PB Fintech on Friday said that insurance regulator IRDAI has granted in-principle approval to its wholly owned subsidiary Policybazaar Insurance Brokers (Policybazaar) to upgrade its license from a direct insurance broker (Life and General) to a composite insurance broker.

This approval is expected to pave the way for Policybazaar to sell reinsurance products besides being a pure play platform focused on insurance buying. 

“Insurance Regulatory and Development Authority of India (IRDAI) has granted In-principle approval to Policybazaar Insurance Brokers Private Limited (Policybazaar), a wholly owned subsidiary of the company for upgradation of license from direct insurance broker (Life and General) to composite insurance broker,” PB Fintech said in a stock exchange filing on Friday evening.

“This will allow us to deepen the insurance penetration in the country by bringing more technology, process control and data analytics based innovation into re-insurance capacity.”

PB Fintech had last month reported its first-ever net profit of ₹37.2 crore for the quarter ended December 31, 2023. For the nine months ended December 31, 2023, PB Fintech reported a net profit of ₹4.2 crore.

PB Fintech’s revenue from operations grew 43 per cent to ₹871 crore in the third quarter ended December 31, 2023.