Interim report
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Niva Bupa Health Insurance Company Limited IRDAI Registration No. 145 | CIN: L66000DL2008PLC182918 Registered Office: C-98, First Floor, Lajpat Nagar, Part 1, Delhi-110024 Corporate Office: 3rd Floor, Capital Cyber scape, Golf Course Extension Road, Sector-59, Gurugram-122101, Haryana. Website: www.nivabupa.com | Email id: investor@nivabupa.com I Tel: +91-124-6354900 November 04, 2026 Ref: NIVABUPA/EQ/2026-27/52 To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai – 400 001 Symbol: NIVABUPA Scrip Code: 544286 Sub: Outcome of the Board Meeting held on November 04, 2026 Ref: Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, We hereby inform you that the Board of Directors (‘the Board’) of the Company, at their meeting held today i.e. on Wednesday, November 04, 2026, inter-alia, has considered and approved the Unaudited Financial Results of the Company for the quarter and half year ended September 30, 2026, based on recommendation of the Audit Committee. A copy of the said results along with limited review report issued by Joint Statutory Auditors thereon, is enclosed herewith as Annexure-I. The meeting of the Board commenced at 02:30 P.M. (IST) and concluded at 03:10 P.M. (IST). Kindly take the same on records. Thanking you, Yours Sincerely, For Niva Bupa Health Insurance Company Limited Aparna Sharma Company Secretary and Compliance Officer
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S.R. Batliboi & Co. LLPChartered Accountants12thFloor, The Ruby,29 Senapati Bapat Marg,Dadar (West), Mumbai- 400 028Telephone +91 22 6819 8000Nangia & Co LLPChartered AccountantsA-109, Sector 136,Noida - 201304IndiaTelephone +91 120 2598000and year to date unaudited Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedReview Report toThe Board of DirectorsNiva Bupa Health Insurance Company Limited1. We have reviewed the accompanying statement of unaudited financial results of Niva Bupa Health Insurance CompanyLimitedfor the quarter and six months period ended September 30, 2026, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including relevant circulars issued by the SEBI from time to IRDAI) circular reference IRDAI/F&I/CIR/MISC/92/7/2026 dated July 8, 2026. This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review.2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.3. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement prepared in accordance with the requirements of, the recognition and measurement principles laid down in Indian Accounting Standard Ind AS34prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India, to the extent applicable and the accounting and presentation principles as prescribed in the relevant provisions of the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the "Insurance Act"), the Insurance Regulatory and Development Authority Act, 1999 (the "IRDA Act") and the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 read with Master Circular No. IRDAI/ACTL/CIR/MISC/80/05/2024 dated May 17, 2024, the Insurance Regulatory and Development Authority (Actuarial, Finance and Investment Functions ofI to the extent applicable in the manner so required, as amended from time to time, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and IRDAI circular reference IRDAI/F&I/CIR/MISC/92/7/2026 dated July 8, 2026, to the extent applicable, including the manner in which it is to be disclosed, or that it contains any material misstatement.For S.R. Batliboi & Co. LLP ForNangia & Co LLPChartered Accountants Chartered AccountantsFRN No.301003E/E300005 FRN No. 002391C/N500069per Shrawan Jalan Vikas GuptaPartner PartnerMembership No. 102102 Membership No. 076879UDIN: 26102102IVXUEW1718 UDIN: 26076879ZTQIIS7735Place: Mumbai Place: NoidaDate: November 4, 2026 Date: November 4, 2026Digitally signed byShrawan Bhagwati JalanDN: cn=Shrawan BhagwatiJalan, c=IN, o=PersonalDate: 2026.11.04 15:01:37+05'30'ShrawanBhagwatiJalan
