PB Fintech (POLICYBZ IN) Our read-through from the Analyst Day

研报英文原文证据摘录

PB Fintech (POLICYBZ IN) Our read-through from the Analyst Day

ways from analyst meet: The discussion revolved around its ability to sustain 52-WEEK PRICE (INR)

its moats in protection business, regulatory pressure, capital allocation, other businesses

2200.00

and the impact of AI. These are discussed below in brief:

1750.00

◆ Protection (term + health insurance): Protection business contributes to 70%+ of

1300.00

core insurance revenue. Sharp market share gains over the past five years have 05/25 11/25 05/26

been driven by stronger, needs-based products, expansion into new customer TargetHigh: 1957.30price: 2100.00Low: 1426.90 Current: 1642.50

cohorts (self-employed and women), and improved claims servicing. Source: LSEG IBES, HSBC estimates

◆ Regulations: It clarified that it is well placed to absorb any incremental impact on its

Rahil Shah*

revenue, due to changes in commission structure or ‘EoM’ guidelines. Analyst, India Financials

HSBC Securities and Capital Markets (India) Private Limited

◆ Shift from product to ecosystem: Savings products are increasingly positioned rahil.shah@hsbc.co.in

within broader wealth management and retirement solutions. It is also expanding in +91 22 6628 3719

motor insurance via PB Wheels, and in health insurance by broadening healthcare Abhishek Murarka*

Senior Analyst, India Financials

offerings through initiatives like PB Care+. HSBC Securities and Capital Markets (India) Private Limited

abhishek.murarka@hsbc.co.in

◆ Paisabazaar: Following a year of transformation, PBFIN is ready to scale this +91 73049 07567

business through new partner tie-ups, focusing on secured loans, mutual funds, and Gaurav Sharma*

Analyst, India Financials

other financial products, alongside more engaging propositions such as payments.