Niva Bupa Health Insurance Company (NIVABUPA) Q2 24/25 earnings summary

Executive summary

• Achieved industry-leading growth in H1 FY25, with gross premium up 36% year-over-year and significant market share gains in both overall and retail health insurance segments.

• Gross Written Premium (GWP) for H1'FY2025 reached ₹3,241.5 crore, up 33.1% year-over-year from H1'FY2024.

• Unaudited financial results for the quarter and six months ended September 30, 2025, were reviewed and approved by the Board and auditors, with an unmodified conclusion issued.

• Strategy focuses on profitable growth, customer-centric health solutions, diversified distribution, technology integration, disciplined underwriting, and execution excellence.

• Leveraged global expertise from majority partner Bupa and invested in talent, ranking among top workplaces in financial services.

Financial highlights

• Gross premium rose 36% to ₹3,242 crore in H1 FY25; net premium also up 36% to ₹2,231 crore.

• IFRS profit more than doubled to ₹60 crore; IGAAP loss narrowed from ₹80 crore to ₹6 crore.

• Net Written Premium for H1'FY2025 was ₹2,544.9 crore, up from ₹1,918.9 crore in H1'FY2024.

• Combined operating ratio improved by 120 bps to 103.5% YTD; loss ratio improved to 62.5% from 63.8% year-over-year.

• Annualized yield at 7.5% with AUM of ₹5,966 crore; solvency ratio at 2.25, well above regulatory minimum.

Outlook and guidance

• Q3 and Q4 expected to be stronger than H1, consistent with historical seasonality.

• Retail health insurance market projected to grow at 17%-18% annually over the next five years, driven by both value and volume growth.

• Expense ratio targeted to reduce to 36% (including allowances) next year, with compliance to regulatory glide path.

• Focus on building a granular, growth-oriented, and profitable health insurance franchise.

• The company is in discussions with IRDAI regarding forbearance for exceeding the Expenses of Management (EOM) limit, with the outcome and impact pending regulatory approval.