technology

PolicyBazaar parent PB Fintech's losses narrow in Q4, revenue more than doubles


Bengaluru: , which operates insurance marketplace PolicyBazaar and credit platform PaisaBazaar, narrowed losses to Rs 219.6 crore in the fiscal fourth quarter, from Rs 643.8 crore in the year-ago period.

Total income rose to Rs 591.16 crore in the last quarter of FY22, from Rs 290.08 crore in the corresponding period of the previous fiscal year (FY21).

On a sequential basis, PB Fintech curbed losses by almost 36% compared to the quarter ended December 31, when it reported total losses of around Rs 298 crore.

Revenue grew by 32% quarter on quarter, from Rs 400.84 crore in the third quarter.

“Our focus continues towards increasing insurance coverage for families across India. We are seeing a steady shift in business mix towards smaller towns and cities; currently 59% of our insurance business is from non-Tier 1 cities, up from 28% in FY17,” the company said in a letter to shareholders.

“We have seen a significant improvement in our service quality and claims assistance, as reflected in CSAT (customer satisfaction score) of 84%,” the company added.

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On an annual basis, PB Fintech reported total revenue of Rs 1,550.2 crore for FY22, a 62% increase from FY21 when total revenue was Rs 957.41 crore.

Annual losses widened to Rs 832.91 crore in FY22 from Rs 150.24 crore in the year-ago fiscal.

During the fourth quarter, insurance premiums grew by 70% on an annual basis to Rs 2,176 crore. Credit disbursals for PaisaBazaar grew 72% to Rs 2,189 crore in the fourth quarter.

PB Fintech said overall insurance premiums in the financial year grew by 46% to Rs 6,975 crore. Credit disbursals grew by 126% to Rs 6,607 crore in FY22, it said.

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