PB Fintech sees 62 per cent profit surge to Rs 60 crore in Q4

New Delhi : PB Fintech Ltd, the parent firm of Policybazaar and Paisabazaar platforms, on Tuesday posted a net profit of Rs 60.2 crore in the fourth quarter of FY24, a 62 per cent jump (quarter-on-quarter).

The operating revenue jumped 25 per cent to Rs 1,089.6 crore in Q4, the company said in a statement. For the full year (FY24), profit after tax (PAT) improved from a loss of Rs 488 crore to a profit of Rs 64 crore (YoY).

Policybazaar's total insurance premium for Q4 stood at Rs 5,127 crore, a 43 per cent increase (YoY), led by growth in the new health and life insurance business.

"Our total insurance premium for the quarter was Rs 5,127 crore, an annual run rate (ARR) of Rs 20,000 crore insurance premium," PB Fintech said.

According to the company, the consistent efforts to improve customer service and claims support are "paying off with multiple heartening customer messages and continue to be reflected by a CSAT (customer satisfaction score) of 89 per cent for Q4 FY24".

More than 75 per cent of cards were processed end-to-end 100 per cent digitally and more than 75 per cent disbursals are from existing customers, it noted.