POLICYBZR — earnings call

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Prepared remarks

the insurance policy. · Coming to the results, we grew 42% year-on-year, to almost ₹30,000 Cr. I wish it was ₹30,000 Cr, but

Coming to the results, we grew 42% year-on-year, to almost ₹30,000 Cr. I wish it was ₹30,000 Cr, but it's ₹29,934 Cr, led by new protection premium, which grew at 57% year-on-year.

And the PAT is at ₹670 Cr, which represents 2.2% of our premium.

Now, for the full year, our insurance premium obviously grew at 42%, but for the quarter, it grew at 46% year-on-year.

So, what I'm trying to say is, as we get towards the end of the year, the speed has increased a little bit.

The core online insurance premium is up 39% for the year.

And the new protection premium is up 57% for the year.

However, when you look at the same numbers on the quarter, they are 44% and 67% each.

Obviously, the fact the last two quarters were somewhat faster growth bodes well as we go forward, and also because the savings business came out of a low cycle, you're starting to see some higher growth.

The lending disbursal is also clearly in the positive territory now.

We are up 11% year-on-year.

Overall, at the financials, the operating revenue for full year is ₹6,794 Cr, the operating revenue for the quarter is just about ₹2,000 Cr. The new protection business in Q4FY26 was up for the year 57%, health at 68%, so even in this, 67% year- on-year protection story, health continues to be slightly ahead of the pack, which is a positive sign.

But term is catching up fast, and as we look into the new year, term is certainly going to be challenging health.

For the overall year, the consolidated operating revenues grew 37%.

I think we've given you all these numbers.

When we look at our core renewal revenues, as I explained why the quarter is doing better and why we feel confident about the financials for the coming years.

As I said in the past, our renewals is a large contributor to our future growth of profits.

That has gone up for the last 12 months rolling from ₹668 Cr to ₹935 Cr, up ₹267 Cr. And for the quarter, this is at an ARR of ₹1,126 Cr, up from ₹689 Cr, so that's a growth of 63% year-on-year.

And this is one of the key drivers, not the only driver, I must emphasize that the new business is also contributing to increasing profits and doing so very handsomely.

The second part is the growth has been, obviously, accelerating.

So, as we said, net of savings, we look at one thing which is net of savings; over the last few years, we've been in the 30-40% range.

Mostly around 35%.

But this quarter, we were at 59% year-on-year.

That is basically savings coming into growth territory again.

And including savings, we were at 48% year-on-year for the quarter, for the new insurance premium.

So again, new versus renewals, new is still outgrowing renewals.

And new health is outgrowing everything else.

We're continuing to improve our customer onboarding and claim support and the insurance CSAT is now consistently above 90%.

Even our Paisabazaar CSAT, which used to be at about 72%, has finally reached about 90%, which is a very positive turn.

Our credit revenue is up 7% year-on-year, and the disbursal is up 11% year-on-year.

However, I must emphasize, Paisa has made very significant difference in the last one year in terms of the stability of its supplier base.

In terms of the service that we provide as a platform, we are no longer just a redirection platform, we are increasingly an end-to-end platform, and in terms of its customer service.

So, the core reasons why our business exists, it has improved remarkably on.

Obviously, our new initiatives, as you've seen, have continued to do well.

Our EBITDA is at -4%, with a 5% contribution margin.

We've grown at 43% year-on-year.

However, I must emphasize, new initiatives, I don't know why we call it new anymore, it's about 3-4 years old.

The new initiative is now growing pretty much at the same pace as the other businesses, so there is nothing very specific about the growth rate here.

PB Partners has 450,000 advisors.

And it is the most diversified business.

99% of the PIN codes in the country are covered.

Our UAE business grew 54% year-on-year.

They have built their strength on the basis of cross-border health insurance and life insurance products, as well as the claims assurance program.

Again, learning from Policybazaar in India, and taking those learnings there and applying them beautifully.

The consolidated PAT, as I said grew, I've already said all this.

To summarize: Once in a while, it helps to look back at November'21 and now where we are.

Our revenue has grown at a CAGR of 48% over this period, over the last 4 or 5 years, and our PAT has grown from -58% to 10% in the full year of 2026.

I'll stop there and take questions, please.

Hi.

Two questions.

One is, can you give some update on what happened, and how did the UAE business fare this quarter, and is there a particular outlook on this business?

Okay, got it.

You know, on the term and health, we have seen a beautiful J-curve post-GST cuts, and if I look at the savings business, I think we're at an industry level…

Yeah, so the question was actually on savings business, when do you see the similar J-curve in savings business?

And I think more from a broader industry point of view as well, right?

I mean, the life industry, new business premiums have sort of stagnated at low double-digit levels.

So, what can the industry do, or distributors do, or what can the government do to nudge both the parties to kind of have a similar J-curve in the savings business?

But do you think, a meaningful change in commission, origination expenses, operating expenses, EOM can kind of make the proposition much more attractive?

I mean, is that something that can trigger customers to buy more of savings products?

That's fair.

Great, thank you very much.

Got it, got it.

Thank you very much, and all the best.