Niva Bupa Health Insurance Company (NIVABUPA) Q1 25/26 earnings summary

Executive summary

• Health insurance industry grew 10% in Q1, with multi-year accounting changes impacting reported numbers and comparability.

• Achieved 28% YoY GWP growth (without 1/n) to ₹1,875 crore and 11% growth (with 1/n) to ₹1,632 crore in Q1'FY26; retail health business grew 32%.

• IFRS PAT for Q1 was ₹70 crore, nearly doubling YoY; retail health market share rose to 10.0%.

• Recognized among India's Top 100 Best Companies to Work For and as one of the Most Innovative Organizations in 2025.

• Unaudited Q1 FY26 results reviewed and approved; IPO completed in November 2024, raising ₹80,000 lakhs.

Financial highlights

• GWP for Q1'FY26 was ₹1,631.9 crore (with 1/n) and ₹1,874.6 crore (without 1/n), up 11.5% and 28% YoY, respectively.

• IFRS PAT for Q1'FY26 was ₹70.1 crore, up 97.3% YoY; I-GAAP PAT was a loss of ₹91.4 crore.

• Combined ratio (IFRS/CISR) improved to 103.2% from 103.9%, but combined ratio (with 1/n) increased to 117.0% from 106.1%.

• Expense ratio (with 1/n) decreased to 39.1% from 42.1% YoY; Expenses of Management ratio improved to 35.9% from 40.7%.

• Solvency ratio at 2.86, above regulatory minimum; AUM reached ₹8,111.7 crore with 7.3% annualized yield.

Outlook and guidance

• Volume growth is the primary driver of premium growth; similar trends expected to continue.

• Guidance for FY2026 will be provided after the infectious disease season; EOM plan submitted to IRDAI to bring expenses within limits by FY 2025-26.

• Financial results for the quarter are not indicative of full-year performance due to industry seasonality.