NIVABUPANSEMay 13, 2026

Niva Bupa Health Insurance Company Limited

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6executives

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Management on call

Krishnan Ramachandran

MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER

Vishwanath Mahendra

EXECUTIVE DIRECTOR & CHIEF FINANCIAL OFFICER

Ankur Kharbanda

EXECUTIVE DIRECTOR & CHIEF BUSINESS OFFICER

Bhabatosh Mishra

CHIEF OPERATING OFFICER

Vikas Jain

CHIEF INVESTMENT OFFICER

Rushad Kapadia

ICICI SECURITIES

Key numbers — 40 extracted

30%

the entire H2 behind us, the retail health growth, if you looked at H2 for the industry was about 30%. And with Niva Bupa, our retail health growth for the same period was in excess of 40%. So contin

40%

was about 30%. And with Niva Bupa, our retail health growth for the same period was in excess of 40%. So continued strong volume and value growth on the back of what has been a transformational poli

RS 17

nt positive development, which happened in Q4 is the notification of the Ind AS standard or the IFRS 17 global standard, which is now effective April 2026. At Niva Bupa, we've always been reporting or l

27.4%

e industry. Coming on to Niva Bupa. When I look back at the financial year, we closed at a strong 27.4% overall growth rate for a GWP of INR9,433 crores, and I still continue to talk about these numb

INR9,433 crore

n I look back at the financial year, we closed at a strong 27.4% overall growth rate for a GWP of INR9,433 crores, and I still continue to talk about these numbers on an N basis. So, in a similar vein, retail g

35%

till continue to talk about these numbers on an N basis. So, in a similar vein, retail growth was 35% for the full year. Our profit after tax on an Ind AS basis was INR366 crores on a full year basis

INR366 crore

imilar vein, retail growth was 35% for the full year. Our profit after tax on an Ind AS basis was INR366 crores on a full year basis, up from INR203 crores last -- the prior financial year. And our return on

INR203 crore

ull year. Our profit after tax on an Ind AS basis was INR366 crores on a full year basis, up from INR203 crores last -- the prior financial year. And our return on net worth crossed double digit for a 10.7% R

10.7%

3 crores last -- the prior financial year. And our return on net worth crossed double digit for a 10.7% ROE number. Our market share on retail health closed at 10.1% on a full year basis, up from 9.4%.

10.1%

et worth crossed double digit for a 10.7% ROE number. Our market share on retail health closed at 10.1% on a full year basis, up from 9.4%. And in Q4 specifically, we moved our market share to 10.4%, u

9.4%

10.7% ROE number. Our market share on retail health closed at 10.1% on a full year basis, up from 9.4%. And in Q4 specifically, we moved our market share to 10.4%, up from 9%. On talent, we continue

10.4%

at 10.1% on a full year basis, up from 9.4%. And in Q4 specifically, we moved our market share to 10.4%, up from 9%. On talent, we continue to -- continue our journey of emphasizing and placing a lot o

Guidance — 15 items

Rushad Kapadia

opening

“And this is something that we will be going live with starting this quarter itself.”

Supratim Datta

“We continue to believe that, that will be the source of growth or the building blocks as you refer to it for us.”

Supratim Datta

“Krishnan Ramachandran: And on commission, Supratim to your point, we await guidance from the authority in terms of how they would like to move forward.”

Prayesh Jain

“And we have seen a phenomenal growth for the industry in the second half of this year in FY'26.”

Prayesh Jain

“So just thoughts out there once this base comes into picture, how should we think about growth for the industry over the medium term?”

Prayesh Jain

“Krishnan Ramachandran: So at least our view on this has not changed, Prayesh, which is that on the retail side, 17% to 19% CAGR if you take a 5-year view.”

Prayesh Jain

“Do you see any challenge there in the medium term?”

Vishwanath Mahendra

“Actually, entire IFRS accounts along with annexures and schedules will be available on our website most probably next week.”

Sanketh Godha

“Or in Niva Bupa Health Insurance Company Limited May 08, 2026 general, have you seen frequency severities or even your claim management from hospital point of view played a role for this consistent improvement from 1H to FY'26.”

Sanketh Godha

“And in terms of target, I don't think we want to target the claims ratio that operates below where we are because you also have to understand that there has to be value to customers.”

Risks & concerns — 5 flagged

Do you see any challenge there in the medium term?

