Niva Bupa Health Insurance Company Ltd(NIVABUPA)

NSE: NIVABUPABSE: 544286

₹ 72.09+0.28%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 13,334 crNext results: 4 Nov 2026Website: www.maxbupa.comUpdated: 24 Oct 2026

About

Niva Bupa Health Insurance Company Ltd is a pure-play health insurer listed on NSE and BSE, majority-owned by the Bupa Group - a global health organisation serving over 68 million customers across 190 countries. It held an 10.1% retail health market share in FY26, rising to 11.1% in Q1 FY27. Reported revenue for FY26 was 6067.57 crore.^[1][2]

Business segments

Health net earned premium was ₹5,969.17 crore in FY26 vs ₹4,795.42 crore in FY25; personal accident ₹93.12 crore vs ₹90.01 crore; travel ₹5.28 crore vs ₹9.03 crore.^[1][3]
Retail health GWP reached ₹6,581.5 crore in FY26, growing 35% YoY, and ₹1,764.4 crore (without 1/n) in Q1 FY27, up 35.5% YoY.^[4]
Total GWP (with 1/n) reached ₹2,150.0 crore in Q1 FY27, up 31.7% YoY.^[5]
Group health GWP was flat YoY in Q1 FY27 as renewals priced below underwriting thresholds were declined; the SME segment within group grew 50%+.^[5]

Products and brands

ReAssure 3.0, launched in Q2 FY26, is described as India's first inflation-proof health product, with unlimited sum insured, vintage pricing, room-category variants and an HNI borderless variant covering global treatment up to ₹5 crore.^[6]
ReAssure 3.0 became the company's fastest-growing product shortly after launch (Q3 FY26).^[7]
A new microservices-based core system went live alongside ReAssure 3.0 in Q2 FY26.^[6]

Distribution and reach

Approximately 29.5% of GWP flowed through the broker channel, including Policybazaar, in FY26.^[1]
Broker count reached 593 in FY26 (up 53 in the year); bancassurance and other corporate agents reached 121 partners (up 18 in FY26).^[4]
Agent channel contributed ~32.4% of GWP in Q1 FY27.^[5]
Digital direct channel grew 70% in Q3 FY26 (49% for 9M FY26); new Tier 2/3 locations were added in Q1 FY27.^[7]

Key operating metrics

CISR improved to 100.2% in Q1 FY27 from 103.2% in Q1 FY26, and to 101.4% in FY26 from 103.0% in FY25.^[5]
Overall claims ratio fell to 63.0% in Q1 FY27 (-3.8 pp YoY); retail claims ratio was 67.5% (-90 bps YoY).^[5]
Expense of management ratio was 33.7% in FY26 vs 39.2% in FY25, and 35.2% in Q1 FY27 vs 38.0% in Q1 FY26.^[4]
Retail health indemnity renewal rate was 95.8% in Q1 FY27, up from 92.5% in Q1 FY26.^[5]
Retail health market share was 11.1% in Q1 FY27 vs 10.0% a year earlier; 10.1% in FY26 vs 9.4% in FY25.^[5]

Capital and solvency

Solvency ratio was 2.49 times at FY26 end against a required 1.50 times, vs 3.03 times in FY25.^[1][3]
Solvency ratio stood at 2.25x in Q1 FY27 (vs 2.86x in Q1 FY26); investment AUM was ₹9,963 crore with annualised yield of 7.2%.^[5]
Non-convertible debentures of ₹250.00 crore outstanding were rated CARE AA Stable as of FY26; no dividend was declared for FY26.^[1]

Hospital network and claims management

Preferred Provider Network covers 49 cities and 1,133 hospitals as of Q1 FY27 (vs 47 cities and ~1,100 hospitals in Q3 FY26); 22% of claims flow through PPN cities.^[5]
Average claim size is 15-30% lower at secondary versus tertiary/quaternary hospitals, per management in Q1 FY27.^[5]
Common hospital empanelment initiative targets ~5,000 hospitals, with 3,000+ MoUs signed or ready-to-sign as of Q1 FY27; completion targeted by September 2026.^[5]

Technology and AI

More than 30 AI initiatives mapped across claims, underwriting, sales, servicing and internal functions as of FY26.^[1]
Cashless claims auto-adjudication reached 38.4% (exit basis) in Q1 FY27, up from 32.1% in FY26.^[5]
The health and wellness app reached 14.2 million downloads with 5.3 lakh monthly average active users as of FY26.^[1]

Recent developments

Transitioned fully to Ind AS from Q1 FY27, as mandated by IRDAI effective April 1, 2026; IFRS reporting continues for public disclosure.^[5]
ICRA upgraded the issuer rating to AAA in Q1 FY27; the board approved raising up to ₹500 crore via NCDs, partly to refinance the existing ₹250 crore NCD.^[5]
GST exemption on retail health insurance took effect October 1, 2025; in H2 FY26 industry retail health growth was 30% while Niva Bupa's exceeded 40%.^[6]
ROE was 10.7% in FY26 vs 7.4% in FY25; management targets mid-to-high teens ROE and ~99% CISR by FY29.^[4]

Market Cap

₹13,334 Cr

High / Low

₹91 / 68

Stock P/E

101.5

Price / Book

3.5

EPS

₹0.7

ROE

3.5%

Sales

₹6,068 Cr

Net Profit

₹131 Cr

Promoter holding

55.3%

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