Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation
NIVABUPA · price
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Niva Bupa shared its Q1 FY2026 (Apr-Jun 2025) investor presentation showing strong topline growth. Gross Written Premium (without 1/n accounting) grew 28% year-on-year to ₹1,874.6 crore, while GWP with 1/n rose 11.5% to ₹1,631.9 crore. IFRS profit after tax nearly doubled to ₹70.1 crore from ₹35.5 crore a year ago, and retail health market share edged up to 10.0% from 9.9%, with active insured lives rising to 22.5 million. On traditional I-GAAP accounting, however, the company posted a wider loss of ₹91.4 crore versus ₹18.8 crore in the year-ago quarter, with the combined ratio deteriorating sharply to 117% and the claims ratio jumping to 77.9% from 64.0%. The numbers aren't strictly comparable due to a new IRDAI rule requiring long-term products to be accounted on a 1/n basis from October 2024, which management cites to explain the gap.
Premium growth and improving IFRS profitability are positives, but the sharply higher combined ratio, spike in claims ratio, and widening I-GAAP loss point to significant underwriting margin pressure. Investors should watch whether margin discipline improves in coming quarters once the accounting change impact normalizes.