PB Fintech, the parent company of Policybazaar, on Monday (February 26) settled 7.48% higher at ₹1,102.30 on the BSE. During intraday trading, the stock soared over 10% to reach the day's high of ₹1,134.80, touching a fresh 52-week high on the BSE in an otherwise weak market session. The stock had previously reached a record high of ₹1,470 per share on November 17, 2021.
On Monday, the benchmark BSE Sensex dropped 353 points to settle at 72,790 while the broader NSE Nifty50 fell by 91 points to close at 22,122.
In recent days, PB Fintech's wholly-owned subsidiary, Policybazaar Insurance Brokers, received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI) to elevate its license from a direct insurance broker to a composite insurance broker.
In a regulatory filing on February 16, PB Fintech highlighted, "The in-principle approval will allow us to deepen the insurance penetration in the country by bringing more technology, process control, and data analytics-based innovation into reinsurance capacity."
A composite insurance broker, upon approval, gains the authority to sell reinsurance products alongside general and life insurance products.
The upgraded license positions Policybazaar to diversify its service offerings into risk management, facilitate the sale of reinsurance products, and manage claims data.
Formerly restricted to engaging in life and general insurance broking as a direct insurance broker, this strategic move is poised to broaden Policybazaar's market presence and enhance its role in the insurance sector.
It's important to note that the recent approval is in principle, and the final approval is pending.
(Edited by : Ajay Vaishnav)
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