India · Delayed Price · Currency is INR Niva Bupa Health Insurance Company Earnings Call Transcripts
Fiscal Year 2026
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Reported 27.4% GWP growth and 80% profit increase for FY 2026, with improved combined and expense ratios. Retail health market share rose to 10.1%, and digital, distribution, and operational initiatives are driving future growth.
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Nine-month PAT rose 74% year-over-year to INR 208 crore, with overall growth at 26% and retail at 33%. Q3 saw strong new business and digital channel growth, improved combined and expense ratios, and positive GST tailwinds. Industry initiatives and regulatory clarity support sustained performance.
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H1 FY '26 saw 23% overall and 28% retail GWP growth, with PAT more than doubling year-over-year. GST reduction to 0% spurred over 50% retail growth in October, while combined and expense ratios improved. Group loss ratio rose due to mix, but retail remained stable.
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Q1 saw 28% YoY growth (32% in retail), with IFRS PAT nearly doubling to INR 70 crore and combined ratio improving to 103.2%. Loss ratios rose due to reserve increases and group mix, but expense ratios improved; volume growth drove premium gains. Key industry initiatives and tech upgrades support future outlook.
Fiscal Year 2025
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GWP grew 32% like-for-like to INR 7,406 crores, with IFRS PAT up 21% to INR 203.3 crores. Retail market share rose, group business expanded, and medical inflation was contained at 5%. Solvency and expense ratios improved, with strong digital and distribution growth.
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Q3 FY25 saw strong premium growth and improved profitability despite a major regulatory-driven accounting transition. Market share in retail health rose, technology adoption advanced, and expense ratios improved, with management confident in meeting future targets.
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Gross and net premiums grew 36% year-over-year, with IFRS profit more than doubling and market share rising. Technology-driven operations, disciplined risk management, and strong digital channel growth underpin performance, while regulatory changes and seasonality remain key factors.