Niva Bupa Health Insurance Company (NIVABUPA) Q4 24/25 earnings summary

Executive summary

• Achieved GWP of INR 7,406–7,407 crores for FY 2025, reflecting 32% like-for-like growth and 21% year-over-year growth, excluding accounting changes.

• IFRS profit after tax reached INR 203.3 crores, up from INR 106 crores in FY 2024; I-GAAP PAT at INR 214 crores, a 161% increase.

• Retail market share increased from 9.1% to 9.4%; retail comprised 65.5% of product mix.

• Completed IPO in November 2024, issuing 10,81,08,108 new shares and raising significant capital.

• Launched Aspire and Rise products targeting the underserved and 'missing middle' segments; eNPS improved to 55.

Financial highlights

• PAT under IFRS grew 21% year-over-year; IGAAP profit rose 161% to INR 214 crores.

• Combined ratio (excluding one-offs) improved to 96.1%; with 1/n, combined ratio at 101.2%.

• Investment yield at 7.4% with AUM of INR 8,175 crores.

• Solvency ratio at 3.03x, well above regulatory minimum.

• Net Worth reached INR 3,058 crores; basic EPS improved to INR 1.16.

Outlook and guidance

• Management expects to bring Expenses of Management (EOM) within regulatory limits by FY26, with ongoing discussions with IRDAI for forbearance.

• No explicit forward guidance provided for FY 2026/27 during the call.

• Management optimistic about continued growth and relevance of health insurance across demographics.