The company’s insurance premium grew 36%, led by a 65% rise in new health insurance policies
New Delhi: PB Fintech reported a 40% rise in first-quarter profit on Thursday, as more consumers turned to digital platforms for insurance products.
The company posted a consolidated net profit of Rs 84.59 crore ($9.7 million) for the three months ended June 30, up from Rs 60. 18 crore a year earlier.
PB Fintech’s revenue from operations rose 33% to Rs 1,348 crore in the quarter, led by a 40% jump in insurance broking, its largest segment.
The company’s insurance premium grew 36%, led by a 65% rise in new health insurance policies.
Analysts said PB Fintech benefited from increasing demand in India’s largely untapped insurance market.
Through its Policybazaar platform that helps users select insurance coverage and Paisabazaar, which matches borrowers with lenders, the company is cashing in on India’s digital finance boom.