PB Fintech saw a 7% increase following approval from the insurance regulator to venture into reinsurance broking. Notably, the IRDAI upgraded the company’s license to a ‘composite insurance broker’, enabling expansion beyond general and life insurance into reinsurance. Reinsurance essentially serves as insurance for insurance companies, allowing them to mitigate risks in their portfolios, particularly during major claims incidents like natural disasters. In India, the reinsurance market amounted to Rs 55,678 crore in FY23, significantly larger than Policybazaar’s operating revenue of Rs 2,558 crore in the same period. Citi views this approval as positioning PB Fintech favorably, setting a target price of Rs 1,150, representing a 16% increase from current levels.