Ajay Kumar Verma
During the quarter, the company recorded its total insurance premium reaching Rs 7,605 crore, up 39.5% from Rs 5,450 crore in Q2 FY25. The core online insurance premium was up 34% at Rs 5,263 crore, while new protection business, including health and term insurance, grew 44%. In fact, the health insurance vertical led with a 60% YoY growth, the company said in its exchange filings.
PB Fintech, which operates Policybazaar and Paisabazaar, saw its revenue growth outpace expenses during the quarter. Its consolidated revenue from operations rose 38% to Rs 1,614 crore, while total expenses increased 28.5% to Rs 1,558.82 crore.
Meanwhile, credit revenue fell 22% YoY to Rs 106 crore in Q2 FY26, reflecting continued pressure in PB Fintech Ltd.’s lending business, though the company said it has “bottomed out” with 4% sequential growth.
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The company also reclassified PB Connect—a secured credit distribution pilot launched in Q2 FY25—out of its core business and into “new initiatives.” The shift makes the core segment appear more profitable, separating the credit distribution experiment from the company’s main lending operations.
The “new initiatives” segment, which includes PB Partners, PB UAE, PB for Business, and PB Connect, delivered strong topline momentum. Revenue from the group rose 61% to Rs 655 crore from Rs 407 crore a year earlier.
“We further strengthened our leadership in New initiatives with revenue growth of 61% YoY, adjusted EBITDA margin moving from -12% to -4%, with 5% contribution,” the company said.
PB Partners, the company’s agent aggregator platform, continued to scale with more than 380,000 advisors, contributing to the segment’s 5% share of overall revenue. The UAE business, meanwhile, maintained profitability for a third consecutive quarter, with insurance premiums up 64% YoY and a growing tilt toward health and life insurance.
Edited by Suman Singh
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