Niva Bupa Health Insurance Company (NIVABUPA) Q3 25/26 earnings summary

Executive summary

• Nine-month growth rate reached 26% overall and 33% in retail, with PAT at INR 208 crore and retail market share rising to 10%; GWP for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year.

• Retail Health market share reached 10.0% for 9M'FY2026, with a renewal rate of 91.8% and a Weighted Episodal NPS of 58, up 5 points year-over-year.

• Unaudited standalone financial results for the quarter and nine months ended December 31, 2025, were approved by the Board and reviewed by joint statutory auditors, who issued an unmodified conclusion.

• The company completed its IPO in November 2024, raising ₹80,000 lakhs, fully utilized by December 31, 2025, to augment capital and maintain solvency.

• Recognized as a Great Place to Work for the sixth consecutive year and awarded Best Insurance Campaign at FICCI Insurance Industry Awards.

Financial highlights

• Profit after tax (PAT) for nine months increased 74% year-over-year to INR 208 crore; GWP for 9M'FY2026 was ₹6,309 crore, up 25.9% year-over-year.

• Combined ratio for nine months improved by 50 bps to 102.9% (102.6% excluding one-off wage code impact); CISR improved to 102.9% from 103.4% year-over-year.

• Retail loss ratio for nine months was 66.9%, slightly better than last year’s 67%.

• Expense of management (EOM) ratio improved to 35% from 39% year-over-year; EOM as % of GWP at 35.0% for 9M'FY2026.

• AUM grew to ₹8,927 crore, with an annualized investment yield of 7.3%; solvency ratio at 2.49.

Outlook and guidance

• Management expects continued compliance with regulatory EOM requirements and sees no solvency challenges ahead.

• Pricing discipline will be maintained with annual high single-digit increases to offset medical inflation.

• Indian economy projected to grow by 7.4% in FY2026, supporting continued insurance sector expansion.

• Structural reforms and GST exemption on retail life & health insurance expected to further accelerate market penetration.

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