Niva Bupa Health Insurance Company Limited's Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026. The results, reviewed by the Audit Committee and audited by M/s. S.R. Batliboi & Co. LLP and M/s. Nangia & Co. LLP, were announced on May 08, 2026. The Board meeting commenced at 04:15 P.M. (IST) and concluded at 05:00 P.M. (IST). Following the announcement, the company conducted an Earnings Call with Investors/Analysts, with the audio recording hosted on the company's website. An investor presentation covering the full-year performance was also filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Key Financial Highlights

IFRS Profit After Tax (PAT) for FY26 stood at ₹366.10 crore, registering an 80% growth over the previous financial year, supported by scale-led efficiencies and improved operating performance. For the full year, the company reported 27% year-on-year growth, with Gross Written Premium (GWP) of ₹8,585.90 crore (with 1/n) and ₹9,432.90 crore (without 1/n). For Q4 FY26, GWP was recorded at ₹2,880 crore (with 1/n), growing at 39%, and ₹3,123 crore (without 1/n).

The following table summarises the key operating results for the quarter and year ended March 31, 2026 (₹ in Lakhs):

IFRS Financial Performance

Under IFRS, the company reported insurance revenue of ₹7,829.10 crore for FY26 compared to ₹5,839.90 crore in FY25. The detailed IFRS income statement is presented below (₹ in Crores):

Under IFRS, basic earnings per share stood at ₹1.99 and diluted earnings per share at ₹1.98 for FY26. Total assets under IFRS as at March 31, 2026 stood at ₹11,47,765 lakhs, compared to ₹9,45,115 lakhs as at March 31, 2025, with total equity at ₹3,58,244 lakhs.

I-GAAP Key Performance Indicators

Under Indian GAAP (I-GAAP), the company reported a comprehensive set of operating metrics for FY26. The following table presents the key performance indicators on a with-1/n basis for FY25 and FY26 (₹ in Crores unless stated):

The Expenses of Management (EOM) ratio for the full year improved to 33.70% from 39.22% in FY25, computed in accordance with the 1/n methodology as per IRDAI advisory. The company had filed an application for forbearance of EOM exceeding the allowable limit for FY25 with IRDAI, approval for which is yet to be received.

Market Share, Customer and Business Metrics

Niva Bupa continued to strengthen its position in the retail health segment, with market share improving to 10.1% at the close of FY26, representing a 76 basis points increase over FY25. The Retail Health Accretion Market Share stood at 14.0% for FY26. The number of active lives insured at the end of FY26 reached 25.2 million, compared to 20.8 million in FY25. The company's network of hospitals stood at 10,566, with Preferred Partner Network (PPN) hospitals expanding to 1,116. The Claims Settlement Ratio improved to 94.4% for FY26, up 205 basis points over the previous year. Net Promoter Score (NPS) improved from +55 in FY25 to +60 at the end of FY26, with over 40 lakh customers reached for feedback and over 4 lakh customer responses received.

The following table presents key retail health and customer metrics (₹ in Crores unless stated):

Profitability, Ratios and Investment Management

The Combined Insurance Service Ratio (CISR) improved to 101.4% for FY26, marking a 160 basis point improvement over FY25, while Q4 FY26 CISR stood at 97.40%, indicating a clear trajectory towards underwriting profitability. The solvency ratio stood at 2.49 times as at March 31, 2026. Assets Under Management (AUM) grew to ₹9,669.70 crore in FY26 from ₹8,175.10 crore in FY25, with an investment yield of 7.20%. The debt portfolio had a duration of 4.5 years and an average maturity of 5.5 years, with 60.40% of the book value of debt securities rated AAA.

The following table presents key analytical ratios from the audited I-GAAP financial results:

Distribution and Digital Operations

Growth was supported by a diversified distribution network, with Individual Agency and Brokers accounting for 30.2% and 29.5% of GWP respectively for FY26. The company continued to advance its digital capabilities, with 100.00% of new policies applied via website and mobile apps, digital payments at 96.50%, and 92.10% of claims submitted digitally. Cashless claims auto adjudication improved to 32.10% in FY26 from 27.30% in FY25, and cashless claims processed in under 30 minutes stood at 84.30%.

Commenting on the results, Krishnan Ramachandran, Managing Director & 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. A strong growth in PAT and an improvement in CISR this year reinforces our path towards sustainable profitability."

The MD & CEO also noted that India's GDP growth moved up to 7.6% in FY26 from 7.1% in FY25, with the General Insurance sector achieving 9.3% growth in Gross Direct Premium and the health segment (including PA) demonstrating 16.7% growth. Niva Bupa was also recognised among India's Top 25 Best Workplaces in BFSI for 2026.

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.