The company’s total insurance premium for the quarter surged 61% to Rs 4,871 crore up from Rs 3,011 crore, driven by a 78% year-on-year growth in new health and life insurance business. Renewal or trail revenue achieved an annual recurring revenue (ARR) of Rs 559 crore, up from Rs 418 crore last year.
The company saw moderation in credit business, where the credit disbursals fell from Rs 3542 crore to Rs 3140 crore. However, the company said that despite a moderation in its credit business, PB Fintech remained adjusted EBITDA positive since December 2022. The company reported more than 1.3 lakh credit card issuances.
Shares of PB Fintech fell 2.93% to Rs 1,431 on the BSE, while the benchmark index declined 0.21% on Tuesday.