Event Type: Q2 & H1 FY27 Earnings Conference Call hosted by ICICI Securities.

Date and Time: The call was held on November 04, 2026. A specific start time was not disclosed in the transcript.

Purpose: Discussion of the company's business performance for the quarter and half year ended September 30, 2026.

Management Participants:

  • Mr. Krishnan Ramachandran – Managing Director and CEO
  • Mr. Ankur Kharbanda – Executive Director and Deputy CEO
  • Mr. Vishwanath Mahendra – Executive Director and CFO
  • Mr. Bhabatosh Mishra – Chief Operating Officer

Moderator: Mr. Ansuman Deb from ICICI Securities.

Availability of Transcript: The transcript of the earnings call was made available on the company's website at www.nivabupa.com, as per the regulatory filing dated November 10, 2026.

Financial Period Discussed: The call focused on the results for Q2 and H1 (Half Year) of FY27, ended September 30, 2026.

Key Financial Highlights from Management Commentary:

  • Gross Written Premium (GWP) grew 26% YoY to INR 5,004 crores.
  • Retail health premium growth was 47% YoY.
  • Retail business now constitutes 77% of the total book, up from 75% in Q1.
  • Profit After Tax (PAT) on an Ind AS basis was INR 273 crores, up 107% from INR 132 crores in H1 FY26.
  • Retail market share improved to 11% from 9.9% YoY.
  • Combined Insurance Service Ratio (CISR) improved by 365 basis points to 99.5%.
  • Retail loss ratio improved by 77 basis points to 67.4%.
  • Solvency ratio stood at a healthy 2.03x against a regulatory minimum of 1.50x.
  • Embedded Value (EoM) was 34.7%, within the allowable threshold of 36.1%.
  • Annual investment yield, excluding ETF, was 7.4% with an AUM of nearly INR 10,500 crores.
  • Claims settlement ratio for H1 was 95.6%, up from 94.6% last year.

Strategic and Operational Highlights:

  • The company discussed its Preferred Provider Network (PPN), now in 49 cities and 1,132 hospitals, which is 15-20% less expensive than tertiary care facilities.
  • Updates were provided on industry-level initiatives, including an awareness campaign and the common empanelment initiative led by the General Insurance Council, which has signed MOUs with over 5,000 hospitals.
  • Management addressed questions on the impact of proposed regulatory norms on distribution commissions and solvency, expressing confidence in adapting to changes and passing benefits to customers.

Compliance Language: The moderator's opening remarks included a standard disclaimer that forward-looking statements are based on current information and involve risks and uncertainties.

Additional Notes Section

The document provided is the full transcript of the earnings conference call. No separate presentation deck or financial data attachments were included in the provided text. The transcript contained detailed management commentary and Q&A with analysts.

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