Niva Bupa Health Insurance Company Limited · NSE:NIVABUPA
Niva Bupa Health Insurance — H1 FY2026 Earnings Presentation
32 slides from Niva Bupa Health Insurance's earnings presentation, 2025
Slide 1: Investor Presentation H1'FY2026
Investor Presentation H1'FY2026
Slide 2: Disclaimer
Disclaimer The contents of this presentation are for informational purposes only. The contents are intended, but not guaranteed, to be correct, complete, or absolutely accurate. This presentation may contain certain words or phrases which are not statements of historical facts and may be described a
Slide 3: Our Purpose
OUR PURPOSE To give every Indian the confidence to access the best healthcare Notes: 3
Slide 4: MD & CEO Commentary on H1'FY2026 Performance
MD & CEO Commentary on H1’FY2026 Performance The Indian economy has shown sustained growth during H1’FY2026 aided by private consumption, fixed investment and revival in manufacturing sector. A major industry milestone was the elimination of GST on Retail Health, PA & Travel insurance, thus making h
Slide 5: Executive Summary Q2'FY26|H1'FY26
Executive Summary Q2’FY26|H1'FY26 (₹ in Crores) GWP Profit/(Loss) After Tax Combined Insurance Claims Settlement Ratio (Without 1/n) (IFRS) Service Ratio1 (IFRS) Q2’FY26 H1'FY26 Q2’FY26 H1'FY26 Q2’FY26 H1'FY26 Q2’FY26 H1'FY26 ₹2,108.1 ₹3,982.7 ₹61.6 ₹131.7 103.1% 103.1% 95.2% 94.6% 18.6% 22.9% 156.7
Slide 6: Agenda
Agenda Our Strategy Financial Performance
Slide 7: Our Strategy
Our Strategy 1 2 3 4 5 6 Building a Disciplined Multi-Channel & Granular, Growth Technology & Underwriting & Health Partner of Diversified Focus on Talent Oriented and Analytics Driven Claims Choice for Distribution with Management & Profitable Health Business Model Management, Customers Emphasis on
Slide 8: Key Performance Indicators (1/3)
Key Performance Indicators (1/3) Particulars Unit FY2024 FY2025 H1’FY2025 H1'FY2026 Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 7,406.7 3,241.5 3,982.7 Retail Health GWP (₹ in Crores) 3,839.7 4,873.4 2,201.3 2,809.9 Retail Health GWP Growth % 29.3% 26.9% 32.2% 27.6% Without Renewal Rate for R
Slide 9: Key Performance Indicators (2/3)
Key Performance Indicators (2/3) FY2025 H1'FY2026 Particulars Unit FY2024 H1’FY2025 (with 1/n) (with 1/n) Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 6,762.2 3,241.5 3,475.0 Net Written Premium (₹ in Crores) 4,421.0 5,369.4 2,544.9 2,737.9 Net Earned Premium (₹ in Crores) 3,811.2 4,894.5 2,23
Slide 10: Key Performance Indicators (3/3)
Key Performance Indicators (3/3) FY2025 H1'FY2026 Particulars Unit FY2024 H1’FY2025 (with 1/n) (with 1/n) Retail Health GWP (₹ in Crores) 3,839.7 4,432.5 2,201.3 2,371.8 Retail Health Market Share % 9.1% 9.4% 9.9% 9.9% Retail Health Accretion Market Share % 12.9% 11.6% 15.6% 9.2% Number of Active Li
Slide 11: Building a Granular, Growth Oriented and Profitable Health Insurance Franchise
1 Building a Granular, Growth Oriented and Profitable Health Insurance Franchise Product Mix Retail Health GWP & Market Share (By GWP) (₹ in Crores) 9.1% 9.4% 9.9% 9.9% 2.0% 2.2% 2.4% 1.6% 15.4% 29.5% 32.3% 29.7% 30.2% 7.7% 3,839.7 4,432.5 2,371.8 68.5% 65.5% 67.9% 68.3% 2,201.3 FY2024 FY2025 H1'FY2
