Niva Bupa Health Insurance Company Limited is one of India’s largest and fastest-growing health insurers, with a notable overall health GDPI of ₹54,944.28 million in Fiscal 2024. Over the past two years, its growth has significantly outpaced the industry average, with a CAGR of 41.37% in health gross direct premium income (GDPI). Leveraging its ‘Niva Bupa Health’ mobile app and website, the company provides a comprehensive health ecosystem, including diagnostics, digital consultations, and policy management.
It is backed by the Bupa Group, giving it access to international expertise. The company employs a data-driven Lifetime value (LTV)-based approach to customer management and maintains a diversified distribution network, including direct sales and intermediaries. It also emphasizes digital integration and has a high claims settlement ratio, with a substantial network of hospitals. The company has shown impressive growth in its Gross Written Premium (GWP) and maintains a focus on customer satisfaction and retention through extensive service and technology integration.
Issue size
Funds Raised in the IPO
Amount
Overall
₹2200 crores
Fresh Issue
₹800 crores
Offer for sale
₹1400 crores
Utilisation of proceeds
Purpose
INR crores (%)
Augmentation of capital base to strengthen solvency levels
800 (100%)
Financials
Financial Year Ended
March 2023
March 2024
June 2024
Total Assets
3876.57
6191.87
6542.06
Revenue
2859.24
4118.63
1124.90
Profit/Loss After Tax
12.54
81.85
-18.82
Strengths
Focus on GWP growth, capital efficiency, and profitability.
Diverse product suite with a strong innovation track record.
Technology-driven automated customer servicing.
Bupa brand backing and expertise in health insurance.
Multi-channel distribution with tech-enabled partner empowerment.
Risks
Inaccurate pricing or underwriting risks could hurt profitability.
Dependence on health insurance makes the company vulnerable to market shifts.
Poor relationships with hospitals may affect cashless claims and costs.
Delayed claim payments could lead to customer dissatisfaction and penalties.
Brand or reputation damage, including Bupa’s, may impact business performance.