Niva Bupa Health Insurance Company Limited · NSE:NIVABUPA
Niva Bupa Health Insurance — 9M FY2026 Earnings Presentation
33 slides from Niva Bupa Health Insurance's earnings presentation, January 2026
Slide 1: Investor Presentation 9M'FY2026
Investor Presentation 9M'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 9M'FY2026 Performance
MD & CEO Commentary on 9M’FY2026 Performance The Indian economy stayed resilient in 9M’FY2026 amidst the global tensions and is estimated to grow by 7.4%1 in FY2026 against 6.5%1 in FY2025. This momentum is mirrored in the insurance sector, where structural reforms like 100% FDI and tailwinds from G
Slide 5: Executive Summary Q3'FY26 | 9M'FY26
Executive Summary Q3’FY26|9M'FY26 (₹ in Crores) GWP Profit/(Loss) After Tax Combined Insurance Claims Settlement Ratio (Without 1/n) (IFRS) Service Ratio1 (IFRS) Q3’FY26 9M'FY26 Q3’FY26 9M'FY26 Q3’FY26 9M'FY26 Q3’FY26 9M'FY26 ₹2,326.6 ₹6,309.4 ₹76.6 ₹208.3 102.6% 102.9% 94.1% 94.4% 31.5% 25.9% 27.7%
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
Key Performance Indicators Particulars Unit FY2024 FY2025 9M’FY2025 9M'FY2026 Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 7,406.7 5,011.3 6,309.4 Retail Health GWP (₹ in Crores) 3,839.7 4,873.4 3,319.3 4,411.1 Retail Health GWP Growth % 29.3% 26.9% 28.4% 32.9% Renewal Rate for Retail Health I
Slide 9: Demonstrated Steady Expansion in Profitability
Demonstrated Steady Expansion in Profitability Last 3 years Last 7 quarters Gross Written Premium (GWP) – Without 1/n (INR Crores) 7,407 5,608 2,395 2,108 2,327 Healthy business momentum 4,073 1,777 1,770 1,875 1,464 35% FY23-25 CAGR 31% growth in Q3’FY26 YoY FY23 FY24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q
Slide 10: 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% 9.6% 10.0% 2.0% 2.2% 2.3% 1.5% 15.4% 29.5% 32.3% 30.8% 31.6% 21.7% 3,817.4 3,136.0 3,839.7 4,432.5 68.5% 65.5% 67.0% 66.9% FY2024 FY2025 9M'F
Slide 11: 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 12: 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 13.6 5.7 xxxxxxxxxx 5.1 Home delivery of 11.5 Activity tracker medicines 3.1 2.3 Booking
Slide 13: We Measure NPS Across Touch Points and Focus on Improving Customer Experience
2 We Measure NPS Across 35 Touch Points and are Focused on Continuously Improving Customer Experience Weighted Episodal NPS1 Claims Cashless Discharge NPS 67 67 62 63 58 55 50 38 FY2023 FY2024 FY2025 9M'FY2026 FY2023 FY2024 FY2025 9M'FY2026 ▪ Weighted Episodal NPS for 9M’FY2026 stands at +58 which i
Slide 14: 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% 0.6% 0.6% 13.1% 11.5% 12.2% 10.1% 210 Branches (+1 in Q3’FY2026) 28.2% 27.0% 30.6% 29.0% 224,810 Individual Agents (+15K in
Slide 15: Our Value Chain is 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 16: We are Transforming Our Value Chain using AI
4 We are Transforming Our Value Chain using AI Risk Selection Customer Sales Service Claims Renewals Investments & Onboarding Call Sentiment Underwriter Copilot Call Analysis & Quality Auto Adjudication Segmentation Investment Research Document Attrition Prediction Chat Bot Document Forgery Next Bes
Slide 17: Disciplined Underwriting and Business Selection 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 18: 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 19: Our Hospital Network and PPN Hospitals Help 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 47 10,460 10,421 10,587 1,087 10,005 PPN claims 8,562 589 contribution in PPN cities ~21% 326 201 FY2022 FY2023
