BENGALURU (Reuters) – India’s PB Fintech, the parent of online insurance aggregator Policybazaar, reported a profit for a third-straight quarter on Tuesday, aided by rising sales of insurance policies.
The company, which also operates online credit marketplace Paisabazaar, posted a consolidated net profit of 601.8 million rupees ($7.2 million) for the quarter ended June 30, compared to a loss of 114.1 million rupees a year ago.
Analysts said PB Fintech continues to benefit from increasing sales of insurance policies in the Indian market, with rising financial awareness.
PB Fintech’s revenue from operations rose nearly 52% to 10.10 billion rupees, led by a 67% growth in its largest segment – insurance broking.
Online insurance new premium increased 62% year-on-year, led by growing demand for health and life insurance policies, the company added.
Meanwhile, its credit business growth, which had taken a hit in the previous quarter following the Indian central bank’s crackdown on unsecured lending, remained sluggish.
PB Fintech disbursed credit worth 31.40 billion rupees during the quarter, down from 35.42 billion rupees a year earlier.
The company’s shares ended 2.6% lower ahead of the results.
($1 = 83.9040 Indian rupees)
(Reporting by Nishit Navin; Editing by Eileen Soreng)
