PB Fintech, the parent firm of online insurance broker Policybazaar, reported net loss of Rs 204.33 crore in Q1 FY23, higher than net loss of Rs 110.84 crore in Q1 FY22.
Revenue from operations jumped 112.51% year on year to Rs 505.19 crore in the quarter ended 30 June 2022.The company said that its insurance premium segment grew by 52% to Rs 2,430 crore in June 2022 quarter from Rs 1,594 crore in the June 2021 quarter.
PB Fintech said that credit disbursal on its Paisabazaar platform more than doubled to Rs 2,320 crore from Rs 984 crore on year on year basis.
The firm said it has 12.3 million transacting customers till June-end and have sold 27.9 million insurance policies to date.
Core business Adjusted EBITDA was Rs 4 crore positive for the quarter (absorbing a Rs 13 crore loss by the non-insurance business); thus, core insurance business had an Adjusted EBITDA of Rs 18 crore for the quarter, the company said in a filing.
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"Now we are driving efficiency, having reduced losses by 20Cr QoQ, this trend of reducing losses should continue, PB Fintech said in a statement.
"We are at an annual run rate of insurance premium of over 19,700 crore growing at 52% YoY. Our consistent effort to improve customer service is reflected by a CSAT of 83%. High disclosure rates & fraud detection are helping improve claims settlement ratios for our partners; our folio has 9% higher claims settlement ratio as compared to other channels for health insurance. Our new insurance premium per enquiry has increased by 32% YoY" PB Fintech said.
The company added, We are now at the run rate of 111,200 Cr disbursal and 4.3 lac credit card issuance on an annualized basis. Over 29.5 million customers have accessed credit score on our paisabazaar platform so far from over 823 different towns. This represents approximately 13% India's active credit score customers. Digitization is becoming significant in lending. Our contribution margins in the credit business have improved significantly over the last two years.
PB Fintech, the owner of Policybazaar and Paisabazaar platforms, is India's largest online platform for insurance and lending products.
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