The insurer posted an operating loss of ₹135.53 crore in Q3FY25
The insurer posted an operating loss of ₹135.53 crore in Q3FY25, compared to an operating profit of ₹3.41 crore in Q3FY26, according to a stock exchange filing. Net premium written during the period under review grew 22.51 per cent year-on-year to ₹1,766.70 crore, compared to ₹1,152.43 crore in the same period a year ago.
The insurer’s management expense ratio (EoM) improved to 33.10 percent from 41.73 percent in Q3FY25. The combined ratio remained stable at 108.19 percent, compared to 108.29 percent in the same period last fiscal.
Solvency ratio
In the third quarter of FY26, the solvency ratio stood at 2.49, compared to 3.03 in the corresponding period of FY25.
On a reported basis (with an accounting impact of 1/n), the company’s gross premium (GWP) grew 55 percent year-on-year to ₹2,231 crore in the third quarter, compared to ₹1,442 crore in the same period a year ago.
During the first nine months of the current fiscal (9MFY26), GWP stood at ₹5,706 crore, registering a 22 percent YoY growth. The health insurer said its customer base continued to demonstrate robust 23 percent year-on-year growth, with the number of lives insured rising to 24.5 million by December 2025.
Commenting on the results, Krishnan Ramachandran, MD & CEO, Niva Bupa, said: “Our performance in Q3 2026 reflects the strength of our growth strategy, increasing relevance in the private health insurance market and continued focus on profitability. As we continue to scale responsibly, we remain committed to improving customer outcomes while building a resilient and profitable health insurance franchise.”
Published on January 29, 2026
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