Niva Bupa Health Insurance Company Limited · NSE:NIVABUPA
Niva Bupa Health Insurance — FY2026 Earnings Presentation
33 slides from Niva Bupa Health Insurance's earnings presentation, 2025
Slide 1: Investor Presentation FY2026
Investor Presentation 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 FY2026 Performance
MD & CEO Commentary on FY2026 Performance The Indian economy continued to be resilient in a volatile global environment. GDP growth moved up to 7.6%1 in FY2026 from 7.1%1 in FY2025. This upward trajectory is mirrored in insurance sector’s growth, enabled by GST exemption on retail life & health insu
Slide 5: Executive Summary Q4'FY26|FY26
Executive Summary Q4'FY26|FY26 (₹ in Crores) GWP Profit/(Loss) After Tax Combined Insurance Claims Settlement Ratio (Without 1/n) (IFRS) Service Ratio (IFRS) Q4 FY Q4 FY Q4 FY Q4 FY FY26 ₹3,123.4 ₹9,432.9 ₹157.8 ₹366.1 97.4% 101.4% 94.5% 94.4% +30.4% +27.4% +89.3% +80.4% FY25 ₹2,395.4 ₹7,406.7 ₹83.4
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 FY2026 Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 7,406.7 9,432.9 Retail Health GWP (₹ in Crores) 3,839.7 4,873.4 6,581.5 Retail Health GWP Growth % 29.3% 26.9% 35.0% Without Renewal Rate for Retail Health Indemnity Products (by % 92.
Slide 9: Demonstrated Steady Expansion in Profitability
Demonstrated Steady Expansion in Profitability Last 3 years Last 8 quarters Gross Written Premium (GWP) – Without 1/n (₹ in Crores) 9,433 3,123 7,407 2,327 2,395 5,608 1,875 2,108 Healthy business momentum 1,777 1,770 1,464 30% FY24-26 CAGR 30% growth in Q4'FY26 YoY FY24 FY25 FY26 Q1 Q2 Q3 Q4 Profit
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% 10.1% 2.0% 2.2% 1.4% 29.5% 32.3% 31.6% 29.7% 15.4% 5,747.6 68.5% 65.5% 66.9% 4,432.5 3,839.7 FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 Retail
Slide 11: Comprehensive Portfolio of Innovative Health Insurance Products
Comprehensive Portfolio of Innovative Health Insurance Products Across All Stages 2 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: 360° Health and Wellness Ecosystem Platform
Enabling Access to a 360° Health and Wellness Ecosystem Platform, Providing a 2 Holistic Customer Health Proposition HEALTH OFFERINGS WELLNESS OFFERINGS App Downloads Monthly Average Active (in Mn.) Users (in Lacs) Home delivery of Activity tracker 14.2 medicines 11.5 5.3 3.9 ABC 1.9 xxxxxxxxxx 2.3
Slide 13: We Measure NPS Across Pivotal Customer Touch Points
We Measure NPS Across Pivotal Customer Touch Points and are Focused on 2 Continuously Improving Customer Experience Weighted Episodal NPS1 Claims Cashless Discharge NPS 70 67 62 63 60 55 50 38 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 ▪ Weighted Episodal NPS for FY2026 stands at +60 wh
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% 13.1% 11.5% 9.7% 210 Branches 29.5% 27.0% 30.6% 238,517 Individual Agents (+14K in Q4’FY26 & +58K in FY26) 7.7% 7.5% 10
Slide 15: Our Value Chain is Significantly Automated with Analytics Embedded
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 Helps 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 49 10,460 10,421 10,566 1,116 10,005 PPN claims 8,562 589 contribution in PPN cities ~20% 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 7.2% (5 year CAGR3 – 5.7%) 162 153 142 128 131 123 100 101 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 Retail Health Claim Cost Index reflects YOY average claim size with FY2019 as base year. T
