Analyst said IRDAI chairman indicated PB Fintech's plans to diversify via MGA or becoming an insurer itself don't make sense under current rules, creating uncertainty for the stock

Mon 5 Oct 2026

Heard on business television between 13:42:27 - 13:45:27 IST.

• Manas Agarwal of Bernstein said he has not factored PB Fintech's MGA or insurer diversification plans into his forecasts given regulatory uncertainty.
• He said even if allowed, the business model and value capture from such diversification is difficult to quantify.
• He said PB Fintech (Policy Bazaar) claims to provide better underwriting and persistency outcomes and captures upside via take rates, which could be impacted if take rates fall under new norms.
• He said the company may need new ways to capture value or lose incentive to push products well if take rates are lowered.
• He noted this is a delicate situation as the regulator weighs whether to let the company share in value it creates for insurers.

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