Niva bupa health insurance company Limited has announced significant leadership appointments following its Board of Directors meeting held on January 29, 2026. The appointments were made based on recommendations from the Nomination and Remuneration Committee and are effective immediately.

Key Leadership Appointments

The Board approved two critical appointments that strengthen the company's governance structure:

Roger Davis: Extensive Financial Services Background

Mr. Roger William John Davis brings substantial experience to his new role as Additional Director. His professional credentials include:

• Education: MA degree in Politics, Philosophy & Economics from the University of Oxford
• Military Service: 12 years as an Officer in the British Army
• Financial Services Experience: 40 years with large global organizations

Davis has held several prominent leadership positions throughout his career. He served as Chairman of BUPA and Chairman of Sainsbury's Bank, demonstrating his expertise in healthcare and financial services sectors. His corporate governance experience includes serving as a Non-Executive Director of Experian plc, the Global Information Services Company.

International Banking Experience

Davis's international exposure spans multiple continents and senior roles:

• Served on the Board of Barclays Bank PLC while leading Barclays UK
• Oversaw all corporate and retail banking operations at Barclays
• Held Managing Director position for India at Jardine Fleming
• Served as Chief Executive Officer of BZW Asia Pacific

The company confirmed that Davis has not been debarred from holding office of a Director by SEBI or any other regulatory authority, as required by exchange circulars.

Aparna Sharma: Governance and Compliance Expertise

Ms. Aparna Sharma's appointment as Company Secretary and Compliance Officer brings specialized expertise to Niva Bupa's governance framework. Her professional background includes:

Track Record and Achievements

Sharma has demonstrated expertise in critical corporate functions since joining Niva Bupa. Her contributions include:

• Implementing SEBI Listing and Insider Trading regulations
• Overseeing the company's IPO execution
• Managing ESOP schemes implementation
• Multi-jurisdictional compliance experience across India, APAC, and Ireland

Her career progression includes key roles at prominent organizations such as Fidelity Group, Times of India, Ansal API, and Network 18, providing her with diverse industry exposure.

Regulatory Compliance and Next Steps

The appointments comply with SEBI regulations under the Listing Obligations and Disclosure Requirements. Davis's appointment as Additional Director requires member approval within three months from the appointment date. The company has confirmed that both appointments meet all regulatory requirements and disclosure norms.

These strategic appointments reflect Niva Bupa's commitment to strengthening its leadership team with experienced professionals who bring complementary expertise in financial services, governance, and regulatory compliance.

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.