NIVABUPA · Financial Services · filed 4 Nov 2026
Niva Bupa Health Insurance Company Ltd. reported total income of ₹2,572 cr for July to September 2026, +25.5% on the year and +4.1% on the quarter. That is slower than this quarter has grown in recent years (+45.7% on average). It is the highest quarterly income in the last 12 quarters on record. Over the last four quarters income comes to ₹8,905 cr, +28.9% on the four before.
Net profit was ₹136 cr, +123.0% on the year and −1.4% on the quarter, with earnings per share of ₹0.73. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹345 cr, −1.7% on the four before.
Insurers are read on premium growth and, for life insurers, the value of new business; accounting profit says little about one quarter.
An earlier period was restated. What was wrong with the first version?
Source: Filing
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery, Asset quality (lenders), Net interest margin (lenders), Net interest income against profit (lenders). The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
No emphasis of matter.
Filing p. limited review report p.1-2
IRDAI issued an order on August 19, 2026 warning the Company for exceeding EoM limits in FY 2024-25 and directing not to open new place of business for a period of six months. (p. note 6 p.75 / p.172)
Allotted 21,87,932 equity shares pursuant to exercise of employee stock options during the period ended September 30, 2026. (p. note 7 p.73 / p.170)
Tax: Tax expense of ₹45.89 crore comprises entirely deferred tax charge on Profit before tax of ₹181.53 crore for Q2 FY27
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Solvency ratio (×) | 2.03 | 2.25 | 2.85 |
| Combined ratio | 93.2% | 93.55% | 96.62% |
| Loss ratio | 63.09% | 63.01% | 65.08% |
| Gross Written Premium (With 1/n) (₹ crore) | 2,484 | 2,150 | 1,843 |
| Gross Written Premium (Without 1/n) (₹ crore) | 2,698 | 2,306 | 2,108 |
| Retail Health GWP (With 1/n) (₹ crore) | 1,876 | 1,607 | 1,279 |
| Retail Health Market Share | 11% | — | 9.9% |
| Expense Ratio | 30.1% | 30.54% | 31.53% |
Worked out from filed numbers. Gross Written Premium (With 1/n): Gross Written Premium on 1/n basis (₹2,48,405 lakhs converted to ₹ crore)
The Company implemented Ind AS 117 (Insurance Contracts) w.e.f. April 1, 2026, transitioning from previous GAAP and updating measurement models accordingly.
Ind AS 117 adoption introduces revised recognition, measurement, and presentation framework for insurance contracts.
Renewal rate for Retail Health Indemnity Products by value improved to 96.3% in H1 FY27 from 92.3% in H1 FY26 (and 95.6% in Q2 FY27).
Strong policy renewal rate indicates high customer retention and lower lapse rate.
Net expenses from reinsurance contracts stood at ₹38.11 crore in Q2 FY27 compared to ₹18.74 crore in Q2 FY26.
Reinsurance expense reflects ongoing risk transfer under PAA framework.
Read using the Insurance framework (named in the filing read). Primary valuation lens: P/EV and VNB multiple (life); P/B against combined ratio (general).
Read more closely in this sector: Change in actuarial assumptions · Surrender and lapse trend · Reinsurance share.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Health | ₹2,375 cr | ▲ 27.9% | ₹126 cr | ▲ 135.8% |
| Personal Accident | ₹32.4 cr | ▼ 14.6% | ₹9.3 cr | ▼ 12.3% |
| Travel | ₹4.6 cr | ▲ 5.8% | ₹0.5 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹1,026 cr | ₹1,316 cr | ₹1,124 cr | ₹1,321 cr | ₹1,258 cr | ₹1,671 cr | ₹1,932 cr | ₹2,049 cr | ₹1,611 cr | ₹2,251 cr | ₹2,471 cr | ₹2,572 cr |
| YoY | — | — | — | +36% | +23% | +27% | +72% | +55% | +28% | +35% | +28% | +26% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 0% | 0% | — | 0% | 0% | 0% | 27% | 26% | — | 12% | 25% | 25% |
| Net profit | ₹5.0 cr | ₹157 cr | −₹19.0 cr | ₹13.0 cr | ₹13.0 cr | ₹206 cr | ₹71.0 cr | ₹61.0 cr | −₹88.0 cr | ₹159 cr | ₹138 cr | ₹136 cr |
| YoY | — | — | — | — | +160% | +31% | — | +369% | −777% | −23% | +94% | +123% |
| EPS | — | — | — | — | ₹0.07 | ₹1.13 | ₹0.39 | ₹0.33 | −₹0.47 | ₹0.86 | ₹0.75 | ₹0.73 |
| Flags | · | · | · | · | · | · | · | · | 1 | · | · | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Niva Bupa Health Insurance Company Ltd. reported total income of ₹2,572 cr (+25.5% on the year) and net profit of ₹136 cr (+123.0% on the year) for July to September 2026.
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