— Prayesh Jain

So as such there is no impact of that in last financial year, because previous financial year also similar number was there.

— Vishwanath Mahendra

So, the concept is we need to consider expected loss ratio, all expenses and risk adjustment.

— Vishwanath Mahendra

So, assume that you are writing an account at 100% COR and investment income is your profit, let's say, in this example, still you need to create loss component, let's say, if you are taking risk adjustment of 5%.

— Vishwanath Mahendra

It is just that IFRS says if it is after risk adjustment more than 100%, then you upfront create provision for that.

— Vishwanath Mahendra

Q&A — 7 exchanges

I have 3 questions. Starting with the growth bit, this has been a very strong year like you articulated at the start. Now thinking of the next 2 to 3 years, assuming that you grow at somewhere around that 25% level, which you have tried to meet and successfully done over the past few years, assuming that you grow at 25%, you will get to somewhere around INR15,000 crores, INR16,000 crores GWP now that I wanted to understand what would you require to go from current INR9,000 to that INR15,000 crores, INR16,000 crores for GWP, what would be the building blocks here, if you could give some color a

Vishwanath Mahendra

to 11% currently. Got it. Krishnan Ramachandran: And on commission, Supratim to your point, we await guidance from the authority in terms of how they would like to move forward. But our belief is that the single limit on expense of management has been an important and transformational change in the insurance industry. It's in line with what happened in the asset management industry where they have a total expense ratio and they manage costs, including acquisition costs within that. So, our belief and prayers to the authority continues to be around keeping a single limit of expense of managemen

Congrats on great set of numbers. First question is just on the numbers front. There's some reversal of expense. Could you explain that; on the shareholders' account. Vishwanath Mahendra: Which one you are referring to, Prayesh, you are referring to IFRS...

Prayesh Jain

No, GAAP. Indian GAAP. Indian GAAP and you're referring to which statements. Shareholders' account. Okay. Understood. So, what happened, till 31st December, we were slightly more than allowed EOM so we transferred from policyholder to shareholder account. Now for the whole year, we met that EOM limit, so now that was reversed. So now for the full year, there is no movement from policyholder to shareholder. And that's why the December number has been reversed. That's all. But this is optical only, there is a contra entry so it doesn't change anything. Got it. The other question was on the long-

So the first question, Vishwanath, if you can quantify your group health loss ratio for the year or the quarter would be useful. And second is -- whether in the fourth quarter, whether there is any change in group health mix towards more indemnity, which expedited or corporate health which expedited your EOM compliance relative to compared to 9 months? And lastly, from an IFRS point of view, if you can give your outstanding DAC number in the balance sheet broken down into both Retail and Group, if possible?

Vishwanath Mahendra

Sanketh, first Group Health loss ratio is around 60.5% for the year FY’26. Actually, entire IFRS accounts along with annexures and schedules will be available on our website most probably next week. So there we'll have all those details which you are mentioning third question. But what was the second question? Second was more on Group Health composition, whether it has changed in the fourth quarter. Typically, we have two third, one third, that is one third is Corporate Health and two third is -- sorry, Banca-Based Health. So whether that number has changed or is it broadly the same? Similar,

So sir, my question is again on the same as for the previous participant. I mean, because the growth is also led by the fresh kind of premiums just wanted to understand, how the renewal book is performing in terms of claims ratio and those vintages what has been the performance in terms of the claims ratio.

Vishwanath Mahendra

So overall renewal book, we can share with you, and we have shared earlier also, that the combined ratio of renewal book is more like 97%, 98%, and we are comfortable with that number. And that's been steady this year, last year. So that's something that we can share. Got it sir. So sir, you guided that the claims ratio would be more or less in the similar level going forward. So hence the question, I mean, because growth is also led by fresh premiums. So can we see that kind of inching up going forward -- so that's why the question, but yes, I will wait for your data and all? Sir, the second

Sir, I have 3 questions. Firstly, on your average ticket size. So if I look at your average ticket size has grown by 4% at the overall level, which is lower than the overall growth in the agency average ticket size. So just wanted to understand this at the channel level? As you've seen -- as you can see the long-term policy seems to have taken a toll on this. So -- and one of your large distribution partner has been focusing more on the rider attachment increasing sum assured. So, ideally, this growth should have been in line with the agency channel growth, or should have been ideally higher.

