Niva Bupa Health Insurance Company (NIVABUPA) Q4 23/24 earnings summary

Executive summary

• FY24 gross written premium reached ₹5,608 crore, up 38% YoY; net profit rose to ₹81.85 crore from ₹12.54 crore.

• Retail health market share increased to 9.1% from 8.4%; Aspire generated over ₹100 crore GWP in under three months.

• Solvency was 255% against the 150% regulatory requirement; AUM rose to ₹5,458.23 crore from ₹3,336.09 crore.

Financial highlights

• Net earned premium was ₹3,811.25 crore versus ₹2,662.75 crore; net claims incurred rose to ₹2,249.54 crore from ₹1,439.31 crore.

• Revenue-account operating profit was ₹188.03 crore versus ₹350.94 crore; PBT and PAT were ₹81.85 crore versus ₹12.54 crore.

• Basic EPS was ₹0.51 versus ₹0.09; diluted EPS was ₹0.50 versus ₹0.08.

• Net underwriting loss widened to ₹195.11 crore from ₹147.58 crore.

Outlook and guidance

• Health insurance demand is expected to remain robust, supported by rising healthcare costs and high out-of-pocket spending.

• A glide path and convergence plan was submitted to bring expenses of management within prescribed limits by FY26; FY24 forbearance approval remained pending.

• Growth priorities include retail customers, broader distribution, digital channels, and reaching underpenetrated geographies.