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(Rs. in lakhs)(30/09/2026)(30/06/2026)(30/09/2025)(30/09/2026)(30/09/2025)(31/03/2026)UnauditedUnauditedUnauditedUnauditedUnauditedUnaudited1Insurance Revenue(i) Contracts not measured under the PAA- - - - - - (ii) Contracts measured under the PAA2,41,227 2,27,372 1,89,907 4,68,599 3,66,7687,82,910Total Insurance Revenue2,41,227 2,27,372 1,89,907 4,68,599 3,66,7687,82,9102Insurance Service Expenses(i) Incurred Claims(1,53,335) (1,44,381) (1,24,473) (2,97,716) (2,43,533)(5,07,421)(ii) Losses and reversals on onerous contracts- - - - - (4,501)(iii) Adjustments to liabilities for incurred claims- - - - - - (iv) Employee benefit expenses(21,756) (19,880) (17,669) (41,636) (35,008)(71,171)(v) Commission(56,578) (46,408) (47,167) (1,02,986) (89,539)(1,97,953)(vi) Other expenses(17,608) (19,513) (14,006) (37,121) (22,169)(51,721)Adjustment for insurance acquisition cash flow amortisation (70,448) (66,612) (57,803) (1,37,060) (1,11,557)(2,36,008)Other Adjustments(i) Amounts attributed to insurance acquisition cash flows 84,113 72,369 66,339 1,56,482 1,25,5702,82,588(ii) Release of loss component on onerous contracts 1,135 1,122 876 2,257 1,7433,765(iii) Costs not directly attributed to insurance contracts 9,660 10,595 10,424 20,255 16,81132,900Total Insurance Service Expenses(2,24,817) (2,12,708) (1,83,479) (4,37,525) (3,57,682)(7,49,522)3Net expenses/income from reinsurance contracts(i) Contracts not measured under the PAA- - - - - - (ii) Contracts measured under the PAA(3,811) (4,575) (1,874) (8,386) (3,773)(11,982)Total Net expenses/income from reinsurance contracts(3,811) (4,575) (1,874) (8,386) (3,773)(11,982)4Insurance Service Result (Total of 1 to 3)12,599 10,089 4,554 22,688 5,31321,4065Investment Income(i) Investment revenue on financial assets not measured at FVTPL17,732 17,197 14,846 34,929 29,50861,072(ii) Other Investment revenue(1,757) 2,558 132 801 1,787241(iii) Impairment loss on financial assets(14) (1) (23) (15) (26)(53)Total Investment Income15,961 19,754 14,955 35,715 31,26961,2606Insurance Finance Income/Expenses(i) Finance income/ expenses from insurance contracts (net)- - - - - - (ii) Finance income/ expenses from reinsurance contracts (net)- - - - - - Total Insurance Finance Income/Expenses- - - - - - 7Movement in investment contract liabilities- - - - - - 8Net Finance Result (Total of 5 to 7)15,96119,75414,95535,71531,26961,2609Other Revenue/expenses (net)(i) Revenue from investment management services- - - - - - (ii) Other income182491523130153(iii) Other expenses(9,660)(10,595)(10,424)(20,255)(16,811)(32,900)(iv) Other finance costs(929)(923)(926)(1,852)(1,835)(3,673)Total Other Revenue/expenses (net)(10,407)(11,469)(11,335)(21,876)(18,616)(36,420)10Profit /(Loss) before Exceptional Items (Total of 4,8,9)18,15318,3748,17436,52717,96646,24611Exceptional Items- - - - - - 12Profit / (Loss) before tax (Total of 10 and 11)18,15318,3748,17436,52717,96646,246(i) Current tax- - - - - (3,046)(ii) Deferred tax(4,589)(4,594)(2,122)(9,183)(4,770)(6,675)13Profit/ (Loss) from continuing operations13,56413,7806,05227,34413,19636,52514Profit/ (Loss) from discontinued operations- - - - - - 15Tax expense of discontinued operations - - - - - - 16Profit/ (Loss) from discontinued operations (after tax) (14-15)- - - - - - 17Profit/(loss) for the period(Total of 13 and 16)13,56413,7806,05227,34413,19636,525 Statement of Unaudited Financial Results for the Quarter and Year to date ended September 30, 2026Sl. No.Particulars3 months endedPreceding 3 months ended Corresponding 3 months ended in the previous yearYear to date for current period ended Year to date for the previous year endedPrevious year endedPursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015 read with IRDAI Circular reference : IRDAI/F&I/CIR/MISC/92/7/2026 dated 8th July, 2026Annexure-INIVA BUPA HEALTH INSURANCE COMPANY LIMITEDCIN: L66000DL2008PLC182918REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India
