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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Strengthening the capital and solvency base
Fresh issue proceeds are intended to augment the company's capital base and support its solvency requirements as a regulated insurer.
General corporate purposes
The remaining fresh issue proceeds are earmarked for general corporate purposes.
(₹ in Crore)
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Niva Bupa Health Insurance Company Limited is a standalone health insurer in India, formed as a joint venture between the UK based Bupa Group and Fettle Tone LLP and incorporated in 2008. The company offers individual, family floater and group health insurance products along with related covers, sold through a mix of direct sales, agents, brokers and bancassurance partners, and supported by a mobile app and web platform for policy servicing, claims and digital health features. As of March 2024 the insurer covered more than 14.7 million active lives across 22 states and four union territories, making it one of the larger standalone health insurers in the country. Its gross written premium grew at a compound annual rate of roughly 41 percent between fiscal 2022 and fiscal 2024, a pace the company has described as ahead of the broader industry, while its claims settlement ratio stood at close to 92 percent for fiscal 2024. Promoters Bupa Singapore Holdings Pte Ltd and Bupa Investments Overseas Limited together held close to 89 percent of the company before the issue. The company moved from a net loss of about 197 crore rupees in fiscal 2022 to a net profit of roughly 82 crore rupees in fiscal 2024, alongside an improving combined ratio and a solvency ratio that rose over the same period, even as management continued to invest in technology led underwriting, customer retention and distribution expansion in what it calls an intensely competitive market. The initial public offer combined a fresh issue of new shares with an offer for sale by the promoter group, and the stock began trading on the NSE and BSE in November 2024.
The company raised approximately 990 crore rupees from anchor investors at the issue price of 74 rupees per share. Participants included Morgan Stanley, Fidelity, Government Pension Fund Global, Templeton Emerging Markets Investment Trust, First Sentier Investors, Nippon Life India, Axis Mutual Fund, Tata Mutual Fund, DSP India and Motilal Oswal Asset Management, among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:40 PM
Leading, fast growing health insurer
Niva Bupa is among India's larger standalone health insurers, with gross written premium growing at roughly 41 percent a year between fiscal 2022 and fiscal 2024, a pace ahead of the broader industry.
Strong policyholder retention
The company has kept an average renewal rate of close to 90 percent over the past three years, pointing to steady customer loyalty.
Bupa Group parentage
As a joint venture with the UK based Bupa Group, the company draws on established international insurance expertise and brand recognition.
Technology led distribution and servicing
The insurer combines automation, machine learning and a real time CRM with a diversified network of direct sales, agents, brokers and bancassurance partners to acquire and retain customers.
Improving underwriting profitability
The company turned a fiscal 2022 net loss into a fiscal 2024 net profit, with its combined ratio and solvency ratio both improving over the period.
Key management dependence
The business relies significantly on retaining senior management and other critical personnel, and losing them could affect operations.
Regulatory sensitivity
Health insurance is a closely regulated business, and changes in insurance regulation could affect revenue and operating costs.
Competitive intensity
India's health insurance market has many players, which can pressure market share and margins.
Niva Bupa Health Insurance Company Limited
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Elevated expense and commission costs
Competitive pricing and agent or broker commissions have kept the company's expense ratio high relative to the industry over fiscal 2022 to fiscal 2024.
Claims settlement below industry average
The company's fiscal 2024 claims settlement ratio of about 91 percent trails the roughly 96 percent industry average, and its hospital and agency network is smaller than some larger peers.
Exposure to healthcare cost inflation and investment volatility
Rising healthcare costs can increase claims payouts, while investment income is exposed to market volatility and interest rate movements.