Slide 21: Focus on Talent Management & Execution
6 Focus on Talent Management & Execution 2026 Top 25 India’s Top 50 India’s Best Best Workplaces Workplaces™ in in BFSI 2026 Health & Wellness 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: IFRS Financial Performance (1/2)
IFRS Financial Performance (1/2) Profit After Tax (PAT) Key Ratios (₹ in Crores) Retail 64.8% 66.0% 66.8% Claims Ratio1 366.1 Combined Insurance 103.0% 103.0% 101.4% Service Ratio Expense 40.1% 39.2% 36.5% Ratio 202.9 106.4 Claims Ratio1 62.9% 63.8% 64.9% FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 Ab
Slide 24: IFRS Financial Performance (2/2)
IFRS Financial Performance (2/2) Particulars (₹ in Cr) FY2025 FY2026 Gross Written Premium (Without 1/n) 7,406.7 9,432.9 Insurance Revenue (A) 5,839.9 7,829.1 Insurance Service Expenses (B = B1 + B2) (5,521.5) (7,442.5) Incurred Claims and Expenses (B1) (3,726.4) (5,081.6) Amortized Insurance Acquis
Slide 25: Robust Approach to Investment Management 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| FY2026 6.6% 6.7% 7.1% 7.4% 7.2% 31.9% 9,669.7 60.4% 8,175.1 5,458.2 7.7% 3,366.1 2,401.3 AAA Rated AA / AA+ Sovereign FY2022 FY2023 FY2024
Slide 26: Appendix
Appendix
Slide 27: Key Performance Indicators (1/2)
Key Performance Indicators (1/2) FY2024 FY2025 FY2026 Particulars Unit (without 1/n) (with 1/n) (with 1/n) Gross Written Premium1 (GWP) (₹ in Crores) 5,607.6 6,762.2 8,585.9 Net Written Premium (₹ in Crores) 4,421.0 5,369.4 6,806.3 Net Earned Premium (₹ in Crores) 3,811.2 4,894.5 6,067.6 Profit/(Los
Slide 28: Key Performance Indicators (2/2)
Key Performance Indicators (2/2) FY2024 FY2025 FY2026 Particulars Unit (without 1/n) (with 1/n) (with 1/n) Retail Health GWP (₹ in Crores) 3,839.7 4,432.5 5,747.6 Retail Health Market Share % 9.1% 9.4% 10.1% Retail Health Accretion Market Share % 12.9% 11.6% 14.0% Number of Active Lives Insured at t
Slide 29: Financial Performance (I-GAAP)
Financial Performance (I-GAAP) Profit/Loss After Tax Key Ratios (₹ in Crores) Combined 98.8% 101.2% 103.4% 95.7% Ratio 213.5 Expense 35.3% Ratio 39.8% 40.0% 33.5% 130.8 81.9 Claims Ratio 68.1% 62.2% 59.0% 61.2% FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 FY2026 Without 1/n 29 W.e.f. October 1, 2024 Lo
Slide 30: Profit Reconciliation from I-GAAP to IFRS
Profit Reconciliation from I-GAAP to IFRS Particulars (₹ in Crores) FY2024 FY2025 FY2026 Profit After Taxes as per I-GAAP 81.9 213.5 130.8 IFRS Adjustments Insurance Contracts [IFRS-17] 68.7 80.8 368.2 Leases [IFRS-16] (3.0) (2.0) (2.7) Financial Instruments [IFRS-09] 3.5 (4.0) (14.4) Share-based Pa
Slide 31: Equity Reconciliation from I-GAAP to IFRS
Equity Reconciliation from I-GAAP to IFRS As at As at As at March 31, March 31, March 31, Particulars (₹ in Crores) 2024 2025 2026 Equity as per I-GAAP 2,049.8 3,060.8 3,219.0 IFRS Adjustments Insurance Contracts [IFRS-17] 111.4 192.3 560.5 Leases [IFRS-16] (2.2) (4.2) (6.9) Financial Instruments [I
Slide 32: Glossary
Glossary AI - Artificial Intelligence PA - Personal Accident API - Application Programming Interface 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 BFSI - Banking, financial services
Slide 33: Thank You
Thank You
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