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(Rs. in lakhs)(30/09/2026)(30/06/2026)(30/09/2025)(30/09/2026)(30/09/2025)(31/03/2026)UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedStatement of Unaudited Financial Results for the Quarter and Year to date ended September 30, 2026Sl. No.Particulars3 months endedPreceding 3 months ended Corresponding 3 months ended in the previous yearYear to date for current period ended Year to date for the previous year endedPrevious year endedPursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015 read with IRDAI Circular reference : IRDAI/F&I/CIR/MISC/92/7/2026 dated 8th July, 2026Annexure-INIVA BUPA HEALTH INSURANCE COMPANY LIMITEDCIN: L66000DL2008PLC182918REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India18Other Comprehensive Income(i) Items that will not be reclassified to profit or loss (Remeasurements of the net defined benefit plans)5 (308) (2) (303) (249)(482)(ii) Income tax relating to items that will not be reclassified to profit or loss(1) 77 1 76 63121Sub-total4 (231) (1) (227) (186)(361)(i) Items that will be reclassified to profit or loss (Fair value of debt instruments through other comprehensive income)(18,516) 12,522 (6,355) (5,994) 1,884(15,709)(ii) Income tax relating to items that will be reclassified to profit or loss4,661 (3,152) 1,600 1,509 (474)3,954Sub-total(13,855) 9,370 (4,755) (4,485) 1,410(11,755)Total Other Comprehensive Income (A+B)(13,851) 9,139 (4,756) (4,712) 1,224(12,116)19Total Comprehensive Income (17+18)(287) 22,919 1,296 22,632 14,42024,40920Transfer of profita) Transferred to Retained Earning13,564 13,780 6,052 27,344 13,19636,525b) Non-distributable Retained Earning- - - - - - 21Total Assets(i) Investments 10,65,932 10,28,325 8,84,734 10,65,932 8,84,7349,87,590 a) Policyholder6,28,405 5,93,453 4,85,868 6,28,405 4,85,8685,80,144 b) Shareholder4,37,527 4,34,872 3,98,866 4,37,527 3,98,8664,07,446(ii) Insurance Contract Assets- - - - - - (iii) Reinsurance Contract Assets92,659 1,08,184 66,990 92,659 66,9901,03,416(iv) All Other Assets54,192 51,661 48,159 54,192 48,15957,550Total Assets12,12,783 11,88,170 9,99,883 12,12,783 9,99,88311,48,55622Total Liabilities (i) Investment Contract Liabilities- - - - - - (ii) Insurance Contract liabilities6,93,856 6,70,395 5,26,662 6,93,856 5,26,6626,56,262(iii) Reinsurance Contract liabilities- - - - - - (iv) All Other Liabilites1,34,611 1,34,197 1,25,683 1,34,611 1,25,6831,33,367Total Liabilities 8,28,467 8,04,592 6,52,345 8,28,467 6,52,3457,89,62923Equity (i) Equity1,84,9641,84,9231,84,6001,84,9641,84,6001,84,746(ii) Other Equity1,99,3521,98,6551,62,9381,99,3521,62,9381,74,181Total Equity3,84,3163,83,5783,47,5383,84,3163,47,5383,58,92724Earnings per Equity Share (for continuing operations)(1) Basic0.73 0.75 0.33 1.48 0.72 1.98 (2) Diluted0.73 0.74 0.33 1.47 0.71 1.97 25Earnings per Equity Share (for discontinued operations)(1) Basic- - - - - - (2) Diluted- - - - - - 26Earnings per Equity Share for profit/(loss) of the period (for discontinued and continuing operations)(1) Basic0.73 0.75 0.33 1.48 0.72 1.98 (2) Diluted0.73 0.74 0.33 1.47 0.71 1.97 AB
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(Rs. in lakhs)(30/09/2026)(30/06/2026)(30/09/2025)(30/09/2026)(30/09/2025)(31/03/2026)UnauditedUnauditedUnauditedUnauditedUnauditedUnauditedStatement of Unaudited Financial Results for the Quarter and Year to date ended September 30, 2026Sl. No.Particulars3 months endedPreceding 3 months ended Corresponding 3 months ended in the previous yearYear to date for current period ended Year to date for the previous year endedPrevious year endedPursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015 read with IRDAI Circular reference : IRDAI/F&I/CIR/MISC/92/7/2026 dated 8th July, 2026Annexure-INIVA BUPA HEALTH INSURANCE COMPANY LIMITEDCIN: L66000DL2008PLC182918REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, IndiaAnalytical Ratios(i) CSM to PVFCF RatioNA NA NA NA NA NA(ii) New Business CSM MarginNA NA NA NA NA NA(iii) CSM Run-Off / Release Ratio (Profit Recognition)NA NA NA NA NA NA(iv) CSM Replenishment ratio NA NA NA NA NA NA(v) Insurance Service Margin6.80% 6.45% 3.38% 6.63% 2.48% 4.26%(vi) Insurance Finance Margin 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%(vii) Net Insurance Margin Note 111.84% 13.13% 10.27% 12.46% 9.97% 10.56%(viii) Claims Ratio for General Insurance business and Claims experience ratio for Life Insurance business63.09% 63.01% 65.08% 63.05% 65.92% 64.91%(ix) Expense Ratio30.10% 30.54% 31.53% 30.32% 31.60% 30.83%(x) Combined Operating Ratio (CoR)93.20% 93.55% 96.62% 93.37% 97.52% 95.74%(xi) Solvency Ratio Note 22.03 2.25 2.85 2.03 2.85 2.49 (xii) Persistency RatioNA NA NA NA NA NA(xiii) Return on Equity (RoE) Note 33.53% 3.71% 1.75% 7.36% 3.89% 