Slide 12: Comprehensive Portfolio of Innovative Health Insurance Products
2 Comprehensive Portfolio of Innovative Health Insurance Products Across All Stages of the Customer Lifecycle DISEASE WELLNESS FOCUSED MILLENNIALS SENIOR CITIZEN MANAGEMENT MASS MARKET MASS AFFLUENT TIERED NETWORK HEALTH PULSE EMBEDDED ADVISORY RIDER All Retail Products HEALTH PLUS HEALTH PLUS AFFLU
Slide 13: ReAssure 3.0 Next Generation Retail Product
2 ReAssure 3.0 is Our Next Generation Retail Product with Several Customer Centric and Innovative Product Features Key Features No Cap on Sum Insured Vintage Pricing Room Category Basis Variants • Unlimited sum insured available • Vintage as rating factor for • Black: Any Room with all variants exis
Slide 14: Enabling Access to a 360° Health and Wellness Ecosystem Platform
Enabling Access to a 360° Health and Wellness Ecosystem Platform, Providing a 2 Holistic Customer Health Proposition App Downloads HEALTH OFFERINGS WELLNESS OFFERINGS Monthly Active Users (in Lacs) (in Mn.) ABC 13.0 11.5 5.8 xxxxxxxxxx Home delivery of 5.1 Activity tracker medicines 3.1 2.3 Booking
Slide 15: We Measure NPS Across Touch Points
We Measure NPS Across 35 Touch Points and are Focused on Continuously 2 Improving Customer Experience Weighted Episodal NPS1 Claims Cashless Discharge NPS 67 62 63 64 57 55 50 38 FY2023 FY2024 FY2025 H1'FY2026 FY2023 FY2024 FY2025 H1'FY2026 ▪ Weighted Episodal NPS for H1’FY2026 stands at +57 which i
Slide 16: Multi-Channel & Diversified Distribution with Emphasis on Digital Sales
3 Multi-Channel & Diversified Distribution with Emphasis on Digital Sales Diversified Channel Mix with Strong Focus on Growing High Value Channels Pan-India Presence 0.6% 0.6% 0.5% 0.6% 13.1% 11.5% 12.7% 10.5% 209 Branches 27.2% 28.0% 27.0% 30.6% 209,699 Individual Agents (+16K in Q2’FY2026) 7.7% 7.
Slide 17: Value Chain Significantly Automated with Analytics Embedded into Operations
Our Value Chain is Significantly Automated with Analytics Embedded into 4 Operations Partner Onboarding Customer Sourcing Underwriting Claims Management Policy Renewal Modular API based New policies applied Rule based automated Digital claims submission Policy renewal without partner integration dig
Slide 18: Disciplined Underwriting Through LTV-Based Approach
5 Disciplined Underwriting and Business Selection Through LTV-Based Approach CUSTOMER CLAIMS Product-to-customer, segment- PROFILE EXPERIENCE to-channel mapping COST OF LOCATION Identify opportunities for upsell ACQUISITION or cross-sell to customers with high LTV Follow-Up Rating Action RISK PERCEP
Slide 19: Our Multi-Pronged Claims Management Strategy
5 Our Multi-Pronged Claims Management Strategy Developing Partnerships and Strengthening Relationships with Network Hospitals 1 Expansion of Network of Preferred Partner Network (PPN) Hospitals Auto Adjudication 2 Paperless Auto Adjudication Portal for Health Insurance Claims Processing Robust Fraud
Slide 20: Hospital Network and PPN Hospitals Improve Customer Satisfaction
Our Hospital Network and PPN Hospitals Helps Improve Customer Satisfaction 5 Levels While Improving Control on Cost of Claims Network of Hospitals (#) Preferred Partner Network (#) 9 20 40 44 10,460 10,421 10,507 855 10,005 PPN claims 8,562 589 contribution in 326 PPN cities ~19% 201 FY2022 FY2023 F
