Niva Bupa Health Insurance Company Ltd — earnings calls

Niva Bupa reported Q1 FY27 profit after tax of Rs 137.8 crores with the combined insurance service ratio improving to 100.2% from 103.2% a year earlier. Overall growth was 31.7% on a reported basis and 23.0% like-to-like, with retail health growing 47.1% reported while group business remained flat due to a challenging B2B pricing environment. Management also reported the company has fully transitioned to Ind AS reporting and detailed progress on its Preferred Provider Network, health partner app usage, and industry-wide awareness initiatives.

Niva Bupa reported full year FY26 GWP growth of 27.4% to Rs 9,433 crores, with retail growth of 35% and profit after tax on an Ind AS basis of Rs 366 crores, up from Rs 203 crores. The combined ratio under IFRS improved by 160 basis points to 101.4%, driven by a reduction in expense ratio that more than offset a rise in loss ratio. Management also discussed the industry-wide GST impact, common hospital empanelment initiatives, and the upcoming adoption of the Ind AS/IFRS 17 standard starting this quarter.