Niva Bupa Health Insurance Company (NIVABUPA) Q4 24/25 earnings summary

Executive summary

• Achieved GWP of INR 7,407 crores for FY 2025, reflecting 32% like-for-like growth and 21% year-over-year growth, excluding accounting changes.

• IFRS profit after tax reached INR 203.3 crores, up from INR 106 crores in FY 2024; I-GAAP PAT was INR 214 crores, a 161% increase.

• Retail market share increased from 9.1% to 9.4%; retail comprised 65.5% of product mix.

• Completed IPO in November 2024, raising significant capital and strengthening equity base.

• Launched new products targeting underserved segments, with digital engagement and NPS improving to 55.

Financial highlights

• PAT under IFRS grew 21% year-over-year; IGAAP profit rose 161% to INR 214 crores.

• Combined ratio (excluding one-offs) improved to 96.1%; expense ratio at 37.4%.

• Investment yield at 7.4% with AUM of INR 8,175 crores.

• Solvency ratio at 3.03x, well above regulatory minimum.

• Net worth rose to INR 3,058 crores; total assets at INR 9,45,11,453k as of March 31, 2025.

Outlook and guidance

• Confident in achieving regulatory expense ratio targets, with corrective plans submitted to IRDAI.

• No explicit forward guidance provided for FY 2026/27; management optimistic about continued growth.