Niva Bupa Health Insurance Company (NIVABUPA) Q4 20/21 earnings summary

Executive summary

• Gross written premium reached ₹1,750.78 crore in FY21, up 41% YoY; net loss narrowed to ₹49.74 crore from ₹61.55 crore.

• Operating profit was ₹124.96 crore; underwriting loss widened to ₹107.71 crore from ₹71.33 crore.

• Solvency ratio improved to 2.09x, above the 1.50x regulatory requirement; auditors issued an unmodified opinion.

Financial highlights

• Net earned premium increased to ₹1,150.87 crore from ₹841.07 crore; investment income was ₹85.94 crore versus ₹69.21 crore.

• Net claims incurred rose to ₹645.56 crore from ₹450.07 crore; net commission increased to ₹63.48 crore from ₹42.88 crore.

• Insurance operating expenses were ₹549.54 crore versus ₹419.46 crore; loss after tax was ₹49.74 crore versus ₹61.55 crore.

• Share capital increased to ₹1,349.73 crore from ₹1,126 crore; net worth rose to ₹576.68 crore from ₹345.90 crore.

Outlook and guidance

• Strategy focused on retail health, supported by expanded distribution, digital channels, bancassurance and alliances; agency presence was extended to 48 new cities.

• FY21 launches included Reassure and Safeguard in retail, Corona Kavach, and group products with digital OPD and critical-illness benefits.

• Management expected recorded asset values to be recoverable, while noting pandemic-related uncertainty could cause future results and estimates to differ.