Please find enclosed the Transcripts of Earnings Call conducted on October 30 , 2026

November 04, 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Department of Corporate Services/ Listing Plot No. C/1, G Block, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai – 400051 Mumbai – 400001 SYMBOL: POLICYBZR SCRIP CODE: 543390 Sub: Transcripts of the Earnings Call conducted on October 30, 2026 Dear Sir/Madam, In furtherance to our earlier communication dated October 27, 2026, October 30, 2026 and pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Transcripts of the Earnings Call conducted on October 30, 2026. The transcript of Earnings Call is also available on the website of the Company at https://www.pbfintech.in/investor-relations/. You are requested to kindly take the same in your records. Yours Sincerely, For PB Fintech Limited Bhasker Joshi Company Secretary and Compliance Officer Encl.: A/a PB FINTECH LIMITED Q2 FY 2026-27 Earnings Call October 30, 2026 Management: Good evening, everyone, and a very warm welcome to PB Fintech Limited Earnings Conference Call Q2FY27. Thank you for joining us today. On the call today, we have: • Mr. Yashish Dahiya, Chairman & Group CEO, PB Fintech • Mr. Alok Bansal, Executive Vice Chairman, PB Fintech • Mr. Sarbvir Singh, Joint Group CEO, PB Fintech • Ms. Santosh Agarwal, CEO, Paisabazaar • Mr. Dhruv Sarin, CEO, PB Partners • Mr. Mandeep Mehta, Group CFO, PB Fintech, and • Mr. Mohit Khobragade, Head, Investor Relations, PB Fintech We will begin with opening remarks from the management, followed by Q&A session. I now invite Yashish to share his opening remarks. Over to you, Yashish. Management: Thank you, Mohit. Good afternoon, good evening, good morning to everyone, wherever you are joining from. Thank you for joining us. We've had another strong quarter with healthy growth across insurance and credit. The total insurance premium for the quarter was ₹9,385 Cr, up 38% year-on-year, setting us up well for over ₹40,000 Cr this year. As always, growth was led by protection, because that's our focus from day one, and continues to be our focus. Core online new health and term grew 42% YoY, and within this, new health grew 46% YoY. Consolidated operating revenue grew 35% to ₹2,178 Cr. Core insurance revenue was up 42% YoY and core credit revenue, up 19% YoY. PAT grew 43% to ₹192 Cr, and PAT margin improved from 8% to 9%. The quality of this growth shows in its consistency. Core new premium, excluding savings, has now grown at above 34% for 14 consecutive quarters. And our core renewal and trail revenue is now over ₹1,000 Cr, it's almost ₹1,100 Cr. On a rolling 12-month basis, up 42% year-on-year. In credit, disbursals grew 22% in the core business and this has now risen for 5 consecutive quarters. Our insurance-led new initiatives, PB Partners, UAE Business, and PB for Business, delivered ₹826 Cr of revenue, up 40% and are now close to break-even. UAE Premium grew 36% YoY. Let me now address the question straight up, which I'm assuming is on everybody's mind. First of all, where do we stand on IRDAI's consultation paper? IRDAI's consultation paper aims for lower mis-selling, better claims experience, lower prices, and deeper penetration. We absolutely support all of these goals fully. These are the goals Policybazaar was built on. Our first campaign back in 2009 was ‘Ullu Mat Bano’, aimed at addressing mis-selling. We have engaged constructively with the regulator, and we will implement the final framework fully, and in its spirit. Second, the impact. Lower distribution payouts will reduce our insurance distribution revenue, for sure. We are working on three fronts. We will expand our non-insurance revenue within and as the regulator permits and there is some anticipation that could happen. In the discussion paper, it does mention that. We will accelerate our ecosystem offerings. And as any long-term business should, we are evaluating other options to strengthen our business over time. We will share much more on this as and when the time is appropriate. Now, why do we remain confident? Health and term insurance stay deeply under-penetrated. And for the consumer, it's not really about buying the policy. The customer gets nothing on the day he buys it. The real test comes at claims. And I would like to just cover our record. On the four points that the regulators themselves lay out. On claims in the health insurance industry, the industry data says 87% of health claims are settled. That same number for Policybazaar customers is 97%. Last year, 11,156 rejected claims worth ₹185 Cr were reopened after initial rejection and paid. In the first half of this year alone, we supported about 1.25 lakh health claims and 80,000 motor claims. Our customer satisfaction is consistently above 90%. On persistency, 71% of our life policies are still in force at month 61. This is against a benchmark of 51% to 66% for the large players. Our renewal in health insurance is at 89%, rising to 91% from second-year renewals onwards. On mis-selling, in the life insurance category, we get 16 complaints from our customers per 10,000 customers. This is against a benchmark of 30 to 53. In health insurance, we get 21 claim complaints for every 10,000 claims. This is against a benchmark of 29 to 54. On Page 1 of 14 price reduction, for the plans they choose, our health customers pay, on average, 9% less and up to 30% less than some other channels. And on reach and expansion of the market, about 40% of new customers added in Retail Health across the country come through us. More than a quarter of India's pure term premium, 17.8% of the retail health premium came through us last year. 74% of our term policies and 64% of our health policies come from Tier 2 and Tier 3 cities. These outcomes are very much required in the country and that is why we, as a management team, are super confident that we solve this particular problem. We are a part of the solution, and we will only grow stronger through this. Our credit business and our UAE business are growing, and outside this broad framework. We will maintain strict cost discipline over the years as we go through this period. What will we not do? While maintaining this cost discipline, and profitability focus, we will not cut back on the customer proposition. Not one step back on that. Choice, transparency, and claim support remain non-negotiable. We will remain fully compliant and consult with the regulator on whatever we do in this area. Finally, since our listing, quarterly revenue has grown from ₹280 Cr to ₹2,178 Cr, a 51% CAGR, and the PAT margin has moved from -73% to 9%. That came from building around what customers need. And we have a very clear, let's call it, mission, or strategy, whatever you want to call it. Over the next 1000 days, we will serve customers well, we will stay focused on that, we will stay disciplined on cost, and we will keep investing in a market that remains deeply underpenetrated. It's a very simple strategy. Thank you. Look forward to your questions. Management: Thank you, Yashish. We will now move to the Q&A session. Management: We will take the first question from the line of Sachin Salgaonkar from BofA. Sachin, please unmute your mic. Sachin Salgaonkar: Hi Mohit, thank you. Good day, management. I have 3 questions. First question, want to understand anything specific happened in the quarter which led to an increase in selling and marketing expenses and other expenses, both in terms of QoQ as well as YoY. Management: Sachin, two things have happened. Last year, because of the GST impact and everything, and I think it was kind of pre-GST, although this quarter. But somehow, last year, from June to, obviously till December, the demand was very robust, and which meant that we spent, I would say, lower than our normal level of spending in marketing. This year, it's been the reverse. Actually, demand has [Showing first 8,000 characters — download PDF for full document]