Niva Bupa Health Insurance Company (NIVABUPA) Q2 24/25 earnings summary

Executive summary

• Achieved industry-leading growth in H1 FY25, with gross premium up 36% year-over-year to ₹3,242 crore and net premium up 36% to ₹2,231 crore.

• Profit under IFRS more than doubled to ₹60 crore, while IGAAP loss narrowed significantly from ₹80 crore to ₹6 crore.

• Market share increased from 4.1% to 5% overall and from 8.9% to 9.9% in retail year-over-year.

• Unaudited financial results for the quarter and six months ended September 30, 2025, were reviewed and approved by the Board and auditors, with an unmodified conclusion issued.

• The company completed its IPO in November 2024, raising ₹80,000 lakhs, fully utilized to augment capital and maintain solvency.

Financial highlights

• Gross premium grew 36% year-over-year to ₹3,242 crore in H1 FY25; Q2 FY26 gross premium was ₹1,84,307 lakhs.

• Net premium for H1 FY25 was ₹2,231 crore; net written premium for H1'FY2025 was ₹2,544.9 crore.

• IFRS profit rose from ₹28 crore to ₹60 crore; IGAAP loss reduced from ₹80 crore to ₹6 crore.

• Combined operating ratio improved by 120 bps to 103.5% YTD; Q2 FY26 combined ratio was 111.72%.

• Solvency ratio at 2.25 in H1 FY25, rising to 2.85 at Q2 FY26.

Outlook and guidance

• Q3 and Q4 expected to be stronger than Q1 and Q2, consistent with historical seasonality.

• Committed to meeting regulatory glide path for expense ratio, targeting 36% next year.

• The company is in discussions with IRDAI regarding forbearance for exceeding the Expenses of Management (EOM) limit.

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

• Retail health insurance market expected to grow at 17-18% annually over next five years, with company aiming for above-industry growth.