Niva Bupa FY26 Results: IFRS PAT Jumps 80% to ₹366 Cr, GWP Up 27% YoY
Niva Bupa Health Insurance reported strong FY26 performance with IFRS PAT growing 80% to ₹366.10 crore and GWP rising 27% YoY to ₹8,585.90 crore (with 1/n). Retail health market share improved to 10.1%, claims settlement ratio rose to 94.4%, and CISR improved to 101.4%. The audited results, approved by the Board on May 08, 2026, were published in Financial Express and Jansatta on May 10, 2026 in compliance with Regulation 47 of SEBI LODR Regulations.
*this image is generated using AI for illustrative purposes only.
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. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results were subsequently published in Financial Express (English edition) and Jansatta (Hindi edition) on May 10, 2026.
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):
| Metric: | Q4 FY26 Audited | Q3 FY26 Unaudited | Q4 FY25 Audited | FY26 Audited | FY25 Audited |
|---|---|---|---|---|---|
| Gross Premiums Written | 2,87,968 | 2,23,127 | 2,07,865 | 8,58,592 | 6,76,223 |
| Net Premium Written | 2,30,166 | 1,76,670 | 1,67,211 | 6,80,630 | 5,36,943 |
| Premium Earned (Net) | 1,97,195 | 1,45,357 | 1,52,742 | 6,06,757 | 4,89,446 |
| Income from Investments (Net) | 13,047 | 8,933 | 9,378 | 40,476 | 28,735 |
| Total Income | 2,07,766 | 1,54,952 | 1,56,473 | 6,47,367 | 5,32,426 |
| Total Expense | 1,79,513 | 1,68,505 | 1,46,979 | 6,53,389 | 5,14,422 |
| Underwriting Profit/(Loss) | 17,682 | (23,148) | 5,763 | (46,632) | (24,976) |
| Operating Profit/(Loss) | 28,253 | (13,553) | 9,494 | (6,022) | 18,004 |
| Profit/(Loss) Before Tax | 34,116 | (8,764) | 20,608 | 12,681 | 21,352 |
| Profit/(Loss) After Tax | 34,513 | (8,764) | 20,608 | 13,078 | 21,352 |
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):
| Particulars: | FY25 | FY26 |
|---|---|---|
| Gross Written Premium (Without 1/n) | 7,406.70 | 9,432.90 |
| Insurance Revenue (A) | 5,839.90 | 7,829.10 |
| Insurance Service Expenses (B) | (5,521.50) | (7,442.50) |
| Incurred Claims and Expenses (B1) | (3,726.40) | (5,081.60) |
| Amortized Insurance Acquisition Cost (B2) | (1,795.10) | (2,360.90) |
| Net Expenses from Reinsurance Contracts (C) | (61.50) | (118.60) |
| Insurance Service Result (D) | 257.00 | 268.00 |
| Total Investment Income (E) | 475.80 | 613.10 |
| Net Other Income and Expense (F) | (456.70) | (416.50) |
| Other Income (F1) | 14.60 | 1.30 |
| Other Operating Expenses (F2) | (434.70) | (380.90) |
| Finance Cost (F3) | (36.60) | (36.90) |
| Profit Before Tax (PBT) | 276.00 | 464.70 |
| Income Tax Expenses | (73.10) | (98.50) |
| Profit After Tax (PAT) | 202.90 | 366.10 |
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.
