Niva Bupa Health Insurance has appointed Ashwani Bhatia as Chairperson of the Board, effective June 3, 2026, succeeding Milind Barve who stepped down due to health concerns. The company's board has also approved Bhatia's appointment as an Additional Director in the capacity of Non-Executive Independent Director for a term of five consecutive years, subject to shareholders' approval and IRDAI approval. The appointment, based on the recommendation of the Nomination & Remuneration Committee, was approved by the Board through a circulation resolution on June 3, 2026. Bhatia brings over 40 years of experience in financial markets and banking, having served as a Whole-Time Member at the Securities and Exchange Board of India (SEBI) from June 2022 to May 2025, overseeing departments including Debt and Hybrid Securities, Corporate Finance, and the National Institute of Securities Markets.
Milind Gajanan Barve has resigned as Non-Executive Independent Director and Chairman of the Board, effective from the close of business hours on June 2, 2026, citing persistent health issues. As reported by Business Standard, Barve stated that there were no material reasons for his resignation other than those disclosed in his resignation letter. Prior to his resignation, Barve held directorships in Marico Limited, serving as Chairman of the Audit Committee, Risk Management Committee, Stakeholders Relationship Committee, and Lead Independent Director, and as a Member of the Corporate Social Responsibility Committee. The company confirmed that Bhatia is not debarred from holding the office of Director by SEBI or any other authority, and is not related to any of the existing Directors of the company.
Bhatia's extensive banking and regulatory experience spans 37 years with the State Bank Group, where he served as Managing Director (Corporate Banking & Global Markets) at State Bank of India (SBI) and as Managing Director & CEO at SBI Funds Management Limited. According to the company disclosure, Bhatia is not debarred from holding the office of Director by SEBI or any other authority, and is not related to any of the existing Directors of the company. The appointment details were disclosed to the exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, with the company affirming that all necessary disclosures required under the SEBI Master Circular have been enclosed.
Niva Bupa Health Insurance Company is a leading standalone health insurer in India with over 212 physical branches across the country as of March 31, 2025. According to the company's profile, it offers health insurance through its ecosystem partners including 1.8+ lakh agents, 540 brokers, and over 100 banca & other corporate agency partners. The company specializes in health, personal accident, and travel insurance products for both retail and group customers, with strategic investments in insurance awareness and the expansion of the Preferred Provider Network enhancing customer engagement and satisfaction.
The company's standalone net profit rose 31.21% to ₹206.08 crore while total income rose 18.51% to ₹1,626.21 crore in Q4 FY25 over Q4 FY24. As reported by Business Standard, these financial results demonstrate the company's strong performance in the health insurance sector. However, recent quarterly performance shows mixed results, with the company reporting a net loss of ₹87.64 crore in Q3 FY26 compared to a net profit of ₹13.24 crore in Q3 FY25, though sales grew 27.98% to ₹1,453.57 crore during the same period. The company has not declared dividends in the last 5 years, reflecting its focus on reinvesting profits for growth.