10.60%(xiv) Return on Equity + CSM (RoE+CSM)NA NA NA NA NA NA(xv) Comprehensive Equity per Share20.78 20.74 18.83 20.78 18.83 19.43 (xvi) Onerosity Ratio0.17% 0.39% 0.18% 0.17% 0.18% 0.61%(xvii) Gross Written Premium (GWP) Note 42,48,405 2,14,996 1,84,307 4,63,401 3,47,497 8,58,592 (xviii) Expected Credit Loss Ratio0.03% 0.03% 0.03% 0.03% 0.03% 0.03%(xix) Percentage of shares held by Government of India (in case of public sector InsurersNA NA NA NA NA NANotes:1. Net Insurance Margin = (Insurance Service Result + Net Finance Result) ÷ Insurance Revenue3. Average Shareholder's Equity is considered as average of current period equity and previous period equity
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(30/09/2026) (30/06/2026) (30/09/2025) (30/09/2026) (30/09/2025) (31/03/2026)Unaudited Unaudited Unaudited Unaudited Unaudited UnauditedTotal Segment Income (Revenue): 2,57,370 2,47,175 2,04,877 5,04,545 3,98,067 8,44,323 (A) Segment A: HealthInsurance Revenue2,37,534 2,23,472 1,85,687 4,61,006 3,59,6777,69,412Income from Investments15,704 19,447 14,662 35,151 30,59160,249Other Income180 48 14 228 29151(B) Segment B: Personal AccidentInsurance Revenue3,238 3,583 3,790 6,821 6,16611,963Income from Investments230 265 272 495 607915Other Income2 1 1 3 12(C) Segment C: TravelInsurance Revenue455 317 430 772 9251,535Income from Investments27 42 21 69 7196Other Income - - - - - - Unallocated Revenue - - - - - - Total Segment Insurance Service Result:12,599 10,089 4,554 22,688 5,31321,406(A) Segment A: HealthInsurance Revenue2,37,534 2,23,472 1,85,687 4,61,006 3,59,6777,69,412Insurance Service Expenses(2,22,724) (2,09,992) (1,81,223) (4,32,716) (3,52,859)(7,40,060)Net expenses/income from reinsurance contracts(3,430) (4,458) (821) (7,888) (2,842)(9,575)(B) Segment B: Personal AccidentInsurance Revenue3,238 3,583 3,790 6,821 6,16611,963Insurance Service Expenses(1,846) (2,339) (1,773) (4,185) (3,928)(8,188)Net expenses/income from reinsurance contracts(227) (121) (635) (348) (498)(1,815)(C) Segment C: TravelInsurance Revenue455 317 430 772 9251,535Insurance Service Expenses(247) (377) (483) (624) (895)(1,274)Net expenses/income from reinsurance contracts(154) 4 (418) (150) (433)(592)Unallocated - - - - - - 3Total Segment Insurance Finance Result: 15,961 19,754 14,955 35,715 31,269 61,260 Segment A: Health 15,704 19,447 14,662 35,151 30,591 60,249 Segment B: Personal Accident 230 265 272 495 607 915 Segment C: Travel 27 42 21 69 71 96 Unallocated - - - - - - Total Segment Profit/Loss:13,564 13,780 6,052 27,344 13,19636,525(A) Segment A: Health12,587 12,883 5,337 25,470 12,01334,915(B) Segment B: Personal Accident931 926 1,061 1,857 1,4581,841(C) Segment C: Travel46 (29) (346) 17 (275)(231)Unallocated - - - - - - Total Segment Insurance Assets/ Liabilities: (6,93,856) (6,70,395) (5,26,662) (6,93,856) (5,26,662)(6,56,262)(A) Segment A: Health(6,83,732) (6,60,554) (5,18,031) (6,83,732) (5,18,031)(6,46,921)(B) Segment B: Personal Accident(8,920) (8,538) (7,318) (8,920) (7,318)(8,254)(C) Segment C: Travel(1,204) (1,303) (1,313) (1,204) (1,313)(1,087) Unallocated - - - - - - Total Segment Reinsurance Assets/ Liabilities:92,659 1,08,184 66,990 92,659 66,9901,03,416(A) Segment A: Health92,448 1,07,944 66,393 92,448 66,3931,04,051(B) Segment B: Personal Accident154 77 651 154 651(662)(C) Segment C: Travel57 163 (54) 57 (54)27Unallocated - - - - - - Note456Segments disclosed under this annexure are as per Regulation 12 of Schedule II A of Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024)Investment Income and Other Revenue/expenses (net) are allocated on the basis of premium received Year to date for the previous year endedPrevious year ended12 Annexure-IIPursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015 read with IRDAI Circular reference : IRDAI/F&I/CIR/MISC/92/7/2026 dated 8th July, 2026Segment Reporting for the Quarter and Year to date ended September 30, 2026(Rs. in lakhs)Sl. No.Particulars3 months endedPreceding 3 months ended Corresponding 3 months ended in the previous yearYear to date for current period ended
