Niva Bupa Health

Niva Bupa delivered a strong Q4 FY26 with GWP growth of 27.4%Current reported value: 27.4%. No comparable prior figure is available in the source record. to ₹9,433Current reported value: 9,433. No comparable prior figure is available in the source record. crore, driven by retail health growth of 35%Current reported value: 35%. No comparable prior figure is available in the source record. and market share expansion to 10.4%Current 10.4%. Reported change: +1.4pp YoY. in Q4. PAT surged 80%Current reported value: 80%. No comparable prior figure is available in the source record. to ₹366Current reported value: 366. No comparable prior figure is available in the source record. crore, with combined ratio improving 160 bps to 101.4% on operating leverage. Management guided for sustained retail industry growth of 17-19% CAGR and expects combined ratio to reach ~99% by FY29, with expense ratio savings offsetting modest loss ratio uptick. Key risks include potential commission cap regulation and competitive pressure from GST-driven volume growth normalization.