Niva Bupa Health Insurance Company Limited , one of India's leading health insurers, has reported a mixed financial performance for the quarter. The company's results show significant growth in some areas while facing challenges in others.

Financial Performance

Revenue and Net Loss

Niva Bupa Health Insurance reported:

• Net loss of ₹914.40 million, significantly higher than the ₹188.20 million loss in the same period last year
• Revenue increased to ₹12.20 billion from ₹10.18 billion year-over-year

IFRS Profit After Tax

Under International Financial Reporting Standards (IFRS):

• 97% year-on-year growth in Profit After Tax (PAT)
• IFRS PAT stood at ₹70.10 crore, compared to ₹35.50 crore in the same period last year

Premium Growth and Market Share

Niva Bupa's Gross Written Premium (GWP) showed steady growth:

• 28% year-on-year growth to ₹1,875.00 crore (without 1/N accounting)
• 11% year-on-year growth to ₹1,632.00 crore (with 1/N accounting)

The company improved its retail market share to 10%, maintaining its position as one of India's leading health insurers.

Operational Highlights

• Number of lives insured: 22.5 million, up 50% year-on-year from 15.0 million
• Claims settlement ratio: 93.6%
• Expense of Management (EoM) ratio improved to 35.9% from 40.7% in the same quarter of the previous year

Distribution Channels Performance

• Agency channel: Top contributor to GWP
• Brokers and bancassurance network: Close followers
• Retail business growth for digital business (including partners): 31% on a like-to-like basis (without 1/N accounting)

Financial Ratios

Management Commentary

Krishnan Ramachandran, Managing Director & CEO of Niva Bupa Health Insurance, commented on the results: "Well begun is half done, and with the positive performance in this quarter, we are confident in sustaining our growth trajectory for the rest of the financial year. The increase in the number of lives insured, along with our strong financial position and operational efficiency, underscores the foundation of our success. We remain committed to expanding our reach, enhancing customer value, and driving sustainable long-term growth."

Niva Bupa Health Insurance continues to focus on expanding its market presence and improving operational efficiencies. The company's strong IFRS performance and growing market share indicate resilience in a competitive landscape, despite the challenges reflected in the wider net loss. As the company moves forward, balancing growth with profitability will be crucial for its long-term success in the Indian health insurance market.

Niva Bupa Health Insurance Company Limited announced the resignation of Independent Director Sridhar Srinivasan, effective July 21, 2025. The company made this disclosure in compliance with SEBI regulations.

Resignation Details

Srinivasan, in his resignation letter, cited the need to "preempt the perception of potential conflicts of interest" as the primary reason for his departure. He confirmed that there were no other material reasons for his resignation.

Board Positions and Committee Roles

At the time of his resignation, Srinivasan held significant positions in other listed entities:

Nirlon Limited

• Independent Director
• Member of Audit Committee
• Member of Nomination & Remuneration Committee
• Member of Stakeholders Relationship Committee
• Chairman of Corporate Social Responsibility Committee
• Member of Risk Management Committee

Graphite India Limited

• Independent Director
• Chairman of Risk Management Committee
• Member of Audit Committee

Corporate Governance Implications

The resignation of an independent director, particularly one with extensive committee responsibilities, can have implications for a company's corporate governance structure. Niva Bupa Health Insurance will need to address this vacancy to maintain the required composition of its board and ensure the continuity of its governance processes.

Company Response

Rajat Sharma, Company Secretary and Compliance Officer of Niva Bupa Health Insurance, confirmed the receipt of Srinivasan's resignation letter. The company has duly informed the stock exchanges as per the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

This development comes as companies increasingly focus on maintaining strong corporate governance practices and avoiding any perception of conflicts of interest among their board members. Niva Bupa Health Insurance Company Limited will likely be looking to fill this position with a suitable candidate to maintain the effectiveness of its board structure.