PB Fintech's subsidiary gets approval from IRDAI to act as 'composite insurance broker'

PB Fintech said that the Insurance Regulatory and Development Authority of India (IRDAI), has granted certificate of registration to the company's wholly owned subsidiary Policybazaar Insurance Brokers to act as composite insurance broker.

"With grant of new certificate of registration, the category has been changed from direct insurance broker (life & general) to composite insurance broker, the Policybazaar-platform operator said in a statement.

PB Fintech is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. It operates Policybazaar, the India's largest digital insurance marketplace and Paisabazaar that provides services related to lending products.

The company reported consolidated net profit of Rs 37.22 crore in Q3 FY24 as compared with a net loss of Rs 87.62 crore recorded in Q3 FY23. Revenue from operations jumped 42.74% year on year (YoY) to Rs 870.89 crore in the quarter ended 31 December 2023.

The scrip slipped 0.44% to currently trade at Rs 1155.95 on the BSE.

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