• Event Type: This was a Q1 FY27 Results Conference Call / Earnings call, which included a question-and-answer session with analysts and investors.
  • Event Date and Time: The call was held on July 30, 2026. A specific start time was not mentioned in the transcript.
  • Purpose: The stated purpose was to discuss the business performance and financial results for the quarter ended June 30, 2026.
  • Management Participants: The following management members participated:
  • Mr. Krishnan Ramachandran – Managing Director & CEO
  • Mr. Ankur Kharbanda – Executive Director & Deputy CEO
  • Mr. Vishwanath Mahendra – Executive Director & CFO
  • Mr. Bhabatosh Mishra – Chief Operating Officer
  • Mr. Vikas Jain – Chief Investment Officer
  • Availability of Transcript: The company stated that the transcript of the call would be made available on the company's website at www.nivabupa.com.
  • UPSI Statement: The moderator began the call with a standard caution that forward-looking statements are based on current information and involve risks and uncertainties, and do not constitute guarantees of future performance. The company did not explicitly state that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial and Operational Highlights Discussed

The management discussed the following key performance indicators for Q1 FY27:

  • Growth: Overall Gross Written Premium (GWP) grew 31.7% on a reported basis and 23.0% on a like-to-like basis. Retail Health GWP grew 47.1% (reported) and 35.5% (like-to-like), significantly outpacing the industry retail health growth of 31.6%.
  • Profitability: Profit After Tax (PAT) was INR 137.8 crores for the quarter.
  • Combined Insurance Service Ratio (CISR): Improved to 100.2%, a significant improvement from 103.2% in Q1 FY26.
  • Loss Ratio: The retail loss ratio improved by 90 basis points year-on-year to 67.5%.
  • Expense of Management (EoM) Ratio: Improved to 35.2% from 38% in Q1 FY26. The company noted it operates within the regulatory threshold with a headroom of 100 basis points.
  • Market Share: Retail market share for Q1 FY27 increased to 11.1%.
  • Investments: Annualized investment yield for Q1 was 7.2%. Assets Under Management (AUM) stood at INR 9,963 crores on a book value basis and over INR 10,000 crores on a mark-to-market basis.
  • Solvency Ratio: Remained healthy at 2.25 as of June 30, 2026, against a regulatory minimum of 1.50.
  • ROE: The post-tax Return on Equity (ROE) for the last four rolling quarters was 11.8%.

Strategic and Operational Updates:

  • The board approved the formation of a debt-raising committee and passed an enabling resolution to raise up to INR 500 crores in one or more tranches. This is partly to address an existing INR 250 crore NCD whose call option is due in FY27.
  • The company's issuer rating from ICRA is AAA.
  • The company has fully transitioned to the Ind AS accounting standard in Q1.
  • The Preferred Provider Network (PPN) now encompasses over 1,000 hospitals in 49 cities, guiding 22% of claims and helping manage costs.
  • The company's NPS score improved to 62 from 57 last year, and its claims settlement rate was 95.6% for the quarter.

Guidance: Management reiterated its long-term guidance of achieving a mid-to-high teens ROE by FY29.

Additional Notes Section

  • This document is the submitted transcript of the earnings call, provided as a regulatory filing under Regulation 30 of the SEBI (LODR) Regulations, 2015.
  • The document reference number is NIVABUPA/EQ/2026-27/31, and it was submitted to the National Stock Exchange of India Limited and BSE Limited on August 03, 2026.
  • The transcript contains detailed financial data and management commentary from the call.