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Sr. No.ParticularsNumber1No. of Investors complaints pending at the beginning of the period - 2No. of Investors complaints received during the period - 3No. of Investors complaints disposed off during the period - 4No. of Investors complaints remained unresolved at the end of the period - * The above disclosure is not required to be audited / reviewedStatus of Shareholders Complaints for the quarter ended September 30, 2026Other Disclosures*Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements ) Regulations, 2015 read with IRDAI Circular reference : IRDAI/F&I/CIR/MISC/92/7/2026 dated 8th July, 2026Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, IndiaREGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010NIVA BUPA HEALTH INSURANCE COMPANY LIMITEDCIN: L66000DL2008PLC182918
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ParticularsAs at September 30, 2026 (Unaudited)As at March 31, 2026 (Unaudited)AssetsCash and cash equivalents 9,037 15,866 Investments 10,65,932 9,87,590 Loans - - Other Financial Assets 1,346 1,067 Investment property - - Insurance contract assets - - Reinsurance contract assets 92,659 1,03,416 Property, Plant and Equipment 13,553 12,925 Goodwill - - Other Intangible Assets 4,484 5,158 Current tax assets 7,233 307 Deferred tax assets - - Other assets 18,539 22,227 Assets classified as held for sale - - Total Assets 12,12,783 11,48,556 LiabilitiesInsurance contract liabilities 6,93,856 6,56,262 Reinsurance contract liabilities - - Investment contract liabilities - - Borrowings 26,761 25,404 Other Financial liabilities 55,921 61,144 Current tax liabilities 24 937 Deferred tax liabilities 15,566 7,968 Other liabilities 33,453 35,306 Provisions 2,886 2,608 Total Liabilities (A) 8,28,467 7,89,629 EquityEquityShare Capital 1,84,964 1,84,746 Assigned Capital - - Other Financial Instruments classified as Equity - - Other Equity 1,99,352 1,74,181 Total Equity (B) 3,84,316 3,58,927 Total Liabilities & Equity (C) = (A) + (B) 12,12,783 11,48,556 NIVA BUPA HEALTH INSURANCE COMPANY LIMITEDRegistration No: 145, Date of Registration with IRDAI: FEBRUARY 15, 2010(Rs. in lakhs)CIN: L66000DL2008PLC182918Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, IndiaBalance Sheet as at September 30, 2026
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(Rs. in lakhs)For the year to date endedFor the year to date endedSeptember 30, 2026September 30, 2025(Unaudited)(Unaudited)Cash Flows from the Operating Activities:Premium received from policyholders, including advance receipts5,27,769 4,87,265 Other receipts- Receipts from non performing investments154 - Payments to the re-insurers, net of commissions and claims1,291 (37,303) Payments to co-insurers, net of claims recovery(84) 412 Payments of claims(2,86,149) (2,23,393) Payments of commission and brokerage(1,01,720) (84,787) Payments of other operating expenses(66,672) (93,517) Preliminary and pre-operative expenses- - Deposits, advances and staff loans(311) 37 Income taxes paid (Net)(7,839) (317) Good & Service tax paid(21,676) (59,076) Other payments- - Cash flows before extraordinary items44,763 (10,679) Cash flow from extraordinary operations- - Net cash flow from operating activities44,763 (10,679) Cash Flows from Investing Activities:Purchase of fixed assets(2,922) (2,066) Proceeds from sale of fixed assets3 13 Purchases of investments(1,30,450) (87,291) Loans disbursed- - Sales of investments60,827 60,529 Repayments received- - Rents/Interests/ Dividends received31,337 26,880 Investments in money market instruments and in liquid mutual funds (Net)(10,294) (1,402) Expenses related to investments(122) (7) Others- - Net cash flow from investing activities(51,621) (3,344) Cash flows from financing activities: Proceeds from issuance of share capital 1,295 1,931 Proceeds from borrowing - - Repayments of borrowing - - Interest/dividends paid- - Others:Repayment of interest on lease liabilities(495) (480) Principal repayment of lease liabilities(771) (633) Net cash flow from financing activities29 818 Effect of foreign exchange rates on cash and cash equivalents, net- - Net increase in cash and cash equivalents:(6,829) (13,205) Cash and cash equivalents at the beginning of the period15,866 22,035 Cash and cash equivalents at the end of the period9,037 8,830 NIVA BUPA HEALTH INSURANCE COMPANY LIMITEDRegistration No: 145, Date of Registration with IRDAI: FEBRUARY 15, 2010ParticularsCIN: L66000DL2008PLC182918Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, IndiaReceipts and Payments Account (Cash Flow statement) for the year to date ended September 30, 2026
