Q4 2024 PB Fintech Ltd Earnings Call Transcript
Key Points
- PB Fintech Ltd (BOM:543390) achieved a significant milestone with a combined growth of 53% year-on-year in new premiums for health and life insurance.
- The company reported a total insurance premium of INR5,123 crores for the quarter, reaching an annual run rate (ARR) of INR20,000 crores.
- New insurance premiums grew by 47% for the quarter, indicating strong market performance.
- The company achieved a full-year PAT breakeven ahead of target, ending the year with a PAT of INR64 crores, a significant improvement from a loss of INR488 crores last year.
- Revenue for the year grew by 34% to INR3,438 crores, with core businesses Policybazaar and Paisabazaar growing by 39% to INR2,375 crores.
- The credit-linked business, Paisabazaar, showed slower growth, with a 22% increase, slightly above the guided 20% growth.
- New initiatives grew by only 15% year-on-year, which was subdued compared to the previous year's extraordinary growth.
- The company's PAT of INR64 crores was below internal expectations, indicating room for improvement.
- There were concerns about the impact of increased porting in health policies on the persistency of the back book and net present value (NPV) calculations.
- The take rate for savings products decreased, impacting overall revenue growth.
Hi. A very warm welcome to PB Fintech earnings call quarter four financial year 2023/2024. Today, we have with us Yashir Dahiya, Chairman and CEO of PB Fintech; Alok Bansal, Executive Vice Chairman, PB Fintech; Sarbvir Singh, Joint Group CEO, PB Fintech; Naveen Kukreja, Co-Founder & CEO, Paisabazaar; Mandeep Mehta, Group CFO, PB Fintech; and I'm Rasleen.
I will now request Yashish to give his introductory address.
Thank you very much, and good morning to everybody who's in this part of the world. First of all, I'm super pleased with this last quarter. And the primary reason for that is health and life Insurance combined, which is the core of our business and a bulk of our long-term value had a combined growth of 53% year on year in new premiums for the quarter. And that is clearly what drives our long-term profitability and our net present value of our business.
Health, I must call out, has
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