HomeBUSINESSPolicyBazaar’s Q1 net loss widens to ₹204 cr

PolicyBazaar’s Q1 net loss widens to ₹204 cr


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.

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