Niva Bupa Q4 Results | Underwriting profit more than triples; gross premiums up 39%

Standalone health insurer Niva Bupa Health Insurance Company Ltd on Friday (May 8) reported a 65.6% year-on-year rise in net profit for the fourth quarter at ₹341.2 crore, compared with ₹206.1 crore in the corresponding period last year.

Gross written premiums (GWP) increased 38.5% year-on-year to ₹2,880 crore from ₹2,079 crore. Net premiums written rose 37.7% to ₹2,302 crore from ₹1,672 crore in the same period last year.

Underwriting profit rose to ₹177 crore from ₹58 crore a year earlier, while operating profit increased to ₹283 crore from ₹95 crore. Solvency ratio remained flat at 2.49% on a quarter-on-quarter basis.

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Niva Bupa Health Insurance reported an IFRS profit after tax (PAT) of ₹366 crore for FY26, marking an 80% year-on-year growth over the previous financial year. The performance was supported by scale-led efficiencies and improved operating performance.

For FY26, gross written premium (GWP) rose 27% year-on-year to ₹8,586 crore and ₹9,433 crore. The company’s retail health market share improved to 10.1% at the end of FY26, an increase of 76 basis points over FY25.

Claim settlement ratio stood at 94.4% for FY26, improving by 205 basis points year-on-year. Net promoter score rose to +60 at the end of FY26 from +55 in FY25.

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The combined insurance service ratio (CISR) improved to 101.4% for FY26, a 160 basis point improvement over the previous year. For Q4FY26, CISR stood at 97.4%, indicating progress towards underwriting profitability.

The distribution mix for FY26 included individual agencies at 30.2% of GWP, brokers at 29.5%, corporate agency banks at 19.5%, other corporate agencies at 10.4%, and direct business at 9.7%.

Krishnan Ramachandran, Managing Director and CEO, Niva Bupa Health Insurance, said, "FY26 has been a year of strong, well-rounded performance, with growth, profitability, and customer metrics all moving in the right direction."

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He added, "A strong growth in PAT and an improvement in CISR this year reinforce our path towards sustainable profitability. Our market share gains and improvement in claim settlement ratio reflect the trust customers place in us and our continued focus on delivering superior health insurance experiences."

Shares of Niva Bupa Health Insurance Company Ltd ended at ₹81.27, up by ₹1.22, or 1.52%, on the BSE today, May 8.