Slides
Page 1
Investor Presentation H1'FY2027
Page 2
Disclaimer The contents of this presentation are for informational purposes only. The contents are intended, but not guaranteed, to be correct, complete, or absolutely accurate. This presentation may contain certain words or phrases which are not statements of historical facts and may be described as “forward-looking statements”. These forward-looking statements generally can be identified by words or phrases such as “aim”, “anticipate”, “are likely”, “believe”, “continue”, “can”, “shall”, “could”, “expect”, “estimate”, “intend”, “may”, “likely” “objective”, “plan”, “project”, “propose”, “seek to”, “will”, “will continue”, “will achieve”, “will likely”, “will pursue” or other words or phrases of similar import. Similarly, statements that describe our Company’s strategies, objectives, plans or goals, financial and operating projections are also forward-looking statements. All forward-looking statements are subject to risks, uncertainties, expectations and assumptions about us that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. Actual results may differ materially from those suggested by the forward-looking statements due to risks or uncertainties associated with our expectations with respect to, but not limited to, regulatory changes pertaining to the industry in which our Company operates and our ability to respond to them, our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure to market risks, general economic and political conditions in India and globally which have an impact on our business activities, investments, or the industry in which we operate, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in India and globally, changes in domestic laws, regulations, taxes, changes in competition in the industry in which we operate and incidents of any natural calamities and/or acts of violence. Forward-looking statements reflect the current views of our Company as of the period of these results and are not a guarantee of future performance. These statements are based on our management’s beliefs, assumptions, current plans, estimates and expectations, which in turn are based on currently available information. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. We undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there. The Company disclaims any obligation or liability to any person for any loss or damage caused by errors or omissions, whether arising from negligence or any other cause. Recipients of this presentation are not to construe its contents, or any prior or subsequent communications from or with the Company or its representatives as investment, legal or tax advice. In addition, this presentation does not purport to be complete or contain all information that may be required to make a full analysis of the Company. These materials do not constitute or form part of any offer or solicitation to purchase or subscribe for securities of the Company.
Page 3
Notes: 3 OUR PURPOSE To give every Indian the confidence to access the best healthcare
Page 4
