PB Fintech’s net loss widens to Rs 204 crore in Q1
PB Fintech, the parent company of online insurance broker Policybazaar, reported a net loss of Rs 204.33 crore in Q1 FY23, higher than the net loss of Rs 110.84 crore in Q1 FY22.
Operating income rose 112.51% year-on-year to Rs 505.19 crore in the quarter ended June 30, 2022.
The company said the insurance premium segment grew 52% to Rs 2,430 crore in the June 2022 quarter from Rs 1,594 crore in the June 2021 quarter.
PB Fintech said credit disbursement on the Paisabazaar platform more than doubled to Rs 2,320 crore from Rs 984 crore on a year-on-year basis.
The firm said it has 12.3 million transaction customers up to the end of June and has sold 27.9 million policies to date.
Core Business Adjusted EBITDA was Rs 4 crore positive for the quarter (absorbing a Rs 13 crore loss from the non-insurance business); thus, the core insurance business had an adjusted EBITDA of Rs 18 crore for the quarter, the company said in a filing.
“Now we are driving efficiency, after reducing losses by 20Cr QoQ, this trend of reducing losses should continue,” PB Fintech said in a statement.
“We have an annual insurance premium run rate of over ₹ 19,700 crore growing at 52% year-on-year. Our consistent effort to improve customer service is reflected by a CSAT of 83%. High disclosure rates and fraud detection help improve claim settlement ratios for our partners; our folio has a 9% higher claims settlement rate compared to other health insurance channels. Our new insurance premium per claim has increased by 32% year-on-year” said PB Fintech.
The company added: We now have a run rate of 111,200 Cr disbursement and 4.3 lac credit card issuance on an annual basis. Over 29.5 million customers have so far accessed credit scores on our paisabazaar platform from over 823 different cities. This represents approximately 13% of India’s active credit score customers. Digitization is about to become significant in lending. Our coverage margins in the credit business have improved significantly over the past two years.
PB Fintech, the owner of the Policybazaar and Paisabazaar platforms, is India’s largest online platform for insurance and lending products.
Written jumped 4.55% to trade at Rs 586 on BSE.
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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)
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