Niva Bupa Health Insurance Company has appointed Mr. Ashwani Bhatia as a Non-Executive Independent Director and Chairperson of the Board for a term of five years effective June 03, 2026. The appointment, based on the recommendation of the Nomination & Remuneration Committee, is subject to the approval of shareholders and the Insurance Regulatory and Development Authority of India (“IRDAI”). This leadership change follows the resignation of Mr. Milind Gajanan Barve, who stepped down as Independent Director and Chairman due to persistent health issues effective June 02, 2026.

Mr. Bhatia brings over 40 years of experience in financial markets and banking. He served as a Whole-Time Member at the Securities and Exchange Board of India (‘SEBI’) from June 2022 to May 2025, overseeing departments including Debt and Hybrid Securities, Corporate Finance, and the National Institute of Securities Markets. Prior to his tenure at SEBI, he was associated with the State Bank Group for 37 years, serving as Managing Director (Corporate Banking & Global Markets) at State Bank of India (‘SBI’) and as Managing Director & CEO at SBI Funds Management Limited.

The Board confirmed that Mr. Bhatia is not debarred from holding the office of Director by SEBI or any other authority. Furthermore, the company disclosed that Mr. Bhatia is not related to any of the existing Directors of the company. The appointment was approved by the Board through a circulation resolution on June 03, 2026.

Mr. Barve confirmed in his resignation letter that there were no material reasons for his departure other than the health issues cited. Consequently, he ceased to be the Chairman of the Board from the close of business hours on June 02, 2026. Prior to his resignation, Mr. Barve held directorships in Marico Limited, serving as Chairman of the Audit Committee, Risk Management Committee, Stakeholders Relationship Committee, and Lead Independent Director, and as a Member of the Corporate Social Responsibility Committee.

The details of the directorial changes were disclosed to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company affirmed that all necessary disclosures required under the SEBI Master Circular have been enclosed.

Key Directorship Details

Niva Bupa Health Insurance Company 's Board of Directors convened on May 08, 2026, and approved a comprehensive set of leadership and governance changes, including two new director appointments, an internal leadership elevation, a significant ESOP grant, and the acceptance of two director resignations. The board meeting commenced at 04:15 P.M. (IST) and concluded at 05:00 P.M. (IST). All disclosures have been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in accordance with the SEBI Master Circular dated January 30, 2026.

New Appointments to the Board

Based on the recommendation of the Nomination & Remuneration Committee, the Board approved the appointment of Mr. Christopher Patrick Carroll and Ms. Siobhan Djihan Moynihan as Additional Directors in the category of Non-Executive Directors, both effective May 15, 2026. Their appointments are subject to shareholder approval within three months from the date of appointment. Both directors have been confirmed as not debarred from holding directorial office by any order of SEBI or any other authority.

The following table summarises the profiles of the two newly appointed directors:

Leadership Elevation: Ankur Kharbanda Appointed Deputy CEO

The Board also approved the elevation of Mr. Ankur Kharbanda, who was serving as Executive Director and Chief Business Officer, to the position of Executive Director and Deputy Chief Executive Officer, effective May 08, 2026. Mr. Kharbanda joined the company in April 2020 and is responsible for Sales & Distribution. He holds a post graduate diploma from FORE School of Management, Delhi, and brings more than two decades of experience in the health insurance space.

ESOP Grant Under ESOP Scheme 2024

The Board approved the grant of 12,251,268 Employee Stock Options to eligible employees under the Niva Bupa Employee Stock Option Plan 2024 (ESOP Scheme 2024), which is in compliance with SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021. Key details of the ESOP grant are as follows:

The ESOP Scheme 2024 is administered and supervised by the Nomination and Remuneration Committee. Upon exercising options, eligible employees are required to make the payment of exercise money, following which the Company shall proceed with allotment. Shares arising out of the exercise of vested options shall not be subject to any lock-in period from the date of allotment.

Director Resignations

The Board took on record the resignations of Ms. Penelope Ruth Dudley and Mr. Carlos Antonio Jaureguizar Ruiz-Jarabo as Non-Executive Directors of the Company, both effective close of business hours on May 08, 2026. Both directors cited paucity of sufficient time to devote towards the affairs of the Company on account of their other professional commitments as the reason for their resignation.