Niva Bupa Health Insurance Company (NIVABUPA) Q4 22/23 earnings summary

Executive summary

• FY23 gross written premium rose 45% YoY to ₹4,073 crore; net profit was ₹12.54 crore versus a ₹196.53 crore net loss in FY22.

• Underwriting loss narrowed to ₹147.58 crore from ₹313.27 crore; the audited revenue account reported operating profit of ₹350.94 crore, including the impact of the EOM transfer.

Financial highlights

• Net earned premium increased to ₹2,662.75 crore from ₹1,752.51 crore; net claims incurred rose to ₹1,439.31 crore from ₹1,088.63 crore.

• Net commission was ₹190.83 crore versus ₹120.42 crore; insurance operating expenses were ₹1,180.19 crore versus ₹856.73 crore.

• Investment income in the revenue account was ₹130.94 crore; the profit and loss account recorded PBT of ₹12.54 crore versus a ₹196.53 crore loss.

• Basic EPS was ₹0.09 and diluted EPS ₹0.08, compared with ₹(1.42) for both in FY22.

Outlook and guidance

• Industry health-insurance growth is expected to remain robust over the medium term, supported by rising healthcare costs, out-of-pocket spending and heightened post-COVID risk awareness.