Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation
NIVABUPA · price
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Awaiting price reaction for this filing.
Niva Bupa reported strong growth for H1 FY2026 with Gross Written Premium up 22.9% YoY to ₹3,983 crore (without 1/n) and IFRS profit after tax more than doubling to ₹132 crore from ₹60 crore in H1 FY2025. Combined Insurance Service Ratio (CISR) improved to 103.1% from 104.2%, while retail health market share held steady at 9.9%. The company launched ReAssure 3.0, India's first truly unlimited health insurance plan, and reported a claims settlement ratio of 94.6% with customer NPS at 57. On the I-GAAP side (with 1/n accounting), the company swung to a loss of ₹126.7 crore and combined ratio worsened to 114.1% from 103.5%, impacted by 50% UPR accounting for long-term products and two large group accounts written in Q4 FY2025. Active insured lives grew to 23.1 million, AUM rose to ₹8,482 crore, and solvency ratio remained comfortable at 2.85x.
Investors should note the divergence between IFRS (improving profits) and I-GAAP (worsening losses) results due to regulatory accounting changes effective October 2024. While top-line growth and market share remain strong, the sharp deterioration in I-GAAP combined ratio signals margin pressure that could weigh on near-term sentiment.