In the first quarter of FY27, Niva Bupa’s insurance revenue climbed 29% year‑on‑year to ₹22.7 billion, matching market expectations. This growth reflects steady demand for health coverage. Gross premium revenue increased 32% YoY to ₹21.5 billion, while retail health gross written premium rose 47% to ₹16.1 billion. The rise in retail health premiums indicates growing consumer interest. The company’s combined insurance service ratio improved to 100.2% from an estimated 103.5%, a 300 basis‑point gain year‑on‑year. Insurance service result also strengthened, reaching ₹1 billion compared to ₹76 million in the same period last year. Investment income hit ₹2 billion, 10% below the analyst estimate but up 21% from the previous year. Profit after tax rose 93% YoY to ₹1.4 billion, and return on equity climbed to 3.7% from 2.1% in Q1FY26. Starting this quarter, Niva Bupa has adopted Ind AS accounting. Motilal Oswal values the shares at 30× FY28 expected IFRS PAT, setting a target price of ₹103 and maintaining a BUY recommendation.
Niva Bupa Q1FY27 Revenue & Profit Surge, Stock Targeted at INR103
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