Niva Bupa Health Insurance Company (NIVABUPA) Q4 25/26 earnings summary

Executive summary

• Achieved 27.4% year-over-year GWP growth to INR 9,433 crore for FY 2026, with retail growth at 35% and PAT rising to INR 366 crore from INR 203 crore last year; ROE reached 10.7%.

• Retail health market share increased to 10.1% for the year, with NPS improving to 60 and claim settlement above 94%.

• Over 30 technology and AI projects underway, with recognition among India's Top 25 Best Workplaces in BFSI.

• Audited financial results for FY26 received unmodified opinions from auditors, with key audit matters around claims, investment valuation, and IT controls.

• IPO proceeds of ₹80,000 lakhs were fully utilized to augment capital and maintain solvency.

Financial highlights

• GWP grew from ₹7,406.7 crore in FY2025 to ₹9,432.9 crore in FY2026, with Q4 profit up 90% year-over-year and full-year profit up 80%.

• Combined ratio improved to 101.4% under IFRS, with expense ratio down to 33.7% from 39.2%.

• Claims settlement ratio reached 94.4% for FY2026.

• Annualized investment yield at 7.2% with AUM of INR 9,670 crore.

• Solvency ratio at 2.49 as of March 31, 2026.

Outlook and guidance

• Targeting 25% annual growth to reach INR 15,000–16,000 crore GWP in the next 2–3 years.

• Combined ratio expected to reach 99% by FY 2029, with ROE moving to mid-to-high teens.

• IRDAI mandates Ind AS adoption from April 2026, expected to enhance transparency and align with global standards.

• Continued focus on digital sales, technology-driven operations, and disciplined underwriting.

• Industry retail health growth projected at 17–19% CAGR over five years.