MD & CEO Commentary on H1'FY2027 Performance As H1’FY2027 draws to a close, the Indian economy continues to build on its robust performance, with a strong growth forecast of 7.1%1 for FY2027. The General Insurance sector grew by 8.9% in Gross Direct Premium, accelerating from 7.3% in H1’FY2026. The Health segment (including PA) demonstrated a stellar 20.7% growth, up from 9.5% in H1’FY2026. Niva Bupa grew 33.4% y-o-y on 1/n basis, to achieve GWP ₹ 4,634 crore in H1’FY2027. PAT for H1'FY2027 was ₹ 273.4 crore, more than doubling from ₹ 132.0 crore in H1’FY2026 as per Ind AS reporting. Combined insurance service ratio (CISR) for H1'FY2027 was 99.5% compared to 103.1% in H1’FY2026. Our H1'FY2027 Retail Health market share is at 11.0%, improving from 9.9% in H1’FY2026. Niva Bupa served as the Official Health Insurance Principal Partner for Glasgow 2026 Commonwealth Games. At Shark Awards’26, Niva Bupa won awards for New Product Launch & Occasion Marketing. We also won 3 awards at FiNOVATE BFSI Awards for “Most Effective Launch”, ”Most Effective 360 degree Marketing Campaign” & “Most Effective Holiday, Seasonal & Festival Marketing”. Our culture of continuous learning was celebrated at EduSkills Summit 2026, where we received the INFINIA Outstanding Learning Organization 2026 honor. Our Weighted Episodal NPS for H1'FY2027 was 63, an improvement of 6 points over H1’FY2026, reflecting our continued pursuit of service excellence. Combined Insurance Service Ratio (CISR) is calculated by the sum of Insurance service expenses, Net expenses from reinsurance contract & Other operating expenses divide by Insurance revenue 4 1 Source: World Bank India Development Update - October 2026 (worldbank.org)
Page 5
Executive Summary H1'FY27 GWP1 (With 1/n) ₹2,484.0 ₹4,634.0 (₹ in Crores) 1W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated by IRDAI, hence H1'FY27 & Q2'FY27 numbers are not comparable with prior periods 2Renewal rate is calculated on total premium realized from the policies which are renewed in the relevant fiscal period Retail Health GWP1 (With 1/n) H1Q2 ₹1,876.3 ₹3,483.5 5 H1Q2 GWP (Without 1/n) ₹2,697.9 ₹5,004.1 Retail Health GWP (Without 1/n) H1Q2 ₹2,089.3 ₹3,853.7 H1Q2 Profit/(Loss) After Tax (Ind AS) 135.6 273.4 Retail Health Market Share1 (With 1/n) H1Q2 H1Q2 10.9% 11.0% Combined Insurance Service Ratio (Ind AS) 98.8% 99.5% Renewal Rate for Retail Health Indemnity2 (Without 1/n) H1Q2 H1Q2 95.6% 96.3% Claims Settlement Ratio 95.7% 95.6% Weighted Episodal NPS H1Q2 H1Q2 65 63 FY27 FY26 FY27 FY26 ₹1,843.1 ₹3,475.0 ₹2,108.1 ₹3,982.7 60.5 132.0 103.1% 103.1% 95.2% 94.6% ₹1,279.4 ₹2,371.8 ₹1,507.6 ₹2,809.9 9.8% 9.9% 92.2% 92.3% 57 57
Page 6
Our Strategy Financial Performance Agenda
Page 7
Our Strategy Health Partner of Choice for Customers Technology & Analytics Driven Business Model Focus on Talent Management & Execution Building a Granular, Growth Oriented and Profitable Health Insurance Franchise Multi-Channel & Diversified Distribution with Emphasis on Digital Sales Disciplined Underwriting & Claims Management, Underpinned by Expertise 7 1 2 3 4 5 6
Page 8
Key Performance Indicators Particulars Unit FY2025 FY2026 H1’FY2026 H1'FY2027 With 1/n Gross Written Premium (₹ in Crores) 6,762.2 8,585.9 3,475.0 4,634.0 Retail Health GWP (₹ in Crores) 4,432.5 5,747.6 2,371.8 3,483.5 Retail Health GWP Growth % 15.4% 29.7% 7.7% 46.9% Without 1/n Gross Written Premium (₹ in Crores) 7,406.7 9,432.9 3,982.7 5,004.1 Retail Health GWP (₹ in Crores) 4,873.4 6,581.5 2,809.9 3,853.7 Retail Health GWP Growth % 26.9% 35.0% 27.6% 37.1% Renewal Rate for Retail Health Indemnity Products (by value)1 % 88.7% 93.0% 92.3% 96.3% Avg. Ticket size per policy (Agency Channel) ₹ 25,462 27,939 25,215 30,349 GWP contribution of new retail health indemnity policies with sum insured >= ₹ 1 million % 76.3% 