Insurance premium grew 46% to Rs 6,975 cr in year-ended March: PB Fintech

Policybazaar and Paisabazaar parent, PB Fintech, said that for the fiscal year ended March 31, 2022, total insurance premium by the company increased to Rs 6,975 crore, which is a growth of 46 per cent. For the quarter ended March 31, 2022, total insurance premium as against the same period last quarter, increased to an aggregate of Rs 2,177 crore, which is a growth of 70 per cent. 

New life insurance premium grew 40 per cent in the fiscal year ended March 31, 2022 as against last year. Health insurance premium grew at 47 per cent. This pertains to the Indian business, but excluding point of sales persons (POSP). 

When it comes to the quarter ended March 31, 2022, as against the same quarter last year, new life insurance premium grew at 38 per cent and health insurance premium at 40 per cent. 

PB Fintech’s digital consumer credit marketplace Paisabazaar disbursed loans of Rs 6,607 crore, which is a jump of 126 per cent. It issued 162K credit cards as against 45K in the last fiscal year. As many as 2.7 crore consumers availed the credit score product, an increase from the previous year’s 2.2 crore. 

When it comes to the quarter ended March 31, 2022, as against the same quarter last year, disbursement of loans grew 72 per cent to Rs 2,189 crore. Credit cards issued through Paisabazaar grew at 299 per cent to 73K.

Insurance premium through POSP (B2B2C business) for March 2022 crossed Rs 200 crore per month. A total premium of Rs 745 crore was generated for the fiscal year ended March 2022.

Moreover, insurance premium for Dubai business grew 132 per cent to Rs 124 crore for the fiscal year ended March 2022 over the last fiscal year, the company stated.

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