PolicyBazaar parent PB Fintech's profit jumps 165% to Rs 189 crore in Q3 FY26

PB Fintech Limited, the parent of Policybazaar and Paisabazaar, has reported its financial results for the third quarter of FY26.

For the quarter, total insurance premium stood at Rs 7,965 crore, up 45% year-on-year and 17% sequentially. Growth was led by the core online new protection business, where premiums rose 68% YoY.

Within this, new health insurance premium increased 79% YoY, reinforcing the company’s focus on protection-led products. Core new insurance premium, excluding savings products, grew 56% YoY during the quarter. Including savings, growth stood at 36% YoY. Excluding savings, the company said it has delivered growth in the 34% to 56% range for the past 11 quarters.

Operating revenue increased 37% YoY to Rs 1,771 crore. Core insurance revenue grew 42% YoY, while core credit revenue continued its sequential recovery, rising 8% quarter-on-quarter. Adjusted EBITDA grew 154% YoY to Rs 199 crore, with margins expanding to 11% from 6% a year earlier.

Profit after tax rose 165% YoY to Rs 189 crore, compared with Rs 71 crore in Q3 FY25. PAT margin improved to 11% from 6% last year. PAT for the quarter represented 2.38% of total insurance premium.

Lending disbursals during the quarter stood at Rs 9,986 crore, up 84% YoY. For the core online credit business, quarterly disbursal was Rs 2,470 crore, while credit revenue stood at Rs 115 crore.

A key driver of PB Fintech’s improving profitability has been the steady expansion of renewal and trail revenue. Core renewal revenue on a 12-month rolling basis reached Rs 841 crore, up from Rs 608 crore in the same quarter last year, representing 38% growth.

The insurance segment led this expansion with 60% growth. Quarterly core insurance renewal revenue now stands at an annualised run rate of Rs 863 crore, compared with Rs 538 crore in Q3 last year.

PB Partners, the company’s agent aggregator platform, continued to scale during the quarter, with over 400,000 advisors on the platform. The company said it has increasingly shifted the business towards smaller and higher-quality advisors and now operates across 19,000 pin codes, covering 99% of India’s pin codes. This expansion has supported growth in Tier 4 and Tier 5 towns and improved diversification across insurance and credit products.

The company’s UAE insurance business also reported strong momentum, with premium growth of 62% YoY. The business is increasingly aligned with health and life insurance, mirroring the India portfolio, and offers cross-border health insurance products and a claims assurance programme for motor insurance. The UAE operation has been profitable for four consecutive quarters.

PB Fintech said revenue from new initiatives grew 41% YoY during the quarter. The adjusted EBITDA margin for these initiatives improved from -7% to -3%, with a contribution margin of 6%, reflecting operating leverage as scale improves.