Niva Bupa Health Insurance Company (NIVABUPA) Q2 26/27 earnings summary

Executive summary

• H1 FY27 GWP was ₹4,634 crore with 1/n, up 33.4% YoY; excluding 1/n, GWP was ₹5,004 crore, up 26%.

• H1 PAT rose to ₹273.4 crore from ₹132.0 crore; H1 insurance revenue was ₹4,686.0 crore.

• CISR improved to 99.5% from 103.1%, while retail health market share increased to 11.0% from 9.9%.

• Weighted Episodal NPS reached 63, up 6 points YoY; H1 claims settlement ratio was 95.6%.

• Results were prepared under Ind AS adopted from April 1, 2026; auditors issued an unmodified review conclusion.

Financial highlights

• H1 insurance revenue was ₹4,686.0 crore vs ₹3,667.7 crore; insurance service result was ₹226.9 crore vs ₹53.1 crore YoY.

• H1 PBT was ₹365.3 crore vs ₹179.7 crore; PAT was ₹273.4 crore vs ₹132.0 crore.

• Q2 insurance revenue was ₹2,412.3 crore vs ₹1,899.1 crore; PAT was ₹135.6 crore vs ₹60.5 crore YoY.

• H1 total investment income was ₹357.2 crore vs ₹312.7 crore; net other income and expense was a loss of ₹218.8 crore vs ₹186.2 crore.

• Q2 total comprehensive income was a loss of ₹2.87 crore, including ₹138.51 crore of negative OCI, primarily from fair-value changes in debt instruments.

Outlook and guidance

• October overall and retail growth remained in the 30s despite a stronger prior-year base; management expected the trend to continue.

• Management expects investment yield of 7.4%-7.5% to remain sustainable, supported by higher-yielding fresh investments.

• Strategic priorities include profitable granular growth, diversified digital-led distribution, technology and analytics, and disciplined underwriting and claims management.