipates that its credit business will have a positive adjusted EBITDA.