Niva Bupa Health Insurance Company (NIVABUPA) investor relations material

Executive summary

• Nine-month overall growth rate reached 26%, with retail growth at 33% and PAT at INR 208 crore; GWP for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year, and IFRS PAT rose from ₹120 crore to ₹208 crore.

• Retail Health market share improved to 10.0% for the nine months, with a renewal rate of 91.8% and a Weighted Episodal NPS of 58.

• Recognized as a top workplace for six consecutive years and awarded Best Insurance Campaign at FICCI Insurance Industry Awards.

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by joint statutory auditors, who issued an unmodified conclusion.

• The company completed its IPO in November 2024, raising ₹80,000 lakhs, fully utilized by December 31, 2025, to augment capital and maintain solvency.

Financial highlights

• Profit after tax (PAT) for nine months increased 74% year-over-year to INR 208 crore; Q3 PAT was INR 77 crore, up from INR 60 crore; GWP for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year.

• Combined ratio for nine months improved by 50 bps to 102.9% (102.6% excluding one-off wage code impact); CISR improved to 102.9% from 103.4% year-over-year.

• Retail loss ratio for nine months at 66.9%, slightly better than last year’s 67%; Claims Settlement Ratio increased to 94.4% for 9M'FY2026.

• Expense of management (EOM) ratio improved to 35% from 39% year-over-year; EOM as % of GWP at 35.0% for 9M'FY2026.

• Annualized investment yield at 7.3% with AUM of INR 9,000 crore; AUM grew to ₹8,927 crore; solvency ratio at 2.49.

Outlook and guidance

• Confident in meeting regulatory requirements for EOM and solvency for the full year; adhering to a regulatory glide path to bring EOM within prescribed limits by FY 2025-26.

• GST tailwinds and industry initiatives expected to provide sustained growth, not just a one-off benefit; structural reforms and GST exemption on retail life & health insurance expected to accelerate market penetration.

• Multi-year industry efforts on claims and cost control expected to yield gradual improvements.

• Financial results for the quarters are not indicative of full-year performance due to industry seasonality.

• Indian economy projected to grow by 7.4% in FY2026, supporting continued insurance sector expansion.