88.2% 83.8% 93.2% IFRS/ Ind AS Profit/(Loss) after Tax (₹ in Crores) 202.9 365.2 132.0 273.4 Combined Insurance Service Ratio2 % 103.0% 101.5% 103.1% 99.5% Claims Ratio3 % 63.8% 64.9% 65.9% 63.1% Expense Ratio % 39.2% 36.6% 37.2% 36.4% Expense of Management as % of GWP % 39.2% 33.7% 38.4% 34.7% Solvency Ratio Times 3.03x 2.49x 2.85x 2.03x Retail Claims Ratio3 % 66.0% 66.8% 68.1% 67.4% Return on Average Net Worth (Annualized) % 7.4% 10.6% 7.8% 14.7% 1Renewal rate is calculated on total premium realized from the policies which are renewed in the relevant fiscal period 2Combined Insurance Service Ratio (CISR) is calculated by the sum of Insurance service expenses, Net expenses from reinsurance contract & Other operating expenses divide by Insurance revenue 3Includes Claim Handling Expenses 8
Page 9
Demonstrated Steady Expansion in Profitability Gross Written Premium (GWP) – Without 1/n Yearly Trend Quarterly Trend Healthy business momentum 30% FY24-26 CAGR 26% growth in H1'FY27 YoY 5,608 7,407 9,433 FY24 FY25 FY26 Profit After Tax (IFRS/Ind AS) 106 203 365 FY24 FY25 FY26 Strong profit accretion 107% growth in H1'FY27 YoY (₹ in Crores) (₹ in Crores) 9 Combined Insurance Service Ratio (IFRS/Ind AS)1 CISR improved 365 bps in H1'FY27 103.0% 103.0% 101.5% FY24 FY25 FY26 1Combined Insurance Service Ratio (CISR) is calculated by the sum of Insurance service expenses, Net expenses from reinsurance contract & Other operating expenses divide by Insurance revenue 1,770 2,395 2,327 3,123 Q3 Q4 60 83 74 159 Q3 Q4 102.1% 102.0%102.6% 97.4% Q3 Q4 FY27 1,464 1,777 1,875 2,108 2,306 2,698 Q1 Q2 36 24 71 61 138 136 Q1 Q2 103.9% 104.5% 103.2% 103.1% 100.2% 98.8% Q1 Q2 FY26FY25
Page 10
Building a Granular, Growth Oriented and Profitable Health Insurance Franchise 65.5% 66.9% 68.2% 75.2% 32.3% 31.6% 30.2% 23.4% 2.2% 1.4% 1.6% 1.4% FY2025 FY2026 H1'FY2026 H1'FY2027 Retail Health Group Health PA & Travel Retail Health GWP & Market Share Product Mix (By GWP) 4,432.5 5,747.6 2,371.8 3,483.5 FY2025 FY2026 H1'FY2026 H1'FY2027 Retail Health Market Share 9.9%9.4% (₹ in Crores) 46.9% 1 W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated by IRDAI, hence H1'FY2027 & FY2026 numbers are not comparable with prior periods 10.1% 29.7% 10 11.0%
Page 11
Comprehensive Portfolio of Innovative Health Insurance Products Across All Stages of the Customer Lifecycle2 WELLNESS FOCUSED DISEASE MANAGEMENT SENIOR CITIZEN MILLENNIALS EMBEDDED ADVISORY HEALTH PLUS All Retail Products AFFLUENT HNI MASS MARKET MASS AFFLUENT HEALTH PULSE Product with “Industry-First” Features HEALTH PLUS Xtend TIERED NETWORK RIDER 11
Page 12
Enabling Access to a 360° Health and Wellness Ecosystem Platform, Providing a Holistic Customer Health Proposition HEALTH OFFERINGS WELLNESS OFFERINGS Home delivery of medicines Booking individual diagnostic tests with home sample collection Digital consultations, second medical opinion & instant Ambulance 2 Monthly Average Active Users (in Lacs) Activity tracker Curated products offering discounts if minimum step count is achieved Health assessment tools such HRA, BMI and stress calculator Access health education content on diseases published by Bupa and wellness content App Downloads (in Mn.) Monthly Average Health Checkups Monthly Average Doctor Consultation Android Rating - 4.5 IOS Rating – 4.7 ABC xxxxxxxxxx Hospital discovery platform, with capabilities to self check hospitalization expenses & pre- intimate claims Physiotherapy at Home Chronic Condition Management Programs 12 11.5 14.2 15.3 FY2025 FY2026 H1'FY2027 3.9 5.3 6.2 FY2025 FY2026 H1'FY2027 38k 51k 63k FY2025 FY2026 H1'FY2027 6.3k 6.6k 7.3k FY2025 FY2026 H1'FY2027
