Analysts/Institutional Investor Meet/Con. Call Updates

August 03, 2026 Ref: NIVABUPA/EQ/2026-27/31 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 the business performance of the Company for the quarter ended June 30, 2026, held with Investors/Analysts on July 30, 2026. Transcript shall also be 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 Q1 FY27 Earnings Conference Call” July 30, 2026 MANAGEMENT: MR. KRISHNAN RAMACHANDRAN – MANAGING DIRECTOR & CEO MR. ANKUR KHARBANDA – EXECUTIVE DIRECTOR & DEPUTY CEO MR. VISHWANATH MAHENDRA – EXECUTIVE DIRECTOR & CFO MR. BHABATOSH MISHRA – CHIEF OPERATING OFFICER MR. VIKAS JAIN – CHIEF INVESTMENT OFFICER MODERATOR: MR. ANSUMAN – ICICI SECURITIES Page 1 of 12 Niva Bupa Health Insurance Company Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q1 FY27 Results of Niva Bupa Health Insurance Company Limited. 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 indications of any future performance as future involves risks and uncertainties which could cause results to differ materially from the current view being expressed. As a reminder, all participant lines will be in 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. I now hand the conference over to Mr. Anshuman. Thank you, and over to you, sir. Ansuman: Thanks, Atharva. Good evening, ladies and gentlemen. We are extremely delighted to host the Q1 FY27 Results Conference Call of Niva Bupa Health Insurance Company Limited. 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; Mr. Bhabatosh Mishra, Chief Operating Officer; and Mr. Vikas Jain, Chief Investment Officer. I now hand over the call to Mr. Krishnan, MD and CEO. Krishnan Ramachandran: Thank you very much, Ansuman, and thank you to all of you who made time for our Q1 call this evening. I will follow the same format that I've done for a few quarters now, which is to give you a brief update on some of the important industry initiatives and a brief summary, my summary of highlights of performance from Niva Bupa's standpoint. On the industry front, the awareness campaign continues apace. I continue to update on this because I think this is critical, critical to improving lives penetration in retail health insurance. And as you all know, the entire industry is collectively committing about INR120 crores a year towards improving, you know, insurance awareness and about 50% of this budget is towards health. So, we've had a very successful series of campaigns, very good feedback from a customer standpoint, and specifically the audience metrics around awareness around health insurance need, you know, campaign itself has landed quite well. And in Q2 as well, you know, we will see a repeat of a campaign as far as this is concerned. We continue to experience, you know, GST tailwinds. Retail health at the industry level grew 31.6% and the overall growth as far as health is concerned, you know, on a reported basis was 22.4%. Our own growth continues to comfortably outpace the market growth, but I'll come to that in a little bit. I think the other important update is that in Q1, we have fully transitioned to Ind AS. You know, in the past, as you all are aware, we used to update our financial results on an IFRS 17 basis. Again, the regulator has notified and we are one of the companies that have transitioned to the Page 2 of 12 Niva Bupa Health Insurance Company Limited July 30, 2026 Ind AS accounting standard. We will continue to report parallel accounts as required by the authority from a public disclosure standpoint. And I think the last update I have from the industry standpoint is the work that's being done, you know, as part of the health insurance committee led by Dr. Prakash. Again, to update you all, this group is working on standardization, specifically around care pathways and position statements. So, in addition to the work that I updated you all last quarter around infections, robotic surgeries, and modern treatments, there's also work and we expect to roll out in collaboration with the association of, you know, ocular group, our position statements on cancer, and we are also working at a fairly advanced stage as far as position statements on oncology is concerned. The common empanelment initiative continues to move apace, and today we have MOUs with more than 3,000 hospitals. So that's a very high-level overview of some of the important initiatives taking place at the industry level. As far as Niva Bupa's performance is concerned, on a like-to-like basis, overall we grew at 23.0%; on a reported basis at 31.7%. The same numbers for retail health are 35.5% and 47.1%. And our retail market share, which is only available on a reported basis, has moved up to 11.1% for Q1. Just a brief comment that we have seen a challenging pricing environment on the group side. So our group growth has actually been flat. I mean, we've not had any growth on the group side of our business for Q1. And the pricing environment that we discussed last year as well, specifically towards Q3, Q4, we continue to face a challenging pricing environment on the B2B side. Our profit after tax improved to INR137.8 crores in Q1. Our combined insurance service ratio improved to 100.2%, which is a significant improvement over the 103.2% that we had for Q1 last year. On people, for the first time, we've broken into the top 50 Great Places to Work in the country, where we were ranked 41st. We've also seen good traction and improvement on our NPS scores, 62 on a blended basis across, just to remind all of you, more than 25 pivotal customer touchpoints. So this number is up from 57 last year, and on a monthly basis, this represents the voice of more than 20,000 customers who give us their feedback on the various experiences they have of the company, whether that's issuing a policy, renewing a policy, experiencing a cashless process, experiencing a discharge process, what have you. Our claims settlement rate has also improved. In Q1 our settlement rate was 95.6%. We continue to execute quite strongly on our health partner strategy. We have 5,70,000-odd monthly active users. And in Q1, we had more than 62,000 people per month consummating health checkups, diagnostic services through our app, and more than 6,600 doctor consults on a monthly basis on our app. We also continue to execute on our Preferred Provider Network strategy, which is now present in 49 cities, encompassing more than 1,000 hospitals. And in these cities, to these hospitals, 22% Page 3 of 12 Niva Bupa Health Insurance Company [Showing first 8,000 characters — download PDF for full document]