Niva Bupa is the 3rd largest and the 2nd fastest growing standalone health insurer (SAHI) in India based on overall health gross direct premium income (GDPI) of ₹5,494.43 Crore in FY24 with an overall market share of 5.1%. The company has established itself as a prominent player in India's rapidly expanding health insurance sector, strategically positioned to capitalize on the country's growing healthcare needs.
The Company is a standalone health insurer (SAHI) strategically focused on the retail health market. The Company underwrites primarily Health Insurance business which includes Personal accident, Critical illness and Travel. Niva Bupa Health Insurance Company is a leading standalone health insurer in India. As of March 31, 2025, Niva Bupa has over 212 physical branches across India.
It additionally offers health insurance through its ecosystem partners including 1.8+ lakh agents, 540 brokers, and over 100 banca & other corporate agency partners. The company has embraced digital transformation, with 99.95% of its new policies applied for digitally, 81.27% of the claims submitted digitally, 85.39% of renewals completed without human intervention, and 95.50% of the number of payments received made digitally through its website and mobile app as of FY24.
Niva Bupa Health Insurance Company Limited was originally incorporated as `Max Bupa Health Insurance Limited` at New Delhi, Delhi as a Public Limited Company dated September 5, 2008, and was granted its Certificate for Commencement of Business on December 23, 2008, by the Deputy Registrar of Companies, NCT of Delhi and Haryana. Thereafter, the Company name was changed to `Max Bupa Health Insurance Company Limited`, dated July 30, 2009, and again the Company name changed to `Niva Bupa Health Insurance Company Limited` pursuant to a fresh Certificate of Incorporation dated July 5, 2021, issued by the Registrar of Companies, Delhi.
The company's strategic partnership with the Bupa Group has been instrumental in its growth. Ltd. and Bupa Investments Overseas Limited, members of the Bupa Group. This makes Niva Bupa Health Insurance Company Limited the only health insurance company in India to be majority controlled by a foreign global healthcare group. Established in 1947, the Bupa Group is an international healthcare organization serving over 50 million customers globally as of December 31, 2023. The Bupa Group offers health insurance, healthcare provision, and aged services around the world, but principally in the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong SAR, Türkiye, Brazil, Mexico, India, the US, the Middle East, and Ireland.
The company's financial performance has been remarkable, showing significant growth trajectory. Niva Bupa Health has a Market Cap of ₹15,692 Crore, Revenue: ₹5,374 Crore, and Profit: ₹214 Crore. The stock is trading at 4.12 times its book value. Though the company is reporting repeated profits, it is not paying out dividend. Promoter Holding: 56.0%.
For the most recent quarter, the company's standalone net profit rose 31.21% to ₹206.08 Crore while total income rose 18.51% to ₹1,626.21 Crore in Q4 FY25 over Q4 FY24. The company has demonstrated strong revenue growth, with its revenue having surged from ₹1,884 Crore in FY22 to ₹4,118 Crore in FY24, marking a CAGR of a whopping 45%.
- Niva Bupa Health Insurance Company Limited's revenue increased by 44.05% and profit after tax (PAT) rose by 552.73% between the financial year ending with March 31, 2024, and March 31, 2023.
- Company has delivered good profit growth of 40.5% CAGR over the last 5 years.
- Company is almost debt-free.
In January 2024, we increased our investment to become the controlling shareholder in Niva Bupa, a leading Indian health insurance company. Subsequently, in November, Niva Bupa successfully listed a minority shareholding via IPO and raised additional capital, marking an exciting next step in the growth of the business.
The total issue size, comprising a sale of new and existing shares, was INR2,200 Crore (c.£200 million) representing approximately 16% of Niva Bupa's share capital. The shares got listed on BSE, NSE on November 14, 2024. Niva Bupa Health Insurance IPO price band is set at ₹74 per share.
The company has been strategically expanding its market presence and customer base. As of March 31, 2024, Niva Bupa insures approximately 14.73 million active lives, underscoring its reach and impact in the health insurance sector. The company's growth has been notable, with Gross Written Premiums (GWP) growing at a CAGR of 41.27% from FY 2022 to FY 2024, driven primarily by the retail health segment, which saw a CAGR of 33.41%.
Niva Bupa's geographical footprint covers 22 states and four union territories across India as of March 2024, demonstrating its extensive market presence. The company has invested heavily in technology and digital capabilities, positioning itself for future growth in India's evolving healthcare landscape.
"And with only around 30% of Indians having any form of health insurance, Niva Bupa sees a massive growth potential. Going public will help it put money where its mouth is — into more customer acquisition, partnerships, new products and of course, boosting brand recognition."
The company's strong fundamentals, strategic partnerships, and focus on digital transformation make it well-positioned to capitalize on India's growing health insurance market. With its robust financial performance, extensive distribution network, and backing from the global Bupa Group, Niva Bupa Health Insurance Company continues to strengthen its position as a leading standalone health insurer in India.
