scorecardresearchPolicybazaar's parent PB Fintech says loss widens to ₹204 crore
Mintgenie

Policybazaar's parent PB Fintech says loss widens to ₹204 crore

Team MintGenie
Updated: 11 Aug 2022, 07:35 AM IST
TL;DR.

The consolidated revenue from operations of PB Fintech more than doubled to ₹505.18 crore during the reported quarter from ₹237.73 crore in the June 2021 quarter.

A man looks at the website of policybazaar website at a local insurance company office in Mumbai, India, Wednesday, Aug. 10, 2022. A cybersecurity firm told the major Indian online insurance brokerage last month that critical vulnerabilities in the company’s internet-facing network could expose sensitive personal and financial data from its 11 million customers. CyberX9 followed the standard ethical-hacker playbook, giving the brokerage time to patch the flaws and inform authorities. A week later, publicly traded Policybazaar said it had been illegally breached but “no significant customer data was exposed.” (AP Photo/Rafiq Maqbool)

A man looks at the website of policybazaar website at a local insurance company office in Mumbai, India, Wednesday, Aug. 10, 2022. A cybersecurity firm told the major Indian online insurance brokerage last month that critical vulnerabilities in the company’s internet-facing network could expose sensitive personal and financial data from its 11 million customers. CyberX9 followed the standard ethical-hacker playbook, giving the brokerage time to patch the flaws and inform authorities. A week later, publicly traded Policybazaar said it had been illegally breached but “no significant customer data was exposed.” (AP Photo/Rafiq Maqbool)

(PTI) PB Fintech, the parent firm of online insurance broker Policybazaar, on Wednesday reported a widening of consolidated loss to ₹204.33 crore in the first quarter ended June 30, 2022, according to a BSE filing.

The company had posted a loss of ₹110.84 crore in the same period a year ago.

The consolidated revenue from operations of PB Fintech more than doubled to ₹505.18 crore during the reported quarter from ₹237.73 crore in the June 2021 quarter.

The company in its financial performance report said that its insurance premium segment grew by 52 per cent to ₹2,430 crore in June 2022 quarter from ₹1,594 crore in the June 2021 quarter.

"We are at an annual run rate of insurance premium of over ₹9,700 crore growing 52 per cent YoY," the company said.

PB Fintech said that credit disbursal on its Paisabazaar platform more than doubled to ₹2,320 crore from ₹984 crore on year-on-year basis.

"We are now at the run rate of ₹11,200 crore disbursal and 4.3 lakh credit card issuance on an annualised basis," PB Fintech said.

First Published: 11 Aug 2022, 07:35 AM IST

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