Niva Bupa Health Insurance Company (NIVABUPA) Q4 25/26 earnings summary

Executive summary

• Achieved 27.4% year-over-year GWP growth to INR 9,433 crore for FY 2026, with retail growth at 35% and PAT rising to INR 366 crore from INR 203 crore.

• Retail health market share increased to 10.1% for the year, and NPS improved to 60.

• Recognized among India's Top 25 Best Workplaces in BFSI sector.

• Over 30 technology and AI projects underway to enhance operations and customer experience.

• Audited financial results for FY26 received unmodified audit opinions from statutory auditors.

Financial highlights

• GWP grew from INR 7,406.7 crore in FY2025 to INR 9,433 crore in FY2026; profit after tax increased 80% year-over-year to INR 366 crore.

• Combined ratio improved to 101.4% under IFRS, with expense ratio down to 33.7% and claims settlement ratio above 94%.

• Solvency ratio stood at 2.49 as of March 31, 2026.

• Annualized investment yield was 7.2% with AUM at INR 9,670 crore.

• Total assets as of March 31, 2026, stood at INR 11,47,765 lakhs.

Outlook and guidance

• Targeting continued 25% annual growth, aiming for INR 15,000–16,000 crore GWP in the next 2–3 years.

• Combined ratio expected to reach 99% by FY 2029, with savings mainly from expense ratio improvements.

• IRDAI mandates Ind AS adoption from April 2026, expected to enhance transparency and align with global standards.

• EOM ratio for FY26 was within regulatory limits after adopting the new 1/n methodology.

• Industry retail health growth projected at 17–19% CAGR over five years.