(Reuters) -India’s PB Fintech reported a 40% rise in first-quarter profit on Thursday, as more consumers turned to digital platforms for insurance products.
Analysts said PB Fintech benefited from increasing demand in India’s largely untapped insurance market.
Through its Policybazaar platform that helps users select insurance coverage and Paisabazaar, which matches borrowers with lenders, the company is cashing in on India’s digital finance boom.
The company posted a consolidated net profit of 845.9 million rupees ($9.7 million) for the three months ended June 30, up from 601.8 million rupees a year earlier.
PB Fintech’s revenue from operations rose 33% to 13.48 billion rupees in the quarter, led by a 40% jump in insurance broking, its largest segment.
The company’s insurance premium grew 36%, led by a 65% rise in new health insurance policies.
($1 = 87.5130 Indian rupees)
(Reporting by Nishit Navin and Chandini Monnappa; Editing by Sahal Muhammed)
