Standalone health insurer Niva Bupa Health Insurance reported a net loss of ₹87.64 crore for the third quarter this fiscal, marking a significant reversal from the ₹13.24 crore net profit recorded in the same period last fiscal. According to a stock exchange filing, the company posted an operating loss of ₹135.53 crore in Q3FY25 compared with an operating profit of ₹3.41 crore in Q3FY26.
Despite the financial losses, Niva Bupa demonstrated strong operational performance with net premium written growing 22.51 per cent year-on-year to ₹1,766.70 crore from ₹1,152.43 crore in the year-ago period. The insurer's expenses of management ratio improved significantly to 33.10 per cent from 41.73 per cent in Q3FY25, indicating enhanced operational efficiency.
The company's solvency ratio stood at 2.49 in the third quarter of FY26, compared with 3.03 in the corresponding period of FY25. The combined ratio remained flat at 108.19 per cent as against 108.29 per cent in the same period last fiscal, indicating stable underwriting performance.
On a reported basis with 1/n accounting impact, the company's gross written premium grew 55 per cent year-on-year to ₹2,231 crore in the third quarter from ₹1,442 crore in the year-ago period. For the first nine months of the current financial year (9MFY26), GWP stood at ₹5,706 crore, registering a 22 per cent growth year-on-year.
Niva Bupa's customer base continued to show robust growth with a 23 per cent year-on-year increase, with the number of lives insured rising to 24.5 million as of December 2025. The health insurer said its customer base continued to show sustained growth, reflecting increasing relevance in the retail health insurance market.
Commenting on the results, Krishnan Ramachandran, MD & CEO of Niva Bupa, said: "Our Q3FY26 performance reflects the strength of our growth strategy, increasing relevance in the retail health insurance market, and sustained focus on profitability. As we continue to scale responsibly, we remain committed to improving customer outcomes while building a resilient and profitable health insurance franchise."
