IRDAI slaps ₹5 crore penalty on Policybazaar for regulatory violations

The Insurance Regulatory and Development Authority of India (IRDAI) on Monday (August 4) imposed a penalty of ₹5 crore on Policybazaar Web Aggregator Private Limited, now known as Policybazaar Insurance Brokers Private Limited. The action follows violations under the Insurance Act, 1938, and associated rules and regulations.Exercising its powers under Section 102 of the Insurance Act, 1938, IRDAI also issued a direction, advisory, and caution to the company. The regulator’s order pointed to multiple regulatory lapses that warranted penal action.

First Quarter Results

PB Fintech Ltd, the parent entity of Policybazaar, reported a 40% year-on-year (YoY) jump in net profit at ₹84.5 crore for the first quarter that ended June 30, 2025. In the corresponding quarter of the previous fiscal, PB Fintech posted a net profit of ₹60.2 crore. The company’s revenue from operations surged 33.5% to ₹1,348 crore as against ₹1,010 crore in the corresponding period of the preceding fiscal.
Also Read: PB Fintech founders likely to sell $106 million stake via block deal at ₹1,800 per sharePB Fintech reported a total insurance premium of ₹6,616 crore for the first quarter, marking a 36% year-on-year growth, driven primarily by a 65% increase in online new health insurance. Core insurance revenue rose 37% year-on-year, while core credit revenue declined by 22%.

The company’s renewal or trial revenue on a 12-month rolling basis reached ₹725 crore, up from ₹506 crore in the same quarter last year, registering a 43% growth. For insurance, the quarterly renewal revenue is at an annualised run rate (ARR) of ₹673 crore, reflecting a 47% year-on-year increase. This renewal stream continues to be a key driver of long-term profit growth.

Shares of PB Fintech Ltd ended at ₹1,781.95, up by ₹1.40, or 0.079%, on the BSE.

Also Read: PB Fintech shares surge after Citi expects stock to retest previous record high