Niva Bupa Health Insurance Company has reported strong financial results for the first half of fiscal year 2026, demonstrating robust growth and improved profitability metrics.

Key Financial Highlights

• Gross Written Premium (GWP) reached INR 3,983.00 crores for H1 FY26, registering a 23% growth on a like-to-like basis.
• IFRS Profit After Tax more than doubled to INR 132.00 crores, up from INR 60.00 crores in the same period last year.
• Combined ratio improved by 105 basis points to 103.1%, driven by a significant reduction in expense ratio.
• Retail health business grew by 28%, outpacing the overall company growth.

Performance Metrics

Operational Highlights

• Launched ReAssure 3.0, a next-generation retail health insurance product.
• Expanded preferred provider network to 44 cities.
• Achieved a weighted average Net Promoter Score (NPS) of 57 for H1.
• Maintained an industry-leading Average Ticket Size (ATS) of over INR 31,000.00.

GST Impact and Market Response

Following the GST reduction from 18% to 0% on health insurance, Niva Bupa reported strong demand in October:

• Over 50% retail growth
• 15% increase in ticket size
• Passed on the entire GST benefit to distributors and customers

Management Commentary

Krishnan Ramachandran, MD and CEO, stated, "Our H1 performance reflects our commitment to growth with profitability. The recent GST reduction is a significant step, recognizing health insurance as essential as food. We're seeing increased demand and are confident this will benefit customers, distributors, and the industry as a whole."

Future Outlook

The company remains optimistic about the health insurance sector's growth potential in India. Niva Bupa continues to invest in distribution, AI capabilities, and core systems to capitalize on this opportunity.

As the health insurance market in India evolves, Niva Bupa's strong H1 FY26 performance positions it well to capture the growing demand for health coverage, particularly in the retail segment. The company's focus on technology, customer experience, and product innovation is likely to support its growth trajectory in the coming quarters.

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.