Standalone health insurance provider Niva Bupa Health Insurance Company on Monday reported a net loss of ₹35.27 crore for the second quarter this fiscal, as it posted an operating loss of around ₹62 crore for the same period.
The company had posted a net profit of ₹13.02 crore for the same period last fiscal, when it registered an operating profit of ₹58.47 crore. On a quarter-on-quarter basis, the insurer’s net loss narrowed in Q2FY26 compared to ₹145.22 crore net loss in Q1FY26, according to a stock exchange filing.
The company, in a statement, said its net profit for the second quarter of FY26 more than doubled to Rs 62 crore from Rs 24 crore for the corresponding period of FY25 under the International Financial Reporting Standards (IFRS).
During the period under review, gross premium written rose 3.69 per cent year-on-year at ₹1,843.07 crore as against ₹1,777.33 crore in the year-ago period. Net premium income grew 4.07 per cent y-o-y at ₹1,450.06 crore in Q2FY26 .The company said for Q2FY26 it reported an overall GWP of ₹2,108 crore on a without 1/n basis.
The health insurer’s Expenses of Management (EoM) fell 49 basis points y-o-y to 38.89 per cent for the period from 39.38 per cent in the year ago period. Combined ratio rose 1042 bps y-o-y at 111.72 per cent.
Commenting on the financial performance, Krishnan Ramachandran, MD & CEO, Niva Bupa Health Insurance, said, “Our Q2 performance reflects disciplined execution and strong operating leverage in our business. We are very encouraged by the sustained retail health growth and continued improvement in real-time quality of business metrics. The sharp improvement in claims settlement ratio to 95.2 per cent demonstrates the impact of our data science-led underwriting and integrated risk controls.”
With the GST exemption now in effect, the company is already witnessing positive consumer sentiment and incremental demand in the category, Ramachandran said.
During the results conference call, the MD said Niva Bupa saw a “very good uptick” in demand in October, despite the fact that Diwali was celebrated during the month.
The company has fully passed on the input tax credit impact to its distributors as insurers will not be able to claim ITC on GST paid on inputs like commissions and brokerages.
“We truly believe that it’s a win for customers through lower prices. We believe it is a win and we will make this a win for our distribution with a confidence that whatever income loss will be there (for distributors) that will be more than made up through increased volume,” Ramachandran told analysts during the conference call.
“With an 18 per cent fall in price (premium), we should think about it in terms of what we can do to give customers more adequate insurance cover both at the time of acquiring new customers as well as renewal. With all these measures, we truly believe that we will make it a win for our distribution as well in spite of ITC being passed on,” he added.
Published on November 3, 2025
