• Financial performance: Niva Bupa reported 29% insurance revenue growth, 32% gross premium growth, and a 93% profit increase from 71 crore to 138 crore, supported by its ReAssure 2.0 product and multi-channel distribution.
• GST exemption impact: The reduction of GST on health insurance from 18% to 0% has driven over 40% growth across volume and value, encouraging middle-class adoption and boosting policies with sums insured exceeding 10 lakh.
• Market share expansion: Retail health market share expanded from 9.1% to 11.1%, with the company aiming to grow 8% to 10% above the market rate while opportunistically scaling group health if pricing is favorable.
• Long-term guidance: Management guided for retail health growth of 8 to 10 percentage points ahead of the market, a sub-100% combined ratio by FY29, and a mid-to-high teens return on equity.