Niva Bupa Health Insurance Company (NIVABUPA) Q1 25/26 earnings summary

Executive summary

• Health insurance industry grew 10% in Q1, with multi-year accounting changes impacting reported numbers and comparability.

• Achieved 28% YoY GWP growth (without 1/n) to ₹1,875 crore and 11% growth (with 1/n) to ₹1,632 crore in Q1'FY26; retail health business grew 32%.

• IFRS PAT for Q1 was ₹70 crore, nearly doubling YoY; retail health market share improved to 10.0%.

• Recognized among India's Top 100 Best Companies to Work For and as one of the Most Innovative Organizations in 2025.

• Weighted Episodal NPS improved by 5 points to 57, reflecting enhanced customer service.

Financial highlights

• Gross premiums written for Q1 FY26 were ₹1,63,190 lakhs, up from ₹1,46,418 lakhs in Q1 FY25.

• IFRS PAT for Q1'FY26 was ₹70.1 crore, up 97.3% YoY; I-GAAP PAT was a loss of ₹91.4 crore.

• Combined ratio improved to 103.2% under IFRS, but rose to 116.97% (with 1/n) from 106.09% YoY.

• Loss ratio increased by 2.9%, offset by a 3.6% reduction in expense ratio.

• Solvency ratio at 2.86, above regulatory minimum.

Outlook and guidance

• Volume growth is the primary driver of premium growth; similar trends expected to continue.

• Guidance for FY2026 will be provided after the infectious disease season.

• EOM plan submitted to IRDAI aims to bring expenses within prescribed limits by FY 2025-26.