Page 13
We Measure NPS Across Pivotal Customer Touch Points and are Focused on Continuously Improving Customer Experience2 ▪ Weighted Episodal NPS for H1’FY2027 stands at +63 which is +3 points higher than FY2026 ▪ 24 Lakh+ customers were reached out seeking feedback in H1’2027 ▪ 1.9 Lakh+ customer responses received Note: 1. NPS score of few critical touch points (claims discharge, service, policy issuance, renewal etc.) is combined into a single, weighted NPS score, calculated as weighted average by response method, for the organisation 38 50 55 60 63 FY2023 FY2024 FY2025 FY2026 H1'FY2027 Weighted Episodal NPS 1 62 63 67 70 74 FY2023 FY2024 FY2025 FY2026 H1'FY2027 Claims Cashless Discharge NPS 13
Page 14
Diversified Channel Mix with Strong Focus on Growing High Value Channels Pan-India Presence Notes: 1. Brokers include PB Fintech (Policybazaar) 2. Others include Web Aggregators, Insurance Marketing Firms, Point of Sales and Common Service Centers W.e.f. October 1, 2024 Long-term products are accounted on 1/n, as mandated by IRDAI, hence H1'FY2027 & FY2026 numbers are not comparable with prior periods Multi-Channel & Diversified Distribution with Emphasis on Digital Sales 225 Branches (+15 in Q2’FY27) 269,175 Individual Agents (+17K in Q2’FY27 & +31K in H1'FY27) 137 Banca & Other Corporate Agents (+3 in Q2’FY27 & +16 in H1'FY27) 623 Brokers (+20 in Q2’FY27 & +30 in H1'FY27) (1) (2) Metrics as of H1'FY2027 3 11,200 Employees (+617 in Q2’FY27 & +1,009 in H1'FY27) 29.7% 30.2% 30.6% 33.0% 20.1% 19.5% 19.8% 20.2% 7.5% 10.4% 10.5% 7.6% 30.6% 29.5% 28.0% 26.9% 11.5% 9.7% 10.5% 11.5% 0.6% 0.6% 0.6% 0.7% FY2025 FY2026 H1'FY2026 H1'FY2027 Individual Agents Corporate Agents - Banks Corporate Agents - Others Brokers Direct Sale Others 14
Page 15
Our Value Chain is Significantly Automated with Analytics Embedded into Operations ^Numbers are reported on exit basis Underwriting Claims Management Policy RenewalPartner Onboarding Customer Sourcing 4 Modular API based partner integration Digital Dukaanand Niva Bupa UNO mobile applications for agent training New policies applied digitally Payments made digitally Real-time lead scoring supported by product recommendation engine Rule based automated decisioning Retail policies auto- decisioned LTV-based approach to identify upsell or cross- sell opportunities Digital claims submission Real-time fraud detection capability Outlier detection tool used for billing review Cashless Claims Auto- Adjudication Policy renewal without human intervention Predictive machine- based learning model to target high lapse probability cases Digital Metrics FY2025 FY2026 H1’FY2026 H1'FY2027 New policies applied via website and mobile apps 99.9% 100.0% 99.9% 100.0% Digital Payments 95.1% 96.5% 96.2% 96.9% Retail Policies auto-decisioned 49.5% 48.2% 47.8% 50.8% Claims submitted digitally 91.5% 92.1% 91.6% 90.1% Cashless claims auto adjudication^ 27.3% 32.1% 12.5% 39.1% Renewals completed without human intervention 88.3% 86.2% 84.4% 88.1% Cashless claims processed in <30 mins 86.0% 84.3% 73.6% 90.6% 15 Note: Auto adjudication was on hold for Q1’FY2026 due to information security assurance reviews across our third parties
Page 16
