NIVA BUPA HEALTH INS CO L

Sells health insurance policies to individuals and families (retail) and to corporates and SMEs (group). Retail health is the main growth engine, with gross written premium up 47.1% in Q1 FY27 and retail health market share at 11.1% on a reported basis. Group business was flat year-on-year as management walked away from uneconomic B2B pricing, shifting group mix toward SMEs and affinity accounts (SME +50%). Claims are the biggest cost line — the combined claims ratio was 63% in Q1 FY27 — with operating expenses (expense of management at 35.2%) the other large cost. Distribution runs through Direct, Agency, Bancassurance and other channels, including 58,000 net new agent additions in FY26. The firm invests customer premiums in a ₹9,963 crore book earning a 7.2% yield, and runs a Preferred Provider Network of 1,000+ hospitals across 49 cities that handles 22% of claims.