Niva Bupa Health Insurance Company (NIVABUPA) Q1 26/27 earnings summary

Executive summary

• Achieved 31.7% year-over-year growth in Gross Written Premium (GWP) to ₹2,150 crore in Q1 FY27, with Profit After Tax (PAT) nearly doubling to ₹137.8 crore from ₹71.4 crore in Q1 FY26.

• Retail Health market share increased to 11.1% for Q1, with Weighted Episodal NPS improving by 5 points to 62.

• Transitioned to Ind AS accounting standards for financial reporting, enhancing transparency.

• Recognized as a top workplace, ranked 41st among India's Top 100 Great Places to Work 2026.

• Board approved fund raising via issuance of up to ₹500 crore in listed, rated, unsecured, subordinated, redeemable, non-convertible debentures.

Financial highlights

• GWP rose 31.7% year-over-year to ₹2,150 crore; Retail Health GWP up 47.1% to ₹1,607.1 crore.

• Profit after tax for Q1 was ₹137.8 crore, nearly doubling year-over-year.

• Combined Insurance Service Ratio (CISR) improved to 100.2% from 103.2% year-over-year.

• Claims Settlement Ratio rose to 95.6% from 93.6% year-over-year.

• Solvency ratio at 2.25, well above regulatory minimum.

Outlook and guidance

• Expect to sustain 8-10 percentage points faster retail health growth than market.

• Expense ratios expected to normalize from Q3 as GST base effect stabilizes.

• ROE trajectory guided to mid-to-high teens by FY 2029.

• CISR expected to remain stable, with no material change anticipated between H1 and H2 barring abnormal infection trends.

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