Niva Bupa Health Insurance Company (NIVABUPA) Q2 25/26 earnings summary

Executive summary

• Achieved 23% overall growth rate and 28% retail growth rate for H1 FY '26, with IFRS PAT rising to INR 132 crore from INR 60 crore year-over-year.

• Retail Health market share held steady at 9.9%, with the launch of ReAssure 3.0, a next-generation unlimited health insurance plan.

• Weighted Episodal NPS improved by 2 points to 57, reflecting enhanced customer service.

• Board approved standalone unaudited financial results for H1 FY26, with joint statutory auditors issuing an unmodified conclusion.

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

Financial highlights

• GWP for H1 FY '26 reached INR 3,983 crore, up 23% year-over-year; Retail Health GWP was INR 2,809.9 crore, up 28%.

• IFRS PAT more than doubled to INR 132 crore from INR 60 crore year-over-year.

• Combined ratio improved by 105 bps to 103.1% for H1; retail loss ratio stable at 68.1%.

• Claims Settlement Ratio increased to 94.6% in H1 FY26.

• Annualized investment yield for H1 was 7.3% with AUM at INR 8,482 crore; solvency ratio at 2.85x as of 30 September 2025.

Outlook and guidance

• No immediate price revision planned post-GST reduction; will review at quarter-end.

• Long-term ROE guidance reiterated at mid to high teens by FY '29.

• Confident in bringing EOM ratio within regulatory limits by year-end; discussions with IRDAI ongoing for forbearance.

• Industry growth supported by economic expansion, GST elimination, and strong private consumption.