Key Financial Figures

Q2FY27 Performance (Consolidated):

  • Total Insurance Premium: ₹9,385 Cr (up 38% YoY)
  • Core Online Insurance Premium: up 38% YoY
  • New Protection Premium (Health + Term): up 42% YoY
  • New Health Insurance Premium: up 46% YoY
  • Total Lending Disbursal: ₹4,739 Cr
  • Core Lending Disbursal: up 22% YoY
  • Operating Revenue: ₹2,178 Cr (up 35% YoY)
  • Core Insurance Revenue: up 42% YoY
  • Core Credit Revenue: up 19% YoY
  • PAT: ₹192 Cr (up 43% YoY)
  • PAT Margin: 9% (up from 8% YoY)
  • Adjusted EBITDA: ₹216 Cr (up 39% YoY)
  • ESOP Charges: ₹51 Cr (down 13% YoY)
  • EBITDA: ₹166 Cr (up 69% YoY)
  • Depreciation: ₹44 Cr (up 29% YoY)
  • Finance Cost: ₹12 Cr (up 26% YoY)
  • Other Income: ₹100 Cr (up 18% YoY)
  • Share of Loss of Associates: ₹4 Cr
  • Tax: ₹13 Cr (up 82% YoY)

H1FY27 Performance (Consolidated):

  • Total Insurance Premium: ₹17,757 Cr (up 39% YoY)
  • Operating Revenue: ₹4,066 Cr (up 37% YoY)
  • PAT: ₹355 Cr (up 62% YoY)
  • PAT Margin: 9% (up from 7% YoY)
  • Adjusted EBITDA: ₹402 Cr (up 64% YoY)
  • ESOP Charges: ₹98 Cr (down 14% YoY)
  • EBITDA: ₹305 Cr (up 131% YoY)
  • Depreciation: ₹84 Cr (up 25% YoY)
  • Finance Cost: ₹23 Cr (up 27% YoY)
  • Other Income: ₹193 Cr (up 5% YoY)
  • Share of Loss of Associates: ₹7 Cr
  • Tax: ₹29 Cr (up 93% YoY)

Operational Highlights

Core Business Metrics:

  • Core Renewal/Trail Revenue (12-month rolling): ₹1,097 Cr (up 42% YoY)
  • Quarterly Core Insurance Renewal Revenue ARR: ₹1,153 Cr (up from ₹758 Cr YoY)
  • Core New Insurance Premium (net of Savings): growth holding strong at 41% YoY
  • Core New Insurance Premium (including Savings): grew 34% YoY
  • Insurance CSAT: consistent above 90%
  • Active Partner Count: 1.31 lacs (up 55% YoY)
  • Present in 19k pin codes across India, covering 99% of pin codes
  • Tier 2 and Tier 3 markets contributed 76% of overall GWP for the quarter

Segment Performance:

Core Online Business (Policybazaar & Paisabazaar):

  • Premium: ₹6,543 Cr (up 38% YoY)
  • Revenue: ₹1,336 Cr (up 39% YoY)
  • Contribution: ₹583 Cr (up 36% YoY)
  • Contribution Margin: 44%
  • Adjusted EBITDA: ₹259 Cr (up 41% YoY)
  • Adjusted EBITDA Margin: 19%

New Initiatives (PB Partners, PB for Business, PB UAE, PB Connect, PB Pay, Pensionbazaar):

  • Premium: ₹2,842 Cr (up 37% YoY)
  • Revenue: ₹842 Cr (up 28% YoY)
  • Contribution: ₹48 Cr (up 33% YoY)
  • Contribution Margin: 6%
  • Adjusted EBITDA: -₹42 Cr
  • Adjusted EBITDA Margin: -5%

PB Partners Performance:

  • Supports over 570k+ advisors
  • Total Q2FY27 Premium: ₹1,989 Cr (Ex GST, up 36% YoY)
  • Revenue: ₹698 Cr (up 39% YoY)

UAE Operations:

  • Q2FY27 Insurance Premium: grew 36% YoY
  • Aligning more towards health & life insurance
  • Unique value proposition of cross-border health insurance products & Claims assurance program for motor insurance

Historical Performance Context

Since public listing:

  • Revenue grew at CAGR of 51% from ₹280 Cr in Q2FY22 to ₹2,178 Cr in Q2FY27
  • PAT margin grew from -73% in Q2FY22 to 9% in Q2FY27

Auditor's Review

Walker Chandiok & Co LLP provided limited review report with following qualifications:

  • IRDAI inspections of Policybazaar Insurance Brokers Private Limited with penalty of ₹500 lacs paid in previous year
  • Search and survey proceedings by Directorate General of GST Intelligence and Income Tax Department at Paisabazaar Marketing and Consulting Private Limited
  • Did not review interim financial results of 7 subsidiaries and 1 associate

Capital Structure Impact

  • Paid-up equity share capital: ₹9,255 lakhs (face value ₹2 per share)
  • During quarter, allotted 57,885 equity shares and transferred 18,360 equity shares from ESOP Trust pursuant to exercise of options

Forward-looking Statements

The company stated: "Our Total Insurance Premium for the quarter was ₹9,385 Cr, up 38% YoY, led by growth in core online new protection business at 42% YoY (new Health insurance up 46% YoY)."