Analyst Day: Spotlight On Operational Drivers; AI & New Initiatives

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Analyst Day: Spotlight On Operational Drivers; AI & New Initiatives

India | Insurance

PB Fintech EquityMayResearch12, 2026

FLASH NOTEAnalyst Day: Spotlight On Operational Drivers;

RATING BUYAI & New Initiatives

PRICE INR1,643.75^

The focus of PB's analyst day was on operational drivers behind its success.

Key takeaways from us were: (i) value-added services to deepen moats PRICE TARGET | % TO PT INR1,950 | +19%

in health/motor insurance, (ii) factors behind AI posing limited risks to 52W HIGH-LOW INR1,977.75 - INR1,334.20

PB’s model, (iii) drivers behind Paisabazaar’s transformation, (iv) POSP, a FLOAT (%) | ADV MM (USD) 74.4% | 34.18

medium-term opportunity, and (v) plans around capital allocation. Maintain MARKET CAP INR760.6B | $8.0B

BUY with an SOTP-based PT of Rs1,950, which implies a 41x Jun'28e EV/ TICKER POLICYBZ IN ^Prior trading day's closing price unless otherwise

Adj. EBITDA. noted.

Key topics discussed at PB Fintech's analyst day

Exhibit 1 - Some interesting insights from PB

#1: Building value-added services to deepen Policybazaar’s moats: PB has 27% mkt share Fintech's Analyst Day

in term insurance and 18% mkt share in fresh health insurance. PB is creating value-added What new insights did we gather?

services in health and motor insurance to further expand its customer engagement and Term1/4th ofinsurancefresh term business

improve quality of its book. PB Care+: Pre-selected hospital network with pre-approved claims 95% monthly mode payments increasing affordability

Savings

and faster settlement. Assured delivery program: PB’s preferred motor garage network which Premium mix: 75% ULIPs; 25% Capital Guarantee

results in faster TAT (50% lower) and lowers costs (30% lower). EasyHealthswitching in ULIPs being used to drive growth