Niva Bupa Health Insurance Company Limited reported a net loss of ₹8,764 lakhs for the third quarter of fiscal year 2026 ended December 31, 2025, marking a significant reversal from the net profit of ₹1,324 lakhs recorded in the corresponding quarter of the previous year. The health insurance company's board approved these unaudited financial results during their meeting held on January 29, 2026.

Financial Performance Overview

The company demonstrated robust premium growth despite reporting losses. Gross premiums written surged by 54.73% to ₹2,23,127 lakhs in Q3 FY26 compared to ₹1,44,207 lakhs in Q3 FY25. Net premium written also increased substantially to ₹1,76,670 lakhs from ₹1,15,243 lakhs year-on-year.

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, the company's financial performance showed mixed results. While gross premiums written increased by 21.84% to ₹5,70,625 lakhs from ₹4,68,358 lakhs in the corresponding period last year, the company reported a net loss of ₹21,435 lakhs compared to a net profit of ₹744 lakhs in the previous year.

Claims and Expense Management

The company faced significant challenges in claims management during the quarter. Incurred claims increased substantially, with claims paid rising to ₹94,639 lakhs in Q3 FY26 from ₹76,905 lakhs in Q3 FY25. The incurred claim ratio deteriorated to 72.30% from 65.14% year-on-year.

Operating expenses also witnessed an upward trend, with total expenses reaching ₹1,68,505 lakhs in Q3 FY26 compared to ₹1,23,709 lakhs in the corresponding quarter last year. The company's combined ratio stood at 108.19% for Q3 FY26, slightly improved from 108.29% in Q3 FY25.

Segment-wise Performance

The health segment remained the primary contributor to the company's business, generating net earned premium of ₹1,43,317 lakhs in Q3 FY26 compared to ₹1,11,263 lakhs in Q3 FY25. However, the health segment reported an underwriting loss of ₹23,230 lakhs in Q3 FY26 against a loss of ₹10,102 lakhs in the previous year.

Personal accident and travel segments showed relatively smaller contributions, with personal accident generating ₹1,949 lakhs in net earned premium and travel segment contributing ₹91 lakhs during the quarter.

Key Financial Ratios

The company's solvency ratio stood at 2.49 times as of December 31, 2025, compared to 3.03 times in the corresponding period last year. The expense of management ratio improved to 33.10% from 41.73% year-on-year, while the net retention ratio remained stable at 79.18%.

The company's earnings per share turned negative at ₹(0.47) for Q3 FY26 compared to positive ₹0.07 in Q3 FY25. For the nine-month period, basic EPS stood at ₹(1.16) against ₹0.04 in the previous year.

Niva Bupa Health Insurance Company Limited has announced its quarterly earnings conference call with analysts and investors, scheduled for January 29, 2026, at 6:30 PM IST. The company informed stock exchanges about this development through a regulatory filing dated January 21, 2026, under Regulation 30 of SEBI listing requirements.

Conference Call Details

The earnings call will focus on discussing the company's performance for the quarter and nine months ended December 31, 2025. ICICI Securities will coordinate the conference call, providing multiple access options for participants.

Management Representation

The company will be represented by its senior leadership team during the earnings call:

• Krishnan Ramachandran - Managing Director & CEO
• Vishwanath Mahendra - Executive Director & CFO
• Ankur Kharbanda - Executive Director & Chief Business Officer
• Bhabatosh Mishra - Chief Operating Officer
• Vikas Jain - Chief Investment Officer

Access Information

Participants can join the conference call through multiple channels:

Regulatory Compliance

The announcement was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Executive Director and CFO Vishwanath Mahendra signed the regulatory filing on behalf of the company. The company maintains its registered office at C-98, First Floor, Lajpat Nagar, Part 1, Delhi-110024, and operates under IRDAI Registration No. 145.