Employee Claims Automation Content Creation Personalization Software Development Resume Screening Sales Pitch Perfection General Productivity Legal Co-Pilot Meeting & Email Copilot 4 16 We are Transforming Our Value Chain using AI Recruitment Marketing Technology HR & Training Support Functions Sales Risk Selection & Onboarding Customer Service Claims Renewals Investments Call Sentiment Attrition Prediction Sales Copilot Underwriter Copilot Document Summarization Risk Prediction Call Analysis & Quality Auto Adjudication Document Forgery Fraud Prediction Segmentation Next Best Action Investment Research Actuarial SimulationsChat Bot Projects In Operation Projects Planned for FY2027 Voice Agents Voice Agents Low/No Code Platform Enterprise Search Systems Reliability Chat Bot Budget Allocator Competitor Analysis Product Recommendation Engine Operationalized in Q2’FY2027
Page 17
Disciplined Underwriting and Business Selection Through LTV-Based Approach LTV- Based Scale Rating Follow-Up Action Significant Over Index Very High Promote High Upsell Acceptable Manage Negative Avoid Product-to-customer, segment- to-channel mapping Identify opportunities for upsell or cross-sell to customers with high LTV Sales channel alignment of incentives and monthly review to increase renewals Customized and pre-qualified offers for each customer Use differentiated interventions to maximize customer retention Decision Vectors COST OF ACQUISITION LOCATION RISK PERCEPTION FUTURE PREMIUM CHANGE MEDICAL INFLATION INVESTMENT INCOME REQUIRED RETURN ON CAPITAL CUSTOMER PROFILE CLAIMS EXPERIENCE DISTRIBUTION CHANNEL COHORT-WISE LOSS RATIO 5 17
Page 18
Our Multi-Pronged Claims Management Strategy Expansion of Network of Preferred Partner Network (PPN) Hospitals Developing Partnerships and Strengthening Relationships with Network Hospitals Paperless Auto Adjudication Portal for Health Insurance Claims Processing Auto Adjudication Real Time Detection of Outliers in Claims Based on Disease, Treatment Provider, Location And Policy Seller Robust Fraud Detection Random Checks and Case-Specific Triggers to Identify Anomalies Billing Review Cost Component Review on a Claim-by-Claim Basis with Medical Providers Case Management 1 2 3 4 5 5 18
Page 19
Our Hospital Network and PPN Hospitals Helps Improve Customer Satisfaction Levels While Improving Control on Cost of Claims Benefits of PPN Hospitals For Customers Free ambulance services and designated relationship manager Discount on pharmacy, diagnostics and consultations even after discharge Improved transparency of billing 10,460 10,421 10,566 10,780 FY2024 FY2025 FY2026 H1'FY2027 Network of Hospitals (#) 5 For Niva Bupa Favourable discount packages, controlling cost of claims 19 Preferred Partner Network (#) 326 589 1,116 1,132 FY2024 FY2025 FY2026 H1'FY2027 20 Preferred Partner Network Live in Cities (#) 40 49 49 Claims Contribution in PPN Cities 13% 15% 21% 22% FY2024 FY2025 FY2026 H1'FY2027
Page 20
Retail Health Claims Cost Index5 Our Retail Health Claims Cost Index1 has grown by a CAGR2 of 6.8% (5 year CAGR3 – 5.3%) 100 101 123 128 131 142 153 160 163 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026 H1'FY2027 Note: 1. All indemnity claims excl. covid claims, 2. CAGR Period - FY2019 to H1'FY2027, 3. CAGR Period - FY2021 to FY2026 20 Retail Health Claim Cost Index reflects YOY average claim size with FY2019 as base year. The change in index is on account of medical cost inflation, change in disease mix, medical advancement etc.
