[ad_1]
MUMBAI : Online insurance aggregator PolicyBazaar, operated by PB Fintech Ltd, reported a net loss of ₹204.3 crore for the June quarter, against a net loss of ₹110.8 crore in the corresponding quarter of the previous year, even as revenue more than doubled to ₹505.2 crore from ₹237.7 crore in Q1 FY22.
The recently-listed new age company saw credit disbursal in the quarter rise year-on-year to 136% to ₹2,320 crore, while premium rose 52% to ₹2,430 crore from ₹1,594 crore in the year-ago period.
PolicyBazaar’s insurance aggregation and broking services revenue grew 49.8% to ₹230.7 crore in Q1 FY23 from ₹154 crore in the June quarter of FY22. The India business saw new premium per inquiry grow 32% from ₹1,209 in the year ago to ₹1,595.
The PB Fintech share ended Wednesday’s session with minor gains of 0.6% to ₹560.50 apiece on the BSE.
“We are at an annual insurance premium run rate of more than ₹9,700 crore growing at 52% year-on-year. Our efforts towards customer service and claims are paying off, reflecting a customer satisfaction score of 83%. The claims ratios and retention rates make the business profitable for our partners. Our portfolio has a higher claims settlement ratio than other channels,” the company said.
Its core adjusted earnings before interest, taxes, depreciation, and amortization was ₹4 crore after absorbing a ₹13 crore loss by the non-insurance business.
The physical leg of the business helped its health and life insurance verticals, the company said. PolicyBazaar, which claims to have a customer base of 61.2 million and more than 92% market share in the online insurance aggregation business, said it has 40 insurance centres across 32 cities.
Download The Mint News App to get Daily Market Updates & Live Business News.
[ad_2]
Source link
