Niva Bupa Health Insurance Company Ltd

Issuer Rating

• ICRA reaffirmed issuer rating at AAA(Stable) for Niva Bupa Health Insurance.
• Outlook: Stable for the issuer rating.
• Rating communicated on August 20, 2026.

Subordinated Debt Rating

• AA+(Stable) assigned to proposed subordinated debt up to ₹500 crore.
• Instrument: listed, rated, unsecured, subordinated NCDs.
• Rating valid for the life of the programme until withdrawn.
• ICRA reserves right to review or revise ratings at any time.
• Rating letters dated August 20, 2026.

EoM order and business impact

• IRDAI issued 19 Aug 2026 order warning for EoM non-compliance FY2024-25.
• Directive not to open new place of business for six months from order date.
• Company evaluating the order and will safeguard stakeholder interests.
• Company remains compliant with EoM Regulations 2024 for FY2026 and Q1 FY2026-27, on track for FY2027.
• Impact on financials reported as Nil.

AGM Details

• AGM held on 12 August 2026 at 03:00 PM IST via video conferencing.
• Remote e-voting ran 09 Aug 2026 09:00 to 11 Aug 2026 5:00 PM.

Key Resolutions

• Ordinary: To receive, consider and adopt Audited Financial Statements for year ended Mar 31, 2026.
• Ordinary: Re-appointment by rotation of Vishwanath Mahendra.
• Ordinary: Re-appointment by rotation of Ankur Kharbanda.
• Ordinary: Approval of audit remuneration for SR Batliboi & Co. LLP for 2026-27.
• Ordinary: Approval of audit remuneration for Nangia & Co. LLP for 2026-27.
• Special: Appointment of Ashwani Bhatia as Independent Director.
• Ordinary: Profit-related commission remuneration to Ashwani Bhatia.
• Ordinary: Appointment of Siobhan Djihan Moynihan as Non-Executive Director.
• Ordinary: Appointment of Christopher Patrick Carroll as Non-Executive Director.
• Ordinary: Revision in remuneration of Krishnan Ramachandran for 2026-27.
• Ordinary: Revision in remuneration of Vishwanath Mahendra for 2026-27.
• Ordinary: Revision in remuneration of Ankur Kharbanda for 2026-27.

Voting Status

• Voting results will be declared by the Chair within two working days.

Chairperson appointment approved

• IRDAI approved Ashwani Bhatia (DIN 07423221) as Chairperson, effective June 3, 2026.

Meeting Details

• Date and time: July 30, 2026; exact time not disclosed.
• Event type: earnings call with investors/analysts; mode not specified.
• Organizer: Niva Bupa Health Insurance Company Limited.

Participants

• Key company participant: Company Secretary and Compliance Officer.

Purpose

• Purpose: discuss quarterly earnings for the quarter ended June 30, 2026.

Additional Notes

• Audio recording of the call is available on the company website.

Financial performance

• PAT ₹138 crore, up 93% YoY.
• GWP ₹2,150 crore, up 32% YoY.
• Retail health market share 11.1%.
• CISR 100.2% in Q1; prior FY Q1 103.2%.

Operational highlights & channels

• Retail health growth 47% in the quarter.
• Direct channel fastest-growing.
• Agency channel robust; Bancassurance remains important contributor.
• 210+ branches across India.
• 5 lakh agents; 600+ brokers; 130 Bancassurance partners.
• 26 million lives covered; 10,600 hospitals empanelled.
• Management reiterates profitable growth strategy and leadership in retail health.

Business Overview

• Core business is private health insurance with retail health and personal accident offerings.
• Transitioned to Ind AS from Q1'FY2027, boosting disclosure framework.
• Retail Health market share reached 11.1% in Q1'FY2027, up from 10.0%.
• Strategic emphasis on AI-enabled underwriting, digital channels, and health ecosystem.

Key Operational Highlights

• Q1'FY2027 GWP rose 31.7% YoY to ₹2,150 crore; PAT ₹137.8 crore.
• CISR improved to 100.2% in Q1'FY2027 from 103.2%.
• Digital acceleration: new policies via website/mobile at 100%; digital payments at 97.5%.
• Weighted Episodic NPS at 62, up 5 points YoY.
• Retail Health agents: 251,834 individual agents; 134 Banca & Corporate Agents.

Financial Performance

• GWP FY2026 ₹8,585.9 crore; Q1'FY2027 ₹2,150 crore.
• PAT Q1'FY2027 ₹137.8 crore; Q1'FY2026 ₹71.4 crore.
• CISR 100.2% in Q1'FY2027 versus 103.2% prior year.
• Expense ratio 37.2% in Q1'FY2027; 36.4% in Q1'FY2026.
• Return on Average Net Worth 3.7% in Q1'FY2027.
• Solvency ratio 2.25x at Q1'FY2027.

Capital Structure & Liquidity

• Solvency ratio at 2.25x as of Q1'FY2027.
• Portfolio Duration 4.5 years; Average Maturity 5.6 years.
• Investment management delivered robust AUM growth and yields.

Strategic Priorities & Outlook

• Ind AS transition enhances transparency and aligns with global standards.
• Strategic focus on AI-enabled underwriting and LTV-based cross-sell.
• Scale digital channels and partner ecosystem to improve renewals.
• Expansion of hospital network via PPN network to control costs.
• No explicit forward guidance disclosed.

Financial results

• Unaudited standalone results for the quarter ended June 30, 2026 approved by Board on Audit Committee recommendation.
• Limited review report by Joint Statutory Auditors enclosed as Annexure-I.

Fund raising and capital actions

• NCD issuance up to ₹500 crore approved; private placement.
• Debt Raising Committee formed to finalize terms and conditions.

Regulatory / compliance and auditors

• Emphasis of Matter: IRDAI forbearance on expenses above allowable limit; approval pending; impact not determinable.
• Auditors' conclusion not modified in respect of this matter.
• Annexure-II contains details of debenture terms and disclosures.

Meeting Details

• Date and time: Thu, 30 Jul 2026 at 17:30 IST
• Type and mode: group earnings conference call, virtual
• Organiser: ICICI Securities (call coordinator) for Niva Bupa

Participants

• Key company participants: MD & CEO; Executive Director & Deputy CEO; Executive Director & CFO; COO; CIO

Purpose

• To discuss Q1 FY27 results and June 30, 2026 quarter performance.

Additional Notes

• No information provided on recording or transcript availability.