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123As required by paragraph 32 of Ind AS 101, reconciliation of financial results to those reported under the previous GAAP is summarised as follows:Equity Reconciliation:(Rs. in lakhs)ParticularsAs at April 01, 2025As at September 30, 2025As at March 31, 2026Equity as per Previous GAAP3,06,0842,95,5963,21,897Ind AS Adjustments:Insurance Contracts [Ind AS-117]19,19749,75155,967Leases [Ind AS-116]793501259Financial Instruments [Ind AS-109]9,41012,239(7,786)Income Taxes [Ind AS-12](5,368)(10,549)(11,410)Equity under Ind AS3,30,1163,47,5383,58,927Net Profit Reconciliation:(Rs. in lakhs)ParticularsFor the 3 months ended September 30, 2025For the Year to Date ended September 30, 2025For the year ended March 31, 2026Net income under Previous GAAP(3,527)(12,671)13,078Ind AS Adjustments:Insurance Contracts [Ind AS-117]12,56330,55236,772Leases [Ind AS-116](150)(292)(534)Financial Instruments [Ind AS-109](252)946(1,487)Share Based Payment [Ind AS-102](462)(818)(1,668)Employee Benefits [Ind AS-19]2249482Income Taxes [Ind AS-12](2,122)(4,770)(10,118)Net income under Ind AS6,05213,19636,525Other comprehensive income(4,756)1,224(12,116)Total comprehensive income under Ind AS1,29614,42024,4094567891011During the period ended September 30, 2026, the Company has allotted 21,87,932 equity shares pursuant to exercise of employee stock options granted.In view of the seasonality of Industry, the financial results for the quarters are not indicative of full year's expected performance.The Company does not have any subsidiary/associate/joint venture entity(ies) for the period ended September 30, 2026.The Company has received assessment orders under Income Tax Act for assessment years AY2020-21, AY2021-22, AY2022-23 and AY2023-24 demanding Rs. 12,716 lakhs towards disallowance of certain expensesasinadmissible under Section 37(1) of Income Tax Act, 1961 made therein. The Company has filed appeals against the said orders and awaiting response from the department. The same has been shown asContingentLiability.As per the expenses of managementforbearance letter dated December 27, 2024 received from the Insurance Regulatory and Development Authority of Indiathe Company had submittedaquarterly EOM reduction plan to IRDAI on March 26, 2025 to bring its EOM within the prescribed limits by FY 2025-26 and had also submitted an EOM forbearance application of FY25 to the General InsuranceCouncilon April 25, 2025.The EOM ratio for the year ended March 31, 2025 was 39.22% on 1/n basis and 37.41% on a non-1/n basis, as against the maximum permitted EOM ratio of 35.55%, including applicableadditionalallowances. In this regard, IRDAI issued an order on August 19, 2026, whereby the Company has been warned for not complying with the applicable EoM limits for the FY 2024-25 and has directed not to open new place ofbusinessfor a period of six months from the date of order. The Company has accepted the order and does not intend to contest/appeal against it.Further, the Company was in compliance with the IRDAI (Expenses of Management, including Commission of Insurers) Regulations, 2024Regulations,for the full Financial Year ended March 31, 2026aswell as for the quarter and year to date ended September 30, 2026.The Company's EOM ratio, computed in accordance with the 1/n methodology, stood at 34.26% and 34.67% for the quarter and year to date ended September 30, 2026 respectively, as against themaximumpermissible EOM ratio of 35.98% and 36.10%, including applicable additional allowances. Accordingly, the Company was compliant with the prescribed EOM limits for the quarter and year to date ended September30,2026 and is not required to transfer any amount, which is in the excess of expenses of management over the allowable limit, from Revenue Account to Profit and Loss Account for the quarter and year to dateendedSeptember 30, 2026 infinancial information prepared in accordance with the accounting standards specified under Section 133 of the Companies Act, 