policybazaar: losses of PB Fintech, parent company of PolicyBazaar, decrease in the fourth quarter, revenues more than doubled

Bangalore: which manages the insurance market PolicyBazaar and credit platform PaisaBazaarit reduced losses to Rs 219.6 crore in the fiscal fourth quarter, from Rs 643.8 crore in the period a year ago.

Total income rose to Rs 591.16 crore in the last quarter of fiscal year 22, from Rs 290.08 crore in the corresponding period of the previous fiscal year (FY21).

On a sequential basis, PB Fintech curbed losses by nearly 36% from the quarter ended December 31, when it reported total losses of around Rs 298 crore.

Revenue grew 32% quarter over quarter, from Rs 400.84 crore in the third quarter.

“Our goal continues to increase insurance coverage for families across India. We are seeing a steady shift in the business mix to smaller towns and cities; currently 59% of our insurance business comes from non-tier 1 cities, compared to 28% in fiscal 17, ”the company said in a letter to shareholders.

“We have seen a significant improvement in the quality of our service and complaint assistance, as reflected by the CSAT (Customer Satisfaction Score) of 84%,” the company added.

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On an annual basis, PB Fintech recorded total turnover of Rs 1,550.2 crore for fiscal year 22, a 62% increase over fiscal year 21, when total turnover was Rs 957.41 crore.

Annual losses increased to Rs 832.91 crore in FY22 from Rs 150.24 crore in the fiscal year a year ago.

During the fourth quarter, insurance premiums grew 70% yoy to Rs 2,176 crore. Credit disbursements for PaisaBazaar grew 72% to Rs 2,189 crore in the fourth quarter.

PB Fintech said overall insurance premiums in the financial year grew 46% to Rs 6,975 crore. Credit disbursements grew 126% to Rs 6.607 crore in FY22, he said.

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