Ankur Kharbanda

Sure. Let me answer the first 2 questions, and I'll ask to Vish to answer the third one. Let me first attempt to answer the second question first. Overall growth for the organization was 35% and volume growth out of this is 24%. So we have not just grown on value. Volume growth has been very consistently up and it is at 24%. On ticket size, on your question, you are relating it to some other data point, but let me tell you one more data point. Last 6 months versus first 6 months, the ticket size has grown by almost 14%, 14.5%. That's the big ticket size jump, largely contributed by GST, both o

Hi, on the incurred claims amount of around INR5,000-odd crores, can you break this between actual claims and claim management expenses?

Vishwanath Mahendra

So claims management expenses generally is 3% of 1/n GWP, Nischint. And the ratio remains similar this year, is it? Yes, it's similar. Just that number has changed. Got it. So if I sort of look at the net claims ratio that kind of moved up from around 59.4% to around 61.3% for the year. So how should we read this ratio? Any specific reason why how would you interpret this ratio and the rise? And how do we see this going forward? And you are referring to IFRS numbers or? IFRS, all IFRS numbers. So IFRS results, loss ratio. Niva Bupa Health Insurance Company Limited May 08, 2026 Yes, I'm just sa

Hi thanks for the opportunity again. Just on the hospital bit you mentioned that I think some 2,000-plus hospitals are kind of empanelled on the various measures on protocols and infections, standard procedures for infections that have been taken. Are these large hospitals could you give us some colour as to what kind of hospitals, have these tied up with any large chain, has kind of come on board? Because since the number is still too small, what are the large chains talking about this? And when do you see the benefits of this kind of coming in for the industry and for Niva? Krishnan Ramachan

Bhabatosh Mishra

Yes. Prayesh, thank you for your question. The first expectation on a big mandate is to enhance access to hospitals for every insured person. And from that point of view, in Phase 1, the midsize and other hospitals have been focused on. So that access goes up because the top 20, as you know, are already a part of almost every insurer's network or TPAs network. It's a mid-segment where more focus has been done to enhance access to claimants insured population. The protocols that Mr. Krishnan mentioned about and which you asked are applicable to all providers, across the length and breadth of se

Speaking time

Vishwanath Mahendra

Prayesh Jain

Moderator

Sanketh Godha

Nischint Chawathe

Ankur Kharbanda

Bhabatosh Mishra

Supratim Datta

Hitaindra Pradhan

Shobhit Sharma

Opening remarks

Rushad Kapadia

Thank you. Good evening, ladies and gentlemen. It is a privilege to host the management team of Niva Bupa Health Insurance Company Limited for their Q4 FY '26 results conference Call. We have from the management, Mr. Krishnan Ramachandran, MD and CEO; Mr. Vishwanath Mahendra, ED and CFO; Mr. Ankur Kharbanda, ED and Chief Business Officer; Mr. Bhabatosh Mishra, Chief Operating Officer; and Mr. Vikas Jain, Chief Investment Officer. So, without further ado, I would now like to hand over the call to Mr. Krishnan Ramachandran. Thank you, and over to you, sir. Krishnan Ramachandran: Thank you, and thank you to all of you who have gathered this evening, Friday evening to be with us. much appreciated. I'll divide my update into two parts. The first is some perspectives on what's going on in the industry. And the second, of course, is Niva Bupa. As far as the industry is concerned, there are a number of ongoing positive developments. The awareness campaign, Achha Kiya Insurance Liya, in Q4 as w

Vishwanath Mahendra

Thank you, sir, and good evening, everyone. So, like Mr. Krishnan mentioned, our profit for the year grew by 80%. The same number for the quarter 4 is 90%, so 90% increase over last year Q4. The combined ratio for FY '26 under IFRS has improved by 160 basis points to 101.4%; Niva Bupa Health Insurance Company Limited May 08, 2026 while there is increase in overall loss ratio by 1.1%, primarily due to mix change, this has been more than offset by reduction in expense ratio by 2.7%, resulting in improvement in combined ratio. The expense of management ratio for FY '26 improved to 33.7% from 39.2% last year. This improvement is primarily driven by operating leverage and economies of scale. The allowable EOM including additional allowances comes to around 36%. So, we have comfortably complied with regulatory prescribed EOM limit. Annualized investment yield for FY '26 is 7.2% with AUM of INR9,670 crores. Solvency ratio is at healthy level of 2.49 as on 31st March 2026. So, these were the f

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