Niva Bupa Health Insurance Company Ltd

Niva Bupa Health Insurance Company Limited: Trading Window closed from Oct 01, 2026 till end of 48 hours after the Unaudited Financial Results for the quarter and half year ending on Sep 30, 2026 become generally available information.

Meeting Details

• Date and time: September 24, 2026 at 6:00 PM IST
• Type and mode: Institutional investor call; virtual
• Event: Sell-side & Buy-side institutional call
• Key participants: Company management
• Purpose: Institutional investor interaction

Rating details

• FSR: A-; ICR: a-; NSR: aaa.IN; Outlook: Stable.
• Balance sheet very strong with BCAR strongest as of FY2026.
• Operating performance adequate; four-year positive earnings, supported by robust investment returns.
• Underwriting improving due to lower expense ratio and expanded scale.
• Liquidity stable with access to capital markets for debt issuance.
• Bupa Group support and strategic importance underpin ratings.
• Market position: third in standalone health insurance with strong retail and digital capabilities.
• Rating enhancement reflects integration with and majority ownership by Bupa Group.

Cessation: Vikas Jain as CIO transitioning to CTO

• Vikas Jain ceases Chief Investment Officer role to become Chief Transformation Officer, effective 16 September 2026.
• Joined as CIO since October 2020; associated with the company since September 2015; remains Senior Management.
• Impact: transition to CTO; no other board/committee changes disclosed.

ESG rating disclosure

• Niva Bupa did not engage Niche99 ESG Ratings; rating assigned independently for FY 2024-25 and FY 2025-26.

Share Allotment Details

• Company allotted 4,11,000 equity shares on Aug 26, 2026; paid-up capital increased to ₹18,49,64,47,030 comprising 1,84,96,44,703 shares.
• ESOP 2020 allotted 1,92,100; ESOP 2024 allotted 2,18,900; ranking pari-passu.

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• Rating valid for the life of the programme until withdrawn.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 3:00 PM via VC/OAVM.
• Cut-off date for Members: 5 August 2026.
• Remote e-voting period: 9–11 August 2026; AGM e-voting: 12 August 2026.
• Scrutinizer's Report dated 13 August 2026 confirms majority approval.

Resolutions and outcomes

• Resolution 01 – Adopt Audited Financial Statements for FY ended Mar 31, 2026; passed.
• Resolution 02 – Re-appointment of Vishwanath Mahendra by rotation; passed.
• Resolution 03 – Re-appointment of Ankur Kharbanda by rotation; passed.
• Resolution 04 – Approve audit remuneration for Batliboi; passed.
• Resolution 05 – Approve audit remuneration for Nangia; passed.
• Resolution 06 – Appointment of Ashwani Bhatia as Independent Director; passed.
• Resolution 07 – Profit-related remuneration to Ashwani Bhatia; passed.
• Resolution 08 – Appointment of Siobhan Moynihan; passed.
• Resolution 09 – Appointment of Christopher Carroll; passed.
• Resolution 10 – Revision in remuneration of MD&CEO Krishnan Ramachandran; passed.
• Resolution 11 – Revision in remuneration of Executive Director & CFO Vishwanath Mahendra; passed.
• Resolution 12 – Revision in remuneration of Executive Director & Deputy CEO Ankur Kharbanda; passed.

Appointments & remuneration

• Independent Director appointed to the board.
• Non-Executive Directors Moynihan and Carroll appointed.
• Remuneration approvals for joint statutory auditors for FY2026-27.

Dividend & related-party disclosures

• No dividend proposed or declared.
• No material related party transactions disclosed.
• No other material approvals reported.

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.