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The Insurance Regulatory and Development Authority of India (IRDAI) has granted in-principle approval to Policybazaar Insurance Brokers (Policybazaar), for upgradation of license from direct insurance broker (Life & General) to composite insurance broker.
A composite insurance broker can also sell reinsurance products besides general and life insurance products.
The company stated that this will allow it 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 is engaged in providing integrated online marketing and IT consulting and support services largely for the financial services industry including insurance. It operates Policybazaar, the India's largest digital insurance marketplace and Paisabazaar that provides services related to lending products.
The company reported consolidated net profit of Rs 37.22 crore in Q3 FY24 as compared with a net loss of Rs 87.62 crore recorded in Q3 FY23. Revenue from operations jumped 42.74% year on year (YoY) to Rs 870.89 crore in the quarter ended 31 December 2023.
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