Insurance premium increased by 46% to Rs 6,975 cr at the end of March: PB Fintech

Policybazaar and Paisabazaar’s parent company, PB Fintech, said that for the financial year ended March 31, 2022, the company’s total insurance premium increased to Rs 6,975 crore, a growth of 46%. For the quarter ended March 31, 2022, the total insurance premium compared to the same period last quarter increased to a total of Rs 2,177 crore, representing a growth of 70%.

The new life insurance premium increased by 40% in the year ended March 31, 2022 compared to last year. The health insurance premium has increased by 47%. This is for Indian business, but excluding Point of Sale (POSP).

For the quarter ended March 31, 2022, compared to the same quarter last year, new life insurance premium increased by 38% and health insurance premium by 40%.

PB Fintech’s digital consumer credit market, Paisabazaar, disbursed loans of Rs 6,607 crore, a jump of 126%. It issued 162,000 credit cards compared to 45,000 last fiscal year. Up to 2.7 crores of consumers used the credit score product, an increase from 2.2 crores in the previous year.

As for the quarter ended March 31, 2022, compared to the same quarter last year, loan disbursement increased by 72% to Rs 2,189 crore. Credit cards issued through Paisabazaar increased by 299% to 73,000.

The insurance premium through POSP (B2B2C business) for March 2022 exceeded Rs 200 crore per month. A total premium of Rs 745 crore was generated for the financial year ending March 2022.

Additionally, insurance premium for Dubai businesses increased by 132% to Rs 124 crore for the financial year ending March 2022 in the last financial year, the company said.

Also read: One in three life insurance policies in India sold to women: SBI Ecowrap

Also read: PSU insurers file COVID insurance claims worth Rs 17,537 cr till December: Government

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