Niva Bupa Health Insurance Company Limited has reported no deviation or variation in the utilization of funds raised through its Initial Public Offering (IPO) for the quarter ended September 30, 2025. The company's statement, reviewed by its Audit Committee on November 3, 2025, confirms adherence to the original allocation of funds.

IPO Details and Fund Allocation

Niva Bupa raised gross proceeds of INR 800.00 crores through its public issue, with the allotment date of November 12, 2024. The funds were designated for a specific purpose:

• Objective: Augmentation of capital base to maintain and strengthen solvency levels

Utilization Status

For the quarter ended September 30, 2025:

The company reported that no amount has been utilized from the IPO proceeds during this quarter, maintaining the full allocation of INR 800.00 crores as originally planned.

Compliance and Oversight

The statement on fund utilization was reviewed by the Audit Committee of Niva Bupa in its meeting held on November 3, 2025. This review process ensures transparency and adherence to regulatory requirements regarding the use of IPO funds.

Implications

The absence of any deviation in fund utilization suggests that Niva Bupa is maintaining its commitment to use the IPO proceeds as outlined in its offer documents. This adherence to the stated objectives can be seen as a positive indicator of the company's financial discipline and strategic focus.

Investors and stakeholders can take assurance from this report that the company is proceeding as planned with its capital strengthening initiatives, which are crucial for maintaining robust solvency levels in the insurance sector.

As Niva Bupa continues to manage its IPO funds, future quarters will be important to watch for the actual deployment of these resources towards the stated objective of augmenting its capital base.

Niva Bupa Health Insurance Company , a prominent player in India's health insurance sector, has reported significant growth in its financial performance for Q2 FY2026 and H1 FY2026.

Key Financial Highlights

• Profit After Tax: Niva Bupa's IFRS Profit After Tax more than doubled to ₹62.00 crore in Q2 FY26, up from ₹24.00 crore in Q2 FY25.
• Gross Written Premium:
  • Q2 FY26: ₹2,108.00 crore (without 1/n) and ₹1,843.00 crore (with 1/n)
  • H1 FY26: ₹3,983.00 crore (without 1/n) and ₹3,475.00 crore (with 1/n)
• Retail Health GWP: Grew 24.5% year-over-year in Q2 FY26
• Combined Insurance Service Ratio: Improved to 103.1% in Q2 FY26, a 141 basis points improvement from Q2 FY25

Operational Metrics

• Claims Settlement Ratio: 95.2%
• Solvency Ratio: 2.85x
• Lives Covered: 23.14 million
• Net Promoter Score: 57

Distribution Channel Breakdown

Analysis

Niva Bupa Health Insurance has demonstrated strong financial performance in Q2 FY26, with significant growth in profitability and Gross Written Premium. The doubling of Profit After Tax indicates improved operational efficiency and potentially better underwriting practices.

The growth in Retail Health GWP of 24.5% year-over-year suggests that the company is successfully expanding its market presence in this segment. The improvement in the Combined Insurance Service Ratio to 103.1% indicates better management of claims and expenses, which is vital for long-term profitability in the insurance industry.

The company's focus on diverse distribution channels, with Corporate Agents showing the fastest growth, demonstrates a strategic approach to market expansion. The high Claims Settlement Ratio of 95.2% and improved Solvency Ratio of 2.85x reflect the company's strong financial position and commitment to customer service.

With 23.14 million lives covered and a Net Promoter Score of 57, Niva Bupa appears to be maintaining a strong market position while focusing on customer satisfaction.

The health insurance sector in India remains highly competitive. Niva Bupa's balanced approach to growth across various distribution channels and focus on operational metrics positions it well in the dynamic health insurance market.