• Retail health growth: Niva Bupa reported 47% GWP growth in retail health in Q1 compared to 32% for the broader industry, driven by GST exemption tailwinds, 1,000 new sales hires, and the rollout of ReAssure 2.0.
• Operating ratio targets: The combined insurance service ratio improved by 300 basis points to 100.2% in Q1 with a 63% loss ratio, with management guiding for a 98% to 99% ratio by FY29.
• Portfolio mix shift: The portfolio mix shifted to 75% retail health and 25% group health, reflecting a strategy to only underwrite profitable group health accounts.
• Renewals and outlook: Retail renewal rates rose from 93% to 96% alongside sum insured upgrades, and the company aims to outpace industry retail health growth by 8 to 10 percentage points over the medium to long term.