Niva Bupa Health Insurance Company Limited , a prominent player in the Indian health insurance sector, has announced a significant change in its leadership. The company has received regulatory approval for the appointment of Mr. Milind Gajanan Barve as the new Chairman of its Board of Directors.

Regulatory Approval

The Insurance Regulatory and Development Authority of India (IRDAI) granted its approval for Mr. Barve's appointment on September 24, 2025. This regulatory green light paves the way for Mr. Barve to assume his role as Chairman, effective from August 28, 2025.

About the Appointment

Mr. Milind Gajanan Barve, identified by his Director Identification Number (DIN) 00087839, brings his expertise to Niva Bupa's leadership. His appointment marks a new chapter in the company's governance structure.

Company Details

Niva Bupa Health Insurance Company Limited, operating under IRDAI Registration No. 145, is a key player in India's health insurance landscape. The company, with its Corporate Identification Number (CIN) L66000DL2008PLC182918, has its registered office in Delhi and its corporate office in Gurugram, Haryana.

Market Impact

As a listed entity on both the National Stock Exchange of India and BSE Limited, this leadership change is significant for investors and stakeholders. The appointment of a new Chairman often signals potential shifts in strategy or governance approach, which can be of interest to the market.

Compliance and Disclosure

The company has duly informed the stock exchanges about this development, adhering to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This transparency in corporate communication underscores Niva Bupa's commitment to regulatory compliance and shareholder information.

The appointment of Mr. Barve as Chairman comes at a time when the health insurance sector in India is experiencing significant growth and transformation. Stakeholders will be keen to observe how this leadership change might influence Niva Bupa's strategic direction and market position in the coming years.

Niva Bupa Health Insurance Company Limited has announced the appointment of Mr. Vivek Anant Karve as an Additional Director in the category of Independent Director. The appointment, effective from September 15, 2025, is for a five-year term and is subject to shareholder approval.

Appointment Details

The Board of Directors of Niva Bupa Health Insurance, based on the recommendation of the Nomination & Remuneration Committee, has approved Mr. Karve's appointment. This decision was disclosed in a regulatory filing to the National Stock Exchange of India Limited and BSE Limited.

About Vivek Anant Karve

Mr. Karve brings over 30 years of professional experience to his new role at Niva Bupa Health Insurance. His expertise spans across various sectors, including consumer products, IT services, and financial services. Key highlights of Mr. Karve's professional background include:

• Qualifications:
  • Chartered Accountant (1994)
  • Cost Accountant (1993)
  • B.Com from the University of Bombay (1991)
• Previous associations with renowned organizations such as P&G, ICICI, Siemens Information Systems, Marico, and Mahindra Finance
• A 20-year tenure at Marico, including six years as Group CFO
• Most recent role as CFO of the Financial Services Sector at Mahindra Finance

Notable Contributions

Throughout his career, Mr. Karve has made significant contributions in various areas:

• Performance management systems
• Governance, Risk, and Compliance (GRC)
• Automation of finance processes
• Design and implementation of long-term incentive plans
• M&A due diligence
• Development of functional competency frameworks for Finance
• Centralization of customer onboarding due diligence and finance processes

Regulatory Compliance

Niva Bupa Health Insurance has confirmed that Mr. Karve has not been debarred from holding the office of a Director by virtue of any order passed by SEBI or any other such authority, in compliance with BSE and NSE circular requirements.

The appointment of Mr. Vivek Anant Karve as an Independent Director is expected to bring valuable insights and expertise to Niva Bupa Health Insurance Company Limited, potentially contributing to the company's strategic growth and financial management.