Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
NIVABUPA · price
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Niva Bupa reported its Q2 FY26 results with Gross Premium Written of Rs. 1,84,307 lakhs (up ~3.7% YoY) and H1 Gross Premium of Rs. 3,47,497 lakhs (up ~7.2% YoY). The company swung to a loss with Q2 Profit After Tax of Rs. (3,527) lakhs versus a profit of Rs. 1,302 lakhs in Q2 FY25, and an H1 loss of Rs. (12,671) lakhs versus a marginal loss of Rs. (580) lakhs in H1 FY25. The Combined Ratio worsened sharply to 111.72% in Q2 and 114.13% in H1 (from 103.47% a year ago), driven by a jump in the Incurred Claim Ratio to 71.20% / 74.28%. The auditors (S.R. Batliboi & Co. LLP and Nangia & Co. LLP) issued an unmodified conclusion but flagged an Emphasis of Matter regarding Niva Bupa's pending EOM (Expenses of Management) forbearance application with IRDAI for FY25. Operating cash flow for H1 was negative at Rs. (12,255) lakhs, and contingent liabilities rose by Rs. 9,879 lakhs due to ongoing income tax disputes for AY2020-21 to AY2022-23.
Sharply higher claim ratio and worsening combined ratio dragged the insurer into deeper losses, with the EOM-related regulatory overhang and rising tax contingencies adding near-term uncertainty. The stock could see pressure given the deterioration in underwriting profitability, though the solvency ratio remains healthy at 2.85x.