The Insurance Regulatory and Development Authority of India (IRDAI) has awarded Policybazaar Insurance Brokers, a subsidiary of PB Fintech, a Certificate of Registration, enabling it to function as a composite insurance broker from February 28.

What Happened? This update shifts Policybazaar’s status from a Direct Insurance Broker (Life & General) to a Composite Insurance Broker.

On February 17, PB Fintech announced in a stock exchange filing that IRDAI had granted Policybazaar the in-principle approval to upgrade its license to a composite insurance broker. “This upgrade will help us enhance insurance penetration in the country through the introduction of more technology, process control, and data analytics-driven innovation in re-insurance capacity,” PB Fintech stated.

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Last month, PB Fintech celebrated its first-ever net profit, posting ₹37.2 crore for the quarter ending December 31, 2023. Over the nine months ending December 31, 2023, the company reported a net profit of ₹4.2 crore. Additionally, PB Fintech experienced a 43% revenue growth, reaching ₹871 crore in the third quarter ended December 31, 2023.

Price Action: PB Fintech shares were trading 1.18% lower at ₹1,148.00 shortly after market open on Thursday.

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