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

Executive summary

• Achieved 27.4% GWP growth to INR 9,433 crore for FY 2026, with retail health market share rising to 10.1% and PAT increasing to INR 366 crore from INR 203 crore year-over-year; ROE reached 10.7%.

• Customer NPS improved to 60 from 55, and claim settlement remained above 94%.

• Over 30 technology and AI projects underway to enhance operations and customer experience.

• 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; retail health GWP grew 35% year-over-year.

• Profit after tax (IFRS) increased 80.4% year-over-year to ₹366.1 crore; Q4 profit grew 90% year-over-year.

• Combined ratio improved by 160 bps to 101.4% under IFRS; expense ratio reduced to 33.7%.

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

• Claims settlement ratio reached 94.4% for FY2026.

Outlook and guidance

• Targeting continued 25% growth, aiming for INR 15,000–16,000 crore GWP in 2–3 years.

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

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

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

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