NIVABUPA · Financial Services
Niva Bupa Health Insurance Company Ltd. reported total income of ₹2,049 cr for July to September 2025, +55.1% on the year and +6.1% on the quarter. It is the highest quarterly income in the last 9 quarters on record. Over the last four quarters income comes to ₹6,910 cr, +44.3% on the four before.
Net profit was ₹61.0 cr, +369.2% on the year and −14.1% on the quarter, with earnings per share of ₹0.33. Profit over the last four quarters totals ₹351 cr, +125.0% 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. The quarterly statements do not carry premium growth, value of new business margin and the solvency ratio; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders), Net interest income against profit (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
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.
| Metric | Q2 FY26 |
|---|---|
| Solvency ratio (×) | 2.85 |
| Combined ratio | 96.62% |
| Loss ratio | 65.08% |
| Gross Written Premium (With 1/n) (₹ crore) | 1,843 |
| Gross Written Premium (Without 1/n) (₹ crore) | 2,108 |
| Retail Health GWP (With 1/n) (₹ crore) | 1,279 |
| Retail Health Market Share | 9.9% |
| Expense Ratio | 31.53% |
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.
| 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 ₹2,049 cr (+55.1% on the year) and net profit of ₹61.0 cr (+369.2% on the year) for July to September 2025.
None of the 2 checks that could run raised a question.
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