Slide 20: Retail Health Claims Cost Index
5 Retail Health Claims Cost Index Our Retail Health Claims Cost Index1 has grown by a CAGR2 of 6.9% 157 152 141 128 131 123 100 101 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 9M'FY2026 Retail Health Claim Cost Index reflects YOY average claim size with FY2019 as base year. The change in index
Slide 21: Focus on Talent Management & Execution
6 Focus on Talent Management & Execution 2026 2025 Ranked 67th among Top 100 India’s Best Workplaces 2025 Top 25 India’s Best Workplaces in BFSI 2025 2024 2023 2022 2021 21
Slide 22: Agenda
Agenda Our Strategy Financial Performance
Slide 23: Financial Performance (IFRS)
Financial Performance (IFRS) Profit After Tax (PAT) Key Ratios (₹ in Crores) Retail 64.8% 66.0% 67.0% 66.9% Claims Ratio1 208.3 Combined 202.9 Insurance 103.0% 103.0% 103.4% 102.9% 102.6% Service Ratio Expense 40.1% 39.2% 39.2% 37.6% Ratio 119.5 106.4 Claims Ratio1 62.9% 63.8% 64.2% 65.4% FY2024 FY2
Slide 24: Robust Approach to Investment Management Has Resulted in Strong Growth in 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| 9M'FY2026 6.6% 6.7% 7.1% 7.4% 7.3% 8,927.4 8,175.1 31.9% 5,458.2 59.7% 3,366.1 2,401.3 8.4% FY2022 FY2023 FY2024 FY2025 9M'FY2026 AAA Rated
Slide 25: Appendix
Appendix
Slide 26: Key Performance Indicators (1/2)
Key Performance Indicators (1/2) FY2024 Particulars Unit FY2025 9M’FY2025 9M'FY2026 (without 1/n) Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 6,762.2 4,683.6 5,706.3 Net Written Premium (₹ in Crores) 4,421.0 5,369.4 3,697.3 4,504.6 Net Earned Premium (₹ in Crores) 3,811.2 4,894.5 3,367.0 4,09
Slide 27: Key Performance Indicators (2/2)
Key Performance Indicators (2/2) FY2024 Particulars Unit FY2025 9M’FY2025 9M'FY2026 (without 1/n) Retail Health GWP (₹ in Crores) 3,839.7 4,432.5 3,136.0 3,817.4 Retail Health Market Share % 9.1% 9.4% 9.6% 10.0% Retail Health Accretion Market Share % 12.9% 11.6% 13.4% 12.6% Number of Active Lives In
Slide 28: Financial Performance (I-GAAP)
Financial Performance (I-GAAP) Profit/Loss After Tax Key Ratios (₹ in Crores) Combined 98.8% 101.2% 105.0% 111.9% 104.2% Ratio 38.3% Expense 41.6% 36.5% 213.5 40.0% Ratio 39.8% 81.9 Claims 73.6% Ratio 63.4% 67.6% 59.0% 61.2% 7.4 FY2024 FY2025 9M'FY2025 9M'FY2026 FY2024 FY2025 9M'FY2025 9M'FY2026 9M’
Slide 29: I-GAAP Claims Ratio Bridge
I-GAAP Claims Ratio Bridge 1 2 1 1W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated by IRDAI, hence earnings are lower due to 50% UPR accounting method 29 2Driven by Group loss ratio. Two large corporate accounts were written in Q4’FY2025 so no corresponding earnings in 9M’
Slide 30: Profit Reconciliation from I-GAAP to IFRS
Profit Reconciliation from I-GAAP to IFRS Particulars (₹ in Crores) FY2024 FY2025 9M’FY2025 9M'FY2026 Profit After Taxes as per I-GAAP1 81.9 213.5 7.4 (214.4) IFRS Adjustments Insurance Contracts [IFRS-17] 68.7 80.8 168.9 492.7 Leases [IFRS-16] (3.0) (2.0) (1.2) (2.3) Financial Instruments [IFRS-09]
Slide 31: 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, Dec 31, Dec 31, Particulars (₹ in Crores) 2024 2025 2024 2025 Equity as per I-GAAP 2,049.8 3,060.8 2,868.9 2,871.4 IFRS Adjustments Insurance Contracts [IFRS-17] 111.4 192.3 280.3 685.0 Leases [IFRS-16] (2.2) (4.2)
Slide 32: 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 33: Thank You
Thank You
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