| Key Ratios: | FY25 | FY26 |
|---|---|---|
| Claims Ratio (CR) | 63.80% | 64.90% |
| Expense Ratio (ER) | 39.20% | 36.50% |
| Combined Insurance Service Ratio (CISR) | 103.00% | 101.40% |
| Return on Average Net Worth | 7.40% | 10.70% |
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):
| Particulars: | FY24 (without 1/n) | FY25 (with 1/n) | FY26 (with 1/n) |
|---|---|---|---|
| Gross Written Premium (GWP) | 5,607.60 | 6,762.20 | 8,585.90 |
| Net Written Premium | 4,421.00 | 5,369.40 | 6,806.30 |
| Net Earned Premium | 3,811.20 | 4,894.50 | 6,067.60 |
| Profit/(Loss) After Tax (I-GAAP) | 81.90 | 213.50 | 130.80 |
| Combined Ratio | 98.80% | 101.20% | 103.40% |
| Claims Ratio | 59.00% | 61.20% | 68.10% |
| Expense Ratio | 39.80% | 40.00% | 35.30% |
| Expense of Management as % of GWP | 39.30% | 39.20% | 33.70% |
| Retention Ratio (NWP/GWP) | 78.80% | 79.40% | 79.30% |
| Net Worth | 2,049.60 | 3,058.30 | 3,219.00 |
| Return on Average Net Worth | 5.70% | 8.40% | 4.20% |
| Solvency Ratio | 2.55x | 3.03x | 2.49x |
| Assets Under Management | 5,458.20 | 8,175.10 | 9,669.70 |
| Yield on Total Investments | 7.10% | 7.40% | 7.20% |
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):
| Particulars: | FY24 (without 1/n) | FY25 (with 1/n) | FY26 (with 1/n) |
|---|---|---|---|
| Retail Health GWP | 3,839.70 | 4,432.50 | 5,747.60 |
| Retail Health Market Share | 9.10% | 9.40% | 10.10% |
| Retail Health Accretion Market Share | 12.90% | 11.60% | 14.00% |
| Active Lives Insured (# in Millions) | 14.70 | 20.80 | 25.20 |
| Network Hospitals (#) | 10,460 | 10,421 | 10,566 |
| Cashless Claims through Network Hospitals | 70.00% | 72.20% | 69.10% |
| Claims Settlement Ratio | 91.90% | 92.40% | 94.40% |
| GWP Contribution of New Retail Health Indemnity Policies with Sum Insured >=₹1 million | 70.70% | 74.50% | 78.50% |
| Avg. Ticket Size per Policy (₹) | 28,797 | 30,252 | 31,367 |
| GWP per Policy Sold by Agents (₹) | 25,028 | 23,233 | 24,597 |
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:
| Ratio: | Q4 FY26 | FY26 | FY25 |
|---|---|---|---|
| Solvency Ratio | 2.49x | 2.49x | 3.03x |
| Expenses of Management Ratio | 28.49% | 33.70% | 39.22% |
| Incurred Claim Ratio | 56.76% | 68.11% | 61.22% |
| Net Retention Ratio | 79.93% | 79.27% | 79.40% |
| Combined Ratio | 86.12% | 103.39% | 101.22% |
| Basic EPS (₹) | 1.87 | 0.71 | 1.22 |
| Diluted EPS (₹) | 1.86 | 0.71 | 1.20 |
| Book Value per Share (₹) | 17.42 | 17.42 | 16.74 |
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%.
| Digital Metric: | FY24 | FY25 | FY26 |
|---|---|---|---|
| New Policies Applied via Website and Mobile Apps | 100.00% | 99.90% | 100.00% |
| Digital Payments | 95.50% | 95.10% | 96.50% |
| Retail Policies Auto-Decisioned | 51.80% | 49.50% | 48.20% |
| Claims Submitted Digitally | 81.30% | 91.50% | 92.10% |
| Cashless Claims Auto Adjudication | 19.80% | 27.30% | 32.10% |
| Renewals Completed Without Human Intervention | 85.40% | 88.30% | 86.20% |
| Cashless Claims Processed in <30 Mins | 81.50% | 86.00% | 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.
Historical Stock Returns for Niva Bupa Health Insurance Company
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.13% | +2.44% | +8.33% | +11.68% | -4.12% | +12.81% |
With the I-GAAP claims ratio rising sharply to 68.1% in FY26 from 61.2% in FY25, what strategic measures is Niva Bupa considering to contain claims inflation and prevent further deterioration of underwriting profitability?
Given that IRDAI's approval for the FY25 Expenses of Management forbearance is still pending, how might a potential rejection impact Niva Bupa's capital position and future pricing strategy?
As Niva Bupa's retail health market share reaches 10.1%, what is the realistic ceiling for market share gains, and which competitor segments are most vulnerable to further displacement?
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