PB Fintech's Policybazaar nearly quadruples fresh health insurance market share to 18-20%

PB Fintech's Policybazaar has nearly quadrupled its share of India's fresh retail health insurance market over the past four years, with its estimated market share rising to 18-20% in FY26 from around 4.5% in FY22, the company said in its annual report.

The growth was fuelled by a 68% rise in fresh health insurance premium during the year, helping drive a 57% increase in new protection premium across health and term insurance. Protection products now account for more than 70% of Core Online insurance revenue, highlighting a shift towards higher-margin business.

PB Fintech online insurance trends

PB Fintech said the quality of growth improved as protection products formed a larger share of its insurance business.

Core Online insurance premium grew 39% in FY26, led by health and term insurance, while renewal and trail revenue rose 40% to ₹935 crore. Policybazaar served 5.8 million transacting customers during the year, taking cumulative transacting consumers to 26.4 million and total policies sold to 67.3 million.

The platform works with 53 insurer partners and offers more than 900 insurance plans. Life insurance persistency stood at 88% at the 13th month and 73% at the 61st month, while health insurance persistency was 87% for the year.

Paisabazaar credit business mixed

Paisabazaar facilitated loan disbursals worth ₹30,740 crore in FY26, up 50% from a year earlier, and issued 3.5 lakh credit cards.

However, Core Online credit disbursals declined 20% to ₹9,474 crore, while revenue from the segment fell 11% to ₹445 crore as lenders remained cautious on unsecured credit.

The platform said 5.8 crore consumers had accessed their credit scores, while cumulative transacting customers reached 7.5 million. PB Fintech added that its risk-scoring framework flagged proposals representing about ₹9,618 crore of sum assured during the year.

PB Fintech FY26 profit nearly doubles

Against this backdrop, PB Fintech reported a 90% year-on-year jump in profit after tax to ₹670 crore in FY26 from ₹352 crore a year earlier.

Revenue from operations rose 37% to ₹6,794 crore, while adjusted EBITDA more than doubled to ₹725 crore. The PAT margin improved to 9.9% from 7%, supported by faster growth in protection products and renewal revenue.

New ventures expand

Revenue from PB Fintech's new initiatives increased 43% in FY26. Adjusted EBITDA margin for the segment improved to negative 4% from negative 9% a year ago, while contribution margin rose to 5%.

During the year, the company launched Pensionbazaar and PB Wheels, expanded its UAE operations through paisabazaar.ae and opened a branch in GIFT City. It also received an NBFC Account Aggregator licence and approval for a Payment Aggregator licence.

PB Partners now connects more than 4.5 lakh registered advisors across around 19,000 pin codes.

The company remained debt-free and ended FY26 with cash and cash equivalents of ₹5,109 crore.

Shares of PB Fintech closed 1.7% higher at ₹1,822 on Tuesday. The stock has gained 12% over the past month and is up 2% over the last 12 months.

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