This was among PB Fintech’s strongest quarters since its listing in November 2021. Operating revenue rose 38% YoY to Rs 1,614 crore, led by a 36% increase in insurance revenue. Adjusted EBITDA surged 180% to Rs 156 crore, with margins doubling from 5% to 10%.
The company’s total insurance premium climbed 40% YoY to Rs 7,605 crore and 15% sequentially, supported by strong momentum in the protection segment. Annualised, this translates to a premium run rate of Rs 30,420 crore, underscoring PB Fintech’s expanding scale in India’s online insurance space.
Within the insurance portfolio, core online premium grew 34%, while new protection business, comprising health and term insurance, advanced 44%. Health insurance led the surge with 60% growth from a year earlier.
Renewal or trail revenue, a key indicator of long-term profitability, rose 39% YoY to an annualised run rate of Rs 774 crore, buoyed by a 47% increase in the insurance segment. Quarterly renewal revenue in insurance alone reached an ARR of Rs 758 crore, up from Rs 516 crore a year ago.
Credit business shows signs of stabilisation
The company’s credit marketplace, Paisabazaar, reported a 22% year-on-year (YoY) decline in revenue to Rs 106 crore, as demand for unsecured loans remained subdued. However, a sequential uptick of 4% indicated that the segment may be nearing a bottom. Total disbursals in the quarter stood at Rs 2,280 crore for the core online credit business.
New initiatives and overseas push
PB Fintech’s new growth engines continued to scale. Revenue from new initiatives, including PB Partners, its insurance agent aggregator platform, rose 61% year-on-year (YoY), while losses narrowed as adjusted EBITDA margins improved from -12% to -4%. These businesses now contribute about 5% of total revenue.
PB Partners has expanded to over 3.8 lakh advisors across 19,000 pin codes, covering 99% of India’s geography and deepening its presence in smaller towns.
The company’s UAE insurance arm also maintained strong traction, with premiums rising 64% YoY. The unit remained profitable for the third consecutive quarter, supported by growth in health and life insurance and cross-border products in motor and health categories.
Efficiency gains lift profitability
With improving leverage and recurring revenue, PB Fintech’s PAT margin expanded to 8%, compared with 4% a year earlier. The company now earns about 1.77% of its total insurance premium as net profit, reflecting enhanced operating efficiency.
Customer satisfaction remained robust, with an Insurance CSAT score of 90.5%, underscoring continued focus on claims and post-sale service.
PB Fintech shares have declined nearly 19% so far in 2025 but remain up about 1% over the past year.
Also read | PB Fintech Q2 Results: Profit skyrockets 165% YoY to Rs 135 crore on strong insurance growth
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