2013, read with the Companies (AccountingStandards)Rules, 2021.During the quarter ended December 31, 2022, the Directorate General of GST IntelligenceAuthorities had initiated inquiry against the Company relating to alleged ineligible input credit availed bytheCompany in respect of marketing and advertisement expenses. Subsequently, DGGI had passed an Show Cause cum demand notice dated August 18, 2023 and directed reversal of ineligible input tax credit of Rs.2,928lakhs. As directed by DGGI, the Company had deposited Rs. 2,500 lakhs under Section 74(5) of the CGST Act 2017.During the quarter ended March 31, 2025, the Company had received an order from Adjudicating Authority- Meerut that reduced demand from Rs. 2,928 lakhs to Rs 287 lakhs and penalty amounting to Rs.287lakhs.The Company has decided not to appeal against the same and paid the penalty/interest amount of Rs. 237 lakhs. The Company has recorded Rs. 524 lakhs (demand including penalty/interest) to profit andlossaccount for the year to date ended March 31, 2025 and filed application for refund of Rs. 2,213 lakhs. Such refund has been rejected by the department considering it as time barred. The Company has filed AppealwithJoint Commissioner of State Tax, Mumbai, against rejection order. Subsequent to June 30, 2026 the Company received order for sanction of refund of Rs 2,213 lakhs on July 14, 2026 and received credit in bankaccounton July 21, 2026. Notes forming part of Financial Results The above financial results for the period ended September 30, 2026 have been reviewed by the Audit Committee in their meeting held on November 04, 2026 and are approved by the Board of Directors intheirmeeting held on November 04, 2026 and such results were reviewed by the joint statutory auditors, S.R. Batliboi & Co. LLP, Chartered Accountants and Nangia & Co LLP, Chartered Accountants, who have issuedanunmodified conclusion on these financial results.The Company has implemented Ind AS with effect from April 1, 2026 without availing the one-year forbearance permitted under Insurance Regulatory and Development Authority of India (the IRDAI)transitionprovisions. The unaudited financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015, as amended,readwith Schedule II A to the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulations as amended in 2026. Such transition has been carried out from the erstwhile Accounting Standards undertheCompanies Act 2013 read with relevant rules issued thereunder and guidelines issued by the IRDAI (collectively referred as the previous GAAP). Accordingly, the impact of transition has been recorded in theopeningreserves as at April 1, 2025. There is a possibility that these financial results for the current and previous period may require adjustments due to change in the financial reporting requirements arising from thenewstandards, modification to the existing standards, guidelines issued by the IRDAI or Central Board of Direct Taxes or changes in one or more optional exemptions permitted under Ind AS 101.The corresponding period figures presented in these results have been prepared on the basis of previously published results under the previous GAAP for the relevant periods duly restated to Ind AS.Thecomparativefinancial information of the Company for the period ended September 30, 2025 under the previous GAAP were reviewed by the joint statutory auditors i.e. S.R. Batliboi & Co. LLP and Nangia & Co. LLP whoexpressedunmodified conclusion on those financial information on November 03, 2025. The management has exercised necessary due diligence to ensure that the financial information provide true and fair view oftheThe provisions of Section 71 of the Companies Act, 2013 read with Rule 18 of the Companies (Share Capital and Debentures) Amendment Rules, 2014 are applicable to the Company. However, as per Rule 18,DebentureRedemption Reserve shall be created out of profits of the Company available for payment of dividend, since theequity shares are listed as at September 30, 2026, hence no Debenture RedemptionReserveis being created.Regulation 54(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable as the Company has issued unsecured non-convertible debt securities. In terms of Regulation 54(3)ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time and SEBI Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022, the Companyhas
