Japanese brokerage Nomura has become the latest covering PB Fintech stock to cut the target price by 31% to Rs 1,100 per share after the Insurance Regulatory and Development Authority of India (IRDAI) proposed a ban on ‘dark patterns’ on insurance websites, including practices that require customers to share personal details before accessing product features and pricing information.
Nomura has revised its financial model for PB Fintech following the consultation paper on insurance distribution reforms. The brokerage has lowered its premium estimates for the point-of-sales person (POSP) business, assuming the company exits the segment, while leaving its PolicyBazaar, Dubai and corporate businesses unchanged. It has also adjusted take rates to reflect the proposed commission caps and reduced total expense estimates for FY28 and FY29 by 40% and 48%, respectively.
