Niva Bupa Health Insurance Company Limited

7.6%

e Indian economy continued to be resilient in a volatile global environment. GDP growth moved up to 7.6%1 in FY2026 from 7.1%1 in FY2025. This upward trajectory is mirrored in insurance sector’s growth,

7.1%

inued to be resilient in a volatile global environment. GDP growth moved up to 7.6%1 in FY2026 from 7.1%1 in FY2025. This upward trajectory is mirrored in insurance sector’s growth, enabled by GST exempt

9.3%

led by GST exemption on retail life & health insurance policies. General Insurance sector achieved 9.3% growth in Gross Direct Premium, accelerating from 6.2% in FY2025. Health segment (including PA) de

6.2%

policies. General Insurance sector achieved 9.3% growth in Gross Direct Premium, accelerating from 6.2% in FY2025. Health segment (including PA) demonstrated a stellar 16.7% growth, up from the 9.1% see

16.7%

ct Premium, accelerating from 6.2% in FY2025. Health segment (including PA) demonstrated a stellar 16.7% growth, up from the 9.1% seen in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,

9.1%

rom 6.2% in FY2025. Health segment (including PA) demonstrated a stellar 16.7% growth, up from the 9.1% seen in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n)

27.4%

A) demonstrated a stellar 16.7% growth, up from the 9.1% seen in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹

₹ 9,432.9 crore

6.7% growth, up from the 9.1% seen in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹

27.0%

in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹ 366 crore compared to ₹

₹ 8,585.9 crore

% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹ 366 crore compared to ₹ 203 crore in FY2025 as per IFRS reporting. Combined i

₹ 366 crore

re (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹ 366 crore compared to ₹ 203 crore in FY2025 as per IFRS reporting. Combined insurance service ratio (CISR) f

₹ 203 crore

0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹ 366 crore compared to ₹ 203 crore in FY2025 as per IFRS reporting. Combined insurance service ratio (CISR) for FY2026 was 101.4% com

Notes

2

Note

1

Notes

3 MD & CEO Commentary on FY2026 Performance The Indian economy continued to be resilient in a volatile global environment. GDP growth moved up to 7.6%1 in FY2026 from 7.1%1 in FY2025. This upward trajectory is mirrored in insurance sector’s growth, enabled by GST exemption on retail life & health insurance policies. General Insurance sector achieved 9.3% growth in Gross Direct Premium, accelerating from 6.2% in FY2025. Health segment (including PA) demonstrated a stellar 16.7% growth, up from the 9.1% seen in FY2025. In FY2026, Niva Bupa grew 27.4% y-o-y to achieve GWP ₹ 9,432.9 crore (without 1/n) and 27.0% y-o-y on a 1/n basis, to achieve GWP ₹ 8,585.9 crore. PAT for FY2026 was ₹ 366 crore compared to ₹ 203 crore in FY2025 as per IFRS reporting. Combined insurance service ratio (CISR) for FY2026 was 101.4% compared to 103.0% in FY2025. Our FY2026 Retail Health market share is at 10.1%, compared to 9.4% in FY2025. Further, IRDAI has mandated insurers to prepare and present their finan

Note

1. NPS score of few critical touch points (claims discharge, service, policy issuance, renewal etc.) is combined into a single, weighted NPS score, calculated as weighted average by response method, for the organisation 13 3 Multi-Channel & Diversified Distribution with Emphasis on Digital Sales Diversified Channel Mix with Strong Focus on Growing High Value Channels Pan-India Presence 0.6% 13.1% 27.0% 7.7% 19.6% 32.1% 0.6% 11.5% 30.6% 7.5% 20.1% 0.6% 9.7% 29.5% 10.4% 19.5% 210 Branches 238,517 Individual Agents (+14K in Q4’FY26 & +58K in FY26) 121 Banca & Other Corporate Agents (+5 in Q4'FY26 & +18 in FY26) 29.7% 30.2% 593 Brokers (+17 in Q4'FY26 & +53 in FY26) FY2024 FY2025 FY2026 Individual Agents Corporate Agents - Others Direct Sale Corporate Agents - Banks Brokers Others (1) (2) 10,191 Employees (+54 in Q4'FY26 & +847 in FY26) Metrics as of FY2026

Notes

1. Brokers include PB Fintech (Policybazaar) 2. Others include Web Aggregators, Insurance Marketing Firms, Point of Sales and Common Service Centers W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated by IRDAI, hence FY2025 & FY2026 numbers are not comparable with prior periods 14 4 Our Value Chain is Significantly Automated with Analytics Embedded into Operations Partner Onboarding Customer Sourcing Underwriting Claims Management Policy Renewal Modular API based partner integration Digital Dukaan and Niva Bupa UNO mobile applications for agent training New policies applied digitally Payments made digitally Real-time lead scoring supported by product recommendation engine Rule based automated decisioning Retail policies auto- decisioned LTV-based approach to identify upsell or cross- sell opportunities Digital claims submission Real-time fraud detection capability Outlier detection tool used for billing review Cashless Claims Auto- Adjudication Policy renewal wi