Credit Rating

August 20, 2026 Ref: NIVABUPA/EQ/2026-27/36 National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, Block-G Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Bandra (E), Dalal Street, Mumbai-400 051 Mumbai-400 001 Symbol: NIVABUPA Scrip Code: 544286 Sub: Intimation of credit rating assigned/reaffirmed by ICRA Limited Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) Dear Sir/Madam, Pursuant to Regulation 30 read with Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received rating letters from ICRA Limited on August 20, 2026, as detailed below: - Issuer Rating: Reaffirmed at [ICRA]AAA (Stable). - Subordinated Debt Rating: Assigned [ICRA]AA+(Stable) to the proposed sub-debt to be raised by issuance of listed, rated, unsecured, subordinated, redeemable, non-convertible debentures (NCDs) amounting upto ₹500.00 crores. The intimation regarding this proposed fundraising was earlier submitted vide our letter dated July 30, 2026. Further, please note that the said rating letters issued by ICRA were received by the Company on August 20, 2026, at 04:59 P.M. (IST). The copies of the rating letters are enclosed herewith for your information and record. The above information will be made available on website of the Company at www.nivabupa.com . Kindly take the same on record. Thanking you, Yours’ Faithfully, 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 ICRA/Niva Bupa Health Insurance Company Limited/20082026/1 Date: August20, 2026 Mr. Vishwanath Mahendra Executive Director and Chief Financial Officer C-98, First Floor Lajpat Nagar, Part 1, South Delhi, New Delhi, Delhi -110024 DearSir, Re: ICRA'sCreditRatingforbelowmentionedInstrumentsofNiva Bupa Health Insurance Company Limited As per the Rating Agreement/Statement of Work executed with ICRA Limited, Rating Committee has taken the following rating actions for the mentioned instruments of your company. Instrument RatedAmount(Rs.Crore) RatingAction[1]1 FinancialSectorRegulator# Issuer Rating - [ICRA]AAA(Stable);reaffirmed -$ Total - # grievanceredressal/disputeresolutionandSEBIinvestorprotectionmechanismssuchasSCORESandODRshallnotbeavailable foractivitiesand instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. $Since no instrument is being rated, FSR is not applicable. The rating scale and definitions stipulated in SEBI Master Circular for CRAs are being followed The aforesaid rating(s) will become due for surveillance within one year from the date of rating communication letter. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, orthe required information not being available, or other circumstances that ICRA believes could have an impact on the rating(s). Therefore, request the lenders and investors to visit ICRA website at www.icra.infor latest rating(s) of the company. The rating(s) are specific to the terms and conditions of the instruments as indicated to us by you, and any change in the terms or size of the same would require a review of the rating(s) by us. In case there is any change in the terms and conditions or the size of the rated instrument, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the rating(s) havebeen assigned by us and their use has been confirmed by you, the rating(s) would be subject to our review, following which there could be a change in the rating(s) previously assigned. Notwithstanding the foregoing, any change in the over-all limit of the instrument from that specified in this letter, would constitute an enhancement that would not be covered by or under the said Rating Agreement. The rating(s) assigned must be understood solely as an opinion and should not be treated, or cause to be treated, as recommendation to buy, sell, or hold the rated instrument availed/issued by your company. You are also requested to forthwith inform us about any default or delay in repayment of interest or principal amount of the instrument rated, as above, or any other debt instruments/ borrowing and keep us informed of any other developments which may have a direct or indirect impact on the debt servicing capability of the company including any proposal for re- schedulement or postponement of the repayment programmesof the dues/ debts of the company with any lender(s) / investor(s), or occurrence of any significant development that could impact the ability of the company to raise funds such as restriction imposed by any authority from raising funds through issuance of debt securities through electronic bidding system. 1Completedefinitionsoftheratingsassignedareavailableatwww.icra.in ICRA Limited Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. +91-11-23357940-41 Building No. 8, 2nd floor, Tower A, DLF Cyber City, Phase II, Gurugram-122002 www.icra.in info@icraindia.com +91-93547-38909 +0124-4545300 CIN: L74999DL1991PLC042749 Sensitivity Label : Restricted Further, you are requested to inform us immediately as and when the borrowing limit for the instrument rated, as above, or as prescribed by the regulatory authority(ies) is exceeded. We look forward to your communication and assure you of our best services. With kind regards, Yours sincerely, For ICRA Limited Sachin Joglekar Vice President sachin.joglekar@icraindia.com Sensitivity Label : Restricted ICRA/Niva Bupa Health Insurance Company Limited/20082026/2 Date: August20, 2026 Mr. Vishwanath Mahendra Executive Director and Chief Financial Officer C-98, First Floor Lajpat Nagar, Part 1, South Delhi, New Delhi, Delhi -110024 DearSir, Re: ICRA'sCreditRatingforbelowmentionedInstrumentsofNiva Bupa Health Insurance Company Limited As per the Rating Agreement/Statement of Work executed with ICRA Limited, Rating Committee has taken the following rating actions for the mentioned instruments of your company. Instrument RatedAmount(Rs.Crore) RatingAction[1]1 FinancialSectorRegulator# Subordinated debt 500.00 [ICRA]AA+(Stable);Assigned SEBI Total 500.00 # grievanceredressal/disputeresolutionandSEBIinvestorprotectionmechanismssuchasSCORESandODRshallnotbeavailable foractivitiesand instruments which fall under the regulatory purview of Financial Sector Regulators other than SEBI. Oncetheinstrumentisissued,theratingisvalidthroughoutthelifeofthecaptionedprogrammeuntil withdrawn. However, ICRA reserves the right to review and/or, revise the above rating(s) at any time based on new information becoming available, or the required information not being available, or other circumstances that ICRA believes could have animpact on the rating(s). Therefore, request the lenders and investors to visit ICRA website at www.icra.infor latest rating(s) of the company. Therating(s)arespecifictothetermsandconditionsoftheinstrumentsasindicatedtousbyyou,and anychangeinthe termsorsizeofthesamewouldrequireareviewoftherating(s)byus.Incasethere is any change in the terms and conditions or the size of the rated instrument, the same must be brought to our notice before the instrument is used by you. In the event such changes occur after the rating(s) have been assigned by us and their use hasbeen confirmed by you, the rating(s) would be subject to our review, following which there could be a change in the rating(s) previously assigned. [Showing first 8,000 characters — download PDF for full document]