India's Insurance and Lending Platforms Report Strong Quarters: PB Fintech's Profit Rises 43% to Rs 192 Crore, Bajaj Finserv Earns Rs 5,952 Crore and Max Financial's Half-Year Profit More Than Doubles

Three of India's best-known listed financial groups have reported results for the quarter or half-year ended September 30, 2026: PB Fintech, Max Financial Services and Bajaj Finserv. The figures below come from secondary summaries of the companies' results that were published on the investor-news site Investywise, dated October 30, October 27 and in the case of Bajaj Finserv following board approval on November 3, 2026. The stock-exchange filings themselves were not reviewed for this article, so the numbers should be checked against the filings on the BSE or NSE before anyone relies on them. In India, a crore is ten million rupees.

PB Fintech

PB Fintech operates Policybazaar, an online insurance marketplace, and Paisabazaar, a lending marketplace. For the second quarter of fiscal 2027 (July to September 2026), the summary reports profit after tax of Rs 192 crore, up 43% from a year earlier, and a profit margin that rose from 8% to 9%. Operating revenue was Rs 2,178 crore, up 35%.

Total insurance premium sold through the platform was Rs 9,385 crore, up 38%. New protection premium, which covers health and term life insurance, rose 42%. Core online insurance premium rose 38%. Lending disbursals rose 22%, which the summary describes as the fifth consecutive quarter of sequential growth.

For the first half, total revenue was Rs 4,066 crore, up 37%, and profit after tax was Rs 355 crore, up 62%. New protection premium rose 47%, core online premium rose 39% and lending disbursals rose 27%. The summary also says revenue has grown at a compound annual rate of 51% between the second quarter of FY22 and the second quarter of FY27, and that the profit margin has moved from negative 73% to 9% over the same period. The summary does not give an EBITDA figure or a split of profit between Policybazaar and Paisabazaar.

Max Financial Services

Max Financial Services is the holding company for Axis Max Life Insurance. The summary reports consolidated profit after tax of Rs 219 crore for the first half of FY27, up 137%. The prior-year base is not given, so this article cannot restate the earlier figure. Revenue excluding investment income was Rs 17,484 crore, up 16%.

At Axis Max Life, annualised premium equivalent (APE), a measure that standardises single and regular premiums, was Rs 4,638 crore, up 11%. Value of new business (VNB), the present value of profits expected from policies sold in the period, was Rs 1,180 crore, up 21%. Profit before tax was Rs 234 crore, up 35%. The solvency ratio was 197%, and the claims paid ratio for FY26 was 99.8%. The summary covers the half-year only and does not give a VNB margin, an embedded value or assets under management.

Bajaj Finserv

For the second quarter of FY27, Bajaj Finserv reported consolidated total income of Rs 43,416 crore, up 17% from Rs 37,215 crore, and consolidated profit after tax of Rs 5,952 crore, up 25% from Rs 4,746 crore. Profit attributable to owners of the company was Rs 2,758 crore, up 23%. Both percentages match a direct calculation of the stated figures, about 17% and 25%, calculated here.

Standalone income was Rs 2,047.15 crore and standalone profit after tax was Rs 1,458.53 crore. Among its subsidiaries, Bajaj Finance reported profit after tax of Rs 6,367 crore, up 29%. Bajaj General Insurance reported profit after tax of Rs 420 crore, and Bajaj Life Insurance reported value of new business of Rs 512 crore, up 40%. The summary uses the names Bajaj General Insurance and Bajaj Life Insurance, and this article follows it. It does not give gross written premium or a combined ratio for the general insurer, so those cannot be assessed here.

What the three have in common

All three groups report growth in the insurance-related measures that matter most for each business model. For PB Fintech, it is premium sold and new protection premium. For Max Financial, it is APE and VNB. For Bajaj Finserv, it is VNB and group profit. In each case, profit grew faster than revenue or premium, which indicates improving profitability, although the summaries do not explain the reasons and this article does not offer any.

Limits of this comparison

The three companies report on different bases and for different periods: one quarter for PB Fintech and Bajaj Finserv, and a half-year for Max Financial. Their figures should not be added or ranked against each other. The summaries do not include management commentary, guidance or the notes to the accounts, and none of the numbers has been checked against the original filings by this article.

How to verify

Readers who want to rely on the figures should consult the results filings that each company files with the BSE and NSE, which include the full financial statements and any reconciliations. Until then, the figures here are best treated as reported by the secondary source rather than confirmed.