Analysts/Institutional Investor Meet/Con. Call Updates

November 10, 2026 Ref: NIVABUPA/EQ/2026-27/58 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block G, Phiroze Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Bandra (E), Mumbai – 400 051 Mumbai – 400 001 Symbol: NIVABUPA Scrip Code: 544286 Sub: Transcript of the Earnings call Ref: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, We hereby enclose transcript of the Earnings call on business performance of the Company for the quarter and half year ended September 30, 2026, held with Investors/Analysts on November 04, 2026. The Transcript of the Earnings call has been made available on website of the Company at www.nivabupa.com. Kindly take the same on records. Thanking you, Yours Sincerely, For Niva Bupa Health Insurance Company Limited Aparna Sharma Company Secretary and Compliance Officer Niva Bupa Health Insurance Company Limited IRDAI Registration No. 145 | CIN: L66000DL2008PLC182918 Registered Office: C-98, First Floor, Lajpat Nagar, Part 1, Delhi-110024 Corporate Office: 3rd Floor, Capital Cyber scape, Golf Course Extension Road, Sector-59, Gurugram-122101, Haryana. Website: www.nivabupa.com | Email id: investor@nivabupa.com I Tel: +91-124-6354900 “Niva Bupa Health Insurance Company Limited Q2 & H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. KRISHNAN RAMACHANDRAN – MANAGING DIRECTOR AND CEO MR. ANKUR KHARBANDA – EXECUTIVE DIRECTOR AND DEPUTY CEO MR. VISHWANATH MAHENDRA – EXECUTIVE DIRECTOR AND CFO MR. BHABATOSH MISHRA – CHIEF OPERATING OFFICER MODERATOR: MR. ANSUMAN DEB – ICICI SECURITIES Page 1 of 13 Niva Bupa Health Insurance Company Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Niva Bupa Q2 & H1 FY '27 Earnings Conference Call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Before we start the call, please note that any statements and comments made in today's call that may look like forward-looking statements are based on the information presently available to the management and do not constitute any indication of any future performance as future involves risks and uncertainties, which could cause results to differ materially from the current view being expressed. I now hand the conference over to Mr. Ansuman Deb from ICICI Securities. Thank you, and over to you, sir. Ansuman Deb: Yes. Good evening, ladies and gentlemen. It's an honor to host the senior management team of Niva Bupa. From the management, we have Mr. Krishnan Ramachandran, Managing Director and CEO; Mr. Ankur Kharbanda, Executive Director and Deputy CEO; Mr. Vishwanath Mahendra, Executive Director and CFO; and Mr. Bhabatosh Mishra, Chief Operating Officer. I now hand over the call to Mr. Krishnan. Over to you, sir. Krishnan Ramachandran: Thank you very much, Ansuman, and thank you, everyone, for making time for us this evening, and good evening to all of you. Very briefly to update you on a couple of broad topics. One is at the industry level. And this is in continuation of the update that I usually give and also to give you a sense of the progress that we continue to make as an industry. First is on the awareness campaign. We have gone live with one more edition of the campaign and to update all of you -- there's some background noise. Can you mute everyone else? Possible at your end? Moderator: Yes, sir. Everyone else is mute. Please continue. Krishnan Ramachandran: Sure. The creatives that are being used in the industry awareness campaign and about INR150- odd crores is being spent over 3 years to remind all of you, have been recognized as -- and judged as being award-winning ones, and there is impact on awareness of health insurance and specifically the fact that health insurance as an industry pays claims. So I think the KPIs for the campaign are moving in the right direction. And this is something that we are -- we continue to be invested in as an industry. As far as overall industry growth is concerned, the industry continues to benefit from the GST tailwind as well as the 1/n industry impact. And Niva Bupa specifically for H1, our reported growth on retail health has been 47%. On the industry initiative around standardization, common empanelment, we continue to make great progress under the leadership of Dr. Prakash, who is the CEO of Health Partnering within the Council. So as we speak, the MOU has been signed with more than 5,000 hospitals under the common empanelment initiative, and we will be going live with 18 standard treatment workflows out of the 154 that ICMR has defined. To remind all of you, this is on top of admission criteria for 8 infectious disease and the position statements that the industry has rolled out for robotic treatments, modern treatments. Page 2 of 13 Niva Bupa Health Insurance Company Limited November 04, 2026 So again, lots of progress and work being done on standardization. And again, to remind all of you, a good part of claims cost is captured in the pathway, and that is what the industry is addressing through the standardization initiatives. Specifically on Niva Bupa, as far as H1 performance is concerned, we've had a very encouraging H1 performance, both on top line as well as bottom line, as far as our overall numbers without 1/n is concerned, we've grown 26% to reach INR5,004 crores in terms of GWP. Retail growth without 1/n is 37% and a number of INR3,800-odd crores. And on this basis, at this point, as of H1, 77% of our book is retail, up from the 75%-odd number that we had at the end of Q1. Our profit after tax -- and again, to remind all of you, we have transitioned to Ind AS, so our profit after tax on an Ind AS basis closed at INR273 crores, up from INR132 crores same period last year. Our retail market share improved to 11%, up from 9.9% same period last year. On talent, we are -- we improved our ranking in the Great Places to Work survey to 41st out of the Great Places to Work and we continue to figure in the top 25 in banking and financial services. On NPS, same period last year, we improved our blended NPS to 63, up from 57 last year. And on EoM, we are at 34.7%, well below the requirement of 35% plus allowances in our case. On claims settlement rate, we closed H1 at 95.6%, up from 94.6%. Our journey on technology, analytics, generative AI, all of those are progressing at pace, and we continue to mature what we do specifically with Gen AI. On PPN, which is a strategic initiative around steering our customers to the right care setup at the right cost. We are now present in 49 cities, 1,132 hospitals and 22% of cashless claims in those hospitals - - claims in those hospitals are going to PPN setup. And just to remind all of you, the PPN hospitals are 15% to 20% less expensive on a like-to-like basis compared to tertiary, quaternary care facilities. So that's a brief update from my side. Over to Vishwanath on financials, and then we're happy to take your questions. Vishwanath Mahendra: Thank you, sir. Good evening, everyone. So in terms of few financial KPIs, post-tax return on equity for the last 4 rolling quarters is 13.8%. Combined insurance service ratio for H1 has improved by 365 basis points to 99.5%. Reduction is visible in both expense ratio, which is 78 basis points, and claims ratio, which is 287 basis points, resulting in improvement in CISR. Retail loss ratio has also improved by 77 basis points to 67.4% in H1. Like Mr. Krishnan mentioned, EoM has improved to 34.7% from 38% last year H1. The allowable EoM, including additional allowances, comes to 36.1%. So we are well within regulatory threshold. Annual investment yield, excluding ETF for H1, is 7.4% with AUM of clos [Showing first 8,000 characters — download PDF for full document]