Page 21
Focus on Talent Management & Execution6 21 2021 2022 2023 2024 2025 Ranked 67th among Top 100 India’s Best Workplaces 2025 Top 25 India’s Best Workplaces in BFSI 2025 2026 Top 25 India’s Best Workplaces in BFSI 2026 Top 50 India's Best Workplaces in Health & Wellness 2026 Ranked 41st among Top 100 India’s Best Workplaces 2026
Page 22
Our Strategy Financial Performance Agenda
Page 23
Financial Performance (1/2) Profit After Tax (IFRS/Ind AS) (₹ in Crores) Combined Insurance Service Ratio (CISR) is calculated by the sum of Insurance service expenses, Net expenses from reinsurance contract & Other operating expenses divide by Insurance revenue 202.9 365.2 132.0 273.4 FY2025 FY2026 H1'FY2026 H1'FY2027 Key Ratios (IFRS/Ind AS) Combined Insurance Service Ratio Claims Ratio1 Expense Ratio 63.8% 64.9% 65.9% 63.1% 39.2% 36.6% 37.2% 36.4% FY2025 FY2026 H1'FY2026 H1'FY2027 103.0% 101.5% 68.1%66.0% 66.8% 1Includes Claim Handling Expenses Retail Claims Ratio1 23 67.4% 103.1% 99.5%
Page 24
24 Combined Insurance Service Ratio (CISR) is calculated by the sum of Insurance service expenses, Net expenses from reinsurance contract & Other operating expenses divide by Insurance revenue 1Return on Average Net Worth is not annualized Key Ratios Claims Ratio (CR = B1/A) 65.1% 63.1% 65.9% 63.1% Expense Ratio (ER = (B2 + B3 + C + F2) / A) 38.0% 35.7% 37.2% 36.4% Combined Insurance Service Ratio (CISR = CR + ER) 103.1% 98.8% 103.1% 99.5% Return on Average Net Worth 1 1.7% 3.5% 3.9% 7.4% Financial Performance (2/2) Particulars (₹ in Cr) Ind AS Q2’FY2026 Q2'FY2027 H1'FY2026 H1'FY2027 Insurance Revenue (A) 1,899.1 2,412.3 3,667.7 4,686.0 Insurance Service Expenses (B = B1 + B2 + B3) (1,834.8) (2,248.2) (3,576.8) (4,375.2) Incurred Claims and Expenses (B1) (1,236.0) (1,522.0) (2,417.9) (2,954.6) Amortized Insurance Acquisition Cost (B2) (578.0) (704.5) (1,115.6) (1,370.6) Other Expenses related to Insurance Contract (B3) (20.8) (21.7) (43.4) (50.1) Net Expenses from Reinsurance Contracts (C) (18.7) (38.1) (37.7) (83.9) Insurance Service Result (D= A + B + C) 45.5 126.0 53.1 226.9 Total Investment Income (E) 149.6 159.6 312.7 357.2 Net Other Income And Expense (F = F1 + F2 + F3) (113.4) (104.1) (186.2) (218.8) Other Income (F1) 0.2 1.8 0.3 2.3 Other Expenses (F2) (104.2) (96.6) (168.1) (202.6) Other Finance Cost (F3) (9.3) (9.3) (18.4) (18.5) Profit Before Tax (PBT = D + E + F) 81.7 181.5 179.7 365.3 Income Tax (21.2) (45.9) (47.7) (91.8) Profit After Tax (PAT) 60.5 135.6 132.0 273.4
Page 25
Robust Approach to Investment Management has Resulted in Strong Growth in AUM and Yield AUM (₹ in Crores) 3,366.1 5,458.2 8,175.1 9,669.7 10,488.0 FY2023 FY2024 FY2025 FY2026 H1'FY2027 Breakup by Ratings % of Book Value of Debt Securities| H1'FY2027 59.5% 7.5% 33.1% AAA Rated AA / AA+ Sovereign 6.7% 7.1% 7.4% 7.3% Investment Yield1(%) 7.4%2 25 Portfolio Duration^ 4.5 years Portfolio Average Maturity 5.3 years ^Bond and Government Securities Note: 1. ETFs have been excluded from investment yield calculation 2. Investment yield is annualized for H1'FY2027
Page 26
Appendix
Page 27
Glossary NPS - NetPromoterScore PA - PersonalAccident PAT - ProfitAfterTax PB - Policy Bazaar PBT -ProfitBeforeTax PPN -PreferredPartnerNetwork RI - Reinsurance ROAE - ReturnonAverageEquity YOY - Year on Year ₹ - IndianRupees AI - Artificial Intelligence API - Application Programming Interface AUM - Assets under Management Avg- Average BMI - Body Mass Index BFSI-Banking, financial services and insurance CAGR - Compounded Annual Growth Rate Excl - Excluding FY - Financial Year GDP - Gross Domestic Product GDPI - Gross Direct Premium Income GST - Goods & Services Tax GWP - Gross Written Premium HNI - High Net worth Individuals HRA - Health Risk Assessment Ind AS – Indian Accounting Standards IFRS - International Financial Reporting Standards I-GAAP- Indian Generally Accepted Accounting Principles IRDAI - Insurance Regulatory and Development Authority of India LTV - Life Time Value Mn -Million 27
Page 28
Thank You