Niva Bupa Health Insurance Company (NIVABUPA) Q3 25/26 earnings summary

Executive summary

• Achieved 26% overall growth and 33% retail growth for the nine months, with Q3 growth at 31%.

• Gross Written Premium (GWP) for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year, with IFRS PAT rising to ₹208 crore from ₹120 crore.

• Retail Health market share reached 10.0% for 9M'FY2026, with a renewal rate of 91.8% and a Weighted Episodal NPS of 58.

• Recognized as a Great Place to Work for the sixth consecutive year 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.

Financial highlights

• Profit after tax (PAT) for nine months rose to INR 208 crore from INR 120 crore, a 74% increase.

• GWP (without 1/n) for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year; Retail Health GWP was ₹4,411 crore, up 32.9%.

• Combined ratio for nine months improved by 50 bps to 102.9% (102.6% excluding one-offs); Q3 combined ratio at 108.19%.

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

• Claims Settlement Ratio increased to 94.4% for 9M'FY2026.

Outlook and guidance

• Confident of meeting regulatory requirements for EOM and solvency for the full year; adhering to regulatory glide path for EOM.

• GST tailwinds and industry awareness campaigns expected to provide sustained growth.

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

• Structural reforms and GST exemption on retail life & health insurance expected to accelerate market penetration.

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