Slide 21: Retail Health Claims Cost Index
5 Retail Health Claims Cost Index Our Retail Health Claims Cost Index1 has grown by a CAGR2 of 7.0% 152 155 141 128 131 123 100 101 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 H1'FY2026 Retail Health Claim Cost Index reflects YOY average claim size with FY2019 as base year. The change in index
Slide 22: Focus on Talent Management & Execution
6 Focus on Talent Management & Execution 2021 2022 2023 2024 2025 Ranked 67th among Top 100 India’s Best WorkplacesTM 2025 Top 25 India’s Best WorkplacesTM in BFSI 2025 22
Slide 23: Agenda
Agenda Our Strategy Financial Performance
Slide 24: Financial Performance (IFRS)
Financial Performance (IFRS) Profit After Tax (PAT) Key Ratios (₹ in Crores) Retail 64.8% 66.0% 68.0% 68.1% Claims Ratio1 Combined 202.9 Insurance 103.0% 103.0% 104.2% 103.1% Service Ratio Expense 40.1% 39.2% 39.5% 37.2% 131.7 Ratio 106.4 59.5 Claims Ratio1 62.9% 63.8% 64.7% 65.9% FY2024 FY2025 H1'F
Slide 25: Financial Performance (I-GAAP)
Financial Performance (I-GAAP) Profit/Loss After Tax Key Ratios (₹ in Crores) Combined 98.8% 101.2% 103.5% 114.1% 106.2% Ratio 39.9% Expense 37.1% 213.5 40.0% 41.0% Ratio 39.8% 81.9 Claims 74.3% 69.1% Ratio 59.0% 61.2% 62.5% FY2024 FY2025 H1'FY2025 H1'FY2026 FY2024 FY2025 H1'FY2025 H1'FY2026 H1’FY20
Slide 26: I-GAAP Claims Ratio Bridge
I-GAAP Claims Ratio Bridge 1 2 1Driven by Group loss ratio. Two large corporate accounts were written in Q4’FY2025 so no corresponding earnings in H1’FY2026 due to 50% UPR accounting & earnings will reflect in Q4’FY2026 26 2W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated
Slide 27: Profit Reconciliation from I-GAAP to IFRS
Profit Reconciliation from I-GAAP to IFRS Particulars (₹ in Crores) FY2024 FY2025 H1’FY2025 H1'FY2026 Profit After Taxes as per I-GAAP 81.9 213.5 (5.8) (126.7) IFRS Adjustments Insurance Contracts [IFRS-17] 68.7 80.8 96.5 304.9 Leases [IFRS-16] (3.0) (2.0) (0.7) (1.5) Financial Instruments [IFRS-09]
Slide 28: Equity Reconciliation from I-GAAP to IFRS
Equity Reconciliation from I-GAAP to IFRS As at As at As at As at March 31, March 31, Sep 30, Sep 30, Particulars (₹ in Crores) 2024 2025 2024 2025 Equity as per I-GAAP 2,049.8 3,060.8 2,064.6 2,956.0 IFRS Adjustments Insurance Contracts [IFRS-17] 111.4 192.3 208.0 497.2 Leases [IFRS-16] (2.2) (4.2)
Slide 29: Robust Approach to Investment Management Drives AUM and Yield
Robust Approach to Investment Management has Resulted in Strong Growth in AUM and Yield AUM (₹ in Crores) Breakup by Ratings % of Book Value of Debt Securities| H1'FY2026 6.6% 6.7% 7.1% 7.4% 7.3% 8,481.8 8,175.1 31.4% 5,458.2 60.7% 3,366.1 2,401.3 7.9% FY2022 FY2023 FY2024 FY2025 H1'FY2026 AAA Rated
Slide 30: Appendix
Appendix
Slide 31: Glossary
Glossary API - Application Programming Interface PA - Personal Accident App - Application PAT - Profit After Tax AUM - Assets under Management PB - Policy Bazaar Avg - Average PBT - Profit Before Tax BMI - Body Mass Index PPN - Preferred Partner Network CAGR - Compounded Annual Growth Rate RBI - Res
Slide 32: Thank You
Thank You
Niva Bupa Health Insurance Company — H1 FY2026 Earnings Presentation on 6ix