Source: Times of India

BENGALURU: Bengaluru: PB Fintech, the parent of Policybazaar and Paisabazaar, posted a nearly fivefold jump in consolidated profit after tax to Rs 85 crore for the June quarter from Rs 19 crore a year earlier, driven by strong growth in health insurance premiums and secured lending. Revenue rose 33% to Rs 1,348 crore. Total insurance premium climbed 36% to Rs 6,616 crore, led by a 65% surge in new health insurance. Renewal revenue, a key profit driver, grew 43% year-on-year to Rs 725 crore.

“Our health and protection segments remain the primary growth drivers, and renewal income continues to scale consistently,” the company said in its earnings release. While unsecured lending on Paisabazaar fell 33%, secured loans helped lift overall lending disbursals by 123% to Rs 7,003 crore.

PB Fintech also approved unsecured loans of up to Rs 300 crore to Policybazaar and Rs 100 crore to Paisabazaar for business expansion. The company added that 70% of credit disbursals came from repeat customers and highlighted its focus on deepening its financial wellness platform by expanding into fixed deposits and bonds.