Policybazaar Insurance Brokers, a wholly owned subsidiary of PB Fintech, has now become a composite insurance broker with the insurance regulator IRDAI handing over the certificate of registration to the company.
This latest upgrade from earlier category of direct insurance broker (general and life insurance) to a composite insurance broker will allow Policybazaar to enter reinsurance products selling.
The IRDAI Certificate of Registration as a composite broker will be valid from Wednesday, according to a stock exchange filing by PB Fintech on Wednesday.
- Also read: IRDAI gives in-principle nod for Policybazaar to upgrade license, enter reinsurance selling
PB Fintech had recently announced that IRDAI had granted in-principle approval for Policybazaar to function as a composite insurance broker.
This will allow Policybazaar 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 on a revenue of ₹871 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.
On Thursday, PB Fintech’s shares closed at ₹ 1168.40, up 0.63 percent over previous day’s close at BSE.