PB Fintech posts Rs 60.19 crore profit in March quarter

8 May 2024 , 12:59 PM

Online insurance aggregator, PB Fintech, which owns Policybazaar, declared a net profit of ₹60.19 Crore for the quarter ended March 31, 2024, compared to a loss of ₹9.34 Crore reported by the business in the previous year period.

The total revenue for the reporting quarter was ₹1089.57 Crore, up 25.36% from ₹869.10 Crore in the previous year’s period.

The PAT for FY24 increased from a loss of ₹488 Crore to a profit of ₹64 Crore.

PB Fintech’s total insurance premium for the quarter was ₹5,127 Crore, representing an ARR of ₹20,000 Crore driven by growth in new health and life insurance business. In Q4FY24, internet insurance new premiums increased by 47% year on year.

The company’s cash position increased by ₹259 Crore year on year to ₹5,263 Crore, while core online sales increased by 39% to ₹2,375 Crore.

The overall business premium increased 37% year on year to ₹15,875 Crore in FY24, with the core online business premium accounting for ₹11,356 Crore and the remainder ₹4,519 Crore supplied by new initiatives. The core online business premium increased 34% year on year, while the premium for new efforts increased by 46%.

In FY24, revenue from the core online business increased by 39% year on year to ₹2,375 Crore, while revenue from new initiatives increased by 25% to ₹1,062 Crore.

In FY24, operating revenue increased by 39% year on year to ₹2,375 Crore. Despite a significant increase in new health insurance premiums, the contribution margin rose to 45%. The adjusted EBITDA increased to ₹324 Crore from ₹107 Crore, and the margin increased to 14% from 6%.

For feedback and suggestions, write to us at [e-mail]