The company’s gross premiums for the quarter surged 61% to Rs 487.1 billion from Rs 301.1 billion, driven by a 78% year-on-year increase in new health and life insurance business. Renewal or trial income helped the company achieve annual recurring revenue (ARR) of Rs 55.9 billion, up from Rs 41.8 billion a year ago.
The company experienced a slowdown in its credit business, with credit disbursements declining to Rs 314 billion from Rs 354.2 billion. However, the company said that despite the slowdown in credit business, PB Fintech has maintained positive adjusted EBITDA since December 2022. The company reported issuance of over 130,000 credit cards.
Shares of PB Fintech fell 2.93 per cent to Rs 1,431 on the BSE, while the benchmark index fell 0.21 per cent on Tuesday.
