India’s Policybazaar parent’s profit more than doubles on online insurance growth

India’s PB Fintech posted a more than two-fold jump in second-quarter profit on Wednesday, as its digital insurance business, Policybazaar, benefitted from increased demand for insurance products online.

Consolidated net profit for the firm, which also operates credit marketplace Paisabazaar, surged 164.6% to 1.35 billion rupees ($15.3 million) in the quarter ended September 30 from 509.8 million rupees a year earlier.

India’s $53 billion-dollar insurance industry has grown at a robust pace as authorities push for inclusive coverage, with Policybazaar’s position as an online insurance marketplace helping its parent cash in.

Revenue in PB Fintech’s largest segment, insurance broking, jumped 43%, pushing up overall revenue from operations by 38.2% to 16.14 billion rupees.

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The company’s revenue from insurance premiums grew by 40% year-on-year, led by a 44% rise in new health and term insurance premium.

The company said its core credit business, which took a hit following the Indian central bank’s crackdown on unsecured lending, continued to face stress with loan disbursals down 33% year-on-year.