Niva Bupa Targets 15% Premium Growth in FY25

New Delhi, Feb 12 (PTI) Standalone health insurer Niva Bupa aims to close the current financial year with over 15 per cent growth in premium collection.

The gross written premium (GWP) of the company listed on bourses recently rose by 21 per cent to Rs 4,683 crore in the first three quarters of FY25.

"We will be growing GWP significantly higher than industry average of 15 per cent during the current financial year," Niva Bupa Health Insurance MD and CEO Krishnan Ramachandran said.

During the third quarter, the insurance company reported an over threefold jump in profit after tax (PAT) at Rs 13.2 crore.

Total income rose to Rs 1,241 crore from Rs 1,033 crore in the third quarter of previous year.

Solvency ratio increased to 3.03 at the end of December 2024 as against 2.56 at the end of third quarter of previous year.

"Our strong solvency, robust profitability, and improving retail market share has positioned us strongly to cater to the significant opportunity in the health insurance segment," he said.

As of December 31, 2024, Niva Bupa has over 212 branches across 22 states and 4 Union Territories.