Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2025.
NIVABUPA · price
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On the reaction day the stock moved 5.2 pts less than Nifty Smallcap 250 and 4.3 pts less than its General Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Niva Bupa Health Insurance reported its Q1 FY26 results (quarter ended June 30, 2025) with Gross Premiums Written of Rs 1,63,190 lakhs, up ~11.5% YoY from Rs 1,46,418 lakhs. However, the company swung to a wider loss with Profit After Tax of Rs (9,144) lakhs versus Rs (1,882) lakhs in Q1 FY25, and EPS fell to Rs (0.50) from Rs (0.11). Underwriting losses doubled to Rs (23,364) lakhs, the Incurred Claim Ratio jumped to 77.86% (from 64.14%), and the Combined Ratio worsened sharply to 116.97% (from 106.09%), meaning claims and expenses exceeded premium income. Solvency Ratio remained healthy at 2.86x (above the 1.5x regulatory minimum), and Net Worth grew 47% YoY to Rs 2,98,761 lakhs. Auditors (S.R. Batliboi & Co. LLP and T R Chadha & Co. LLP) issued an unmodified review conclusion but flagged an Emphasis of Matter regarding a pending IRDAI forbearance application on Expenses of Management for FY 2024-25.
Negative near-term: deepening underwriting losses and combined ratio above 100% signal ongoing profitability pressure for shareholders. However, strong solvency, healthy Net Worth growth, and revenue expansion provide a cushion. The pending IRDAI forbearance and rising contingent liabilities (Rs 9,879 lakhs tax + Rs 2,213 lakhs GST refund at risk) are key watchpoints.