Policybazaar Insurance Brokers, PB Fintech’s subsidiary, Receives IRDAI Approval for Composite Insurance Broker License

PB Fintech’s subsidiary, Policybazaar Insurance Brokers, has secured approval from the Insurance Regulatory and Development Authority of India (IRDAI) to transition from a direct insurance broker to a composite insurance broker. This upgrade enables Policybazaar to sell reinsurance products in addition to general and life insurance offerings, thereby enhancing insurance penetration in India.

IRDAI Approval Details

• Policybazaar Insurance Brokers, a wholly-owned subsidiary, receives in-principle approval for license upgrade.
• Upgradation from direct insurance broker to composite insurance broker facilitates expansion into reinsurance products.

Implications of the Upgrade

• Enhanced range of services including risk management, sale of reinsurance products, and claims data maintenance.
• Integration of technology, process control, and data analytics to bolster reinsurance capacity and innovation.

Financial Performance Highlights

• PB Fintech records first-ever net profit of Rs 37.2 crore in Q4, compared to a net loss of Rs 87 crore in Q3FY23.
• Revenue from operations surges 43% YoY to Rs 871 crore for the December quarter.