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3 months endedPreceding 3 months ended Corresponding 3 months ended in the previous yearYear to date for current period ended Year to date for the previous year endedPrevious year ended(30/09/2026) (30/06/2026) (30/09/2025) (30/09/2026) (30/09/2025) (31/03/2026)Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited1Debt-Equity Ratio (No. of times) (Note 1)0.07 0.07 0.08 0.07 0.08 0.07 2Debt Service Coverage Ratio (No. of times) (Note 2)27.62 28.22 13.00 27.92 14.26 18.10 3Interest Service coverage Ratio (No. of times) (Note 3)27.62 28.22 13.00 27.92 14.26 18.10 4Outstanding redeemable preference shares (quantity and value)N.A.N.A.N.A.N.A.N.A.N.A.5Capital redemption reserve/Debenture redemption reserve N.A.N.A.N.A.N.A.N.A.N.A.6Net Worth (Rs in Lakhs)3,84,316 3,83,578 3,47,538 3,84,316 3,47,538 3,58,927 7Net Profit after tax (Rs in Lakhs)13,564 13,780 6,052 27,344 13,196 36,525 8Earning Per Share -Basic Earning/ (Loss) per Share of Rs. 10/- each 0.73 0.75 0.33 1.48 0.72 1.98 -Diluted Earning/ (Loss) per Share of Rs. 10/- each 0.73 0.74 0.33 1.47 0.71 1.97 9Current Ratio (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.10Long term Debt to Working capital (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.11Bad Debts to Account Receivable ratio (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.12Current liability Ratio (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.13Total Debts to Total Assets (Note 5)0.02 0.02 0.03 0.02 0.03 0.02 14Debtors turnover (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.15Inventory turnover (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.16Operating Margin (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.17Net Profit Margin (Note 4)N.A.N.A.N.A.N.A.N.A.N.A.Sector Specific Relevant Ratios (Note 6)18Analytical Ratios19(i) CSM to PVFCF RatioNANANANANANA20(ii) New Business CSM MarginNANANANANANA21(iii) CSM Run-Off / Release Ratio (Profit Recognition)NANANANANANA22(iv) CSM Replenishment ratio NANANANANANA23(v) Insurance Service Margin6.80%6.45%3.38%6.63%2.48%4.26%24(vi) Insurance Finance Margin 0.00%0.00%0.00%0.00%0.00%0.00%25(vii) Net Insurance Margin11.84%13.13%10.27%12.46%9.97%10.56%26(viii) Claims Ratio for General Insurance business and Claims experience ratio for Life Insurance business63.09% 63.01% 65.08% 63.05% 65.92% 64.91%27(ix) Expense Ratio30.10%30.54%31.53%30.32%31.60%30.83%28(x) Combined Operating Ratio (CoR)93.20%93.55%96.62%93.37%97.52%95.74%29(xi) Solvency Ratio2.03 2.25 2.85 2.03 2.85 2.49 30(xii) Persistency RatioN.A.N.A.N.A.N.A.N.A.N.A.31(xiii) Return on Equity (RoE)3.53%3.71%1.75%7.36%3.89%10.60%32(xiv) Return on Equity + CSM (RoE+CSM)NANANANANANA33(xv) Comprehensive Equity per Share20.78 20.74 18.83 20.78 18.83 19.43 34(xvi) Onerosity Ratio0.17%0.39%0.18%0.17%0.18%0.61%35(xvii) Gross Written Premium (GWP) (Note 7)2,48,405 2,14,996 1,84,307 4,63,401 3,47,497 8,58,592 36(xviii) Expected Credit Loss Ratio0.03%0.03%0.03%0.03%0.03%0.03%(xix) Percentage of shares held by Government of India (in case of public sector Insurers)NANANANANANANotes:123456Sector Specific Relevant Ratios are calculated as per formula prescribed by IRDAI7 For on and Behalf of Board of DirectorsPlace: GurugramKrishnan RamachandranDate: November 04, 2026Managing Director & CEODIN: 08719264Not Applicable to Insurance Companies.Total Debts to Total Assets is total borrowings divided by total assets as per balance sheet. Sr. No.Particulars Debt Equity Ratio is calculated as Total Borrowings divided by Total Equity.Debt-Service Coverage Ratio is computed as Profit before Interest and Tax divided by Interest expense together with principal repayments of borrowings made during the period.Interest-Service Coverage Ratio is computed as Profit before Interest and Tax divided by Interest expense on borrowings. [Pursuant to the Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended]Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, IndiaNIVA BUPA HEALTH INSURANCE COMPANY LIMITEDCIN: L66000DL2008PLC182918REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010