Niva Bupa Health Insurance is “very comfortable” with the group health segment constituting around 30 per cent of its total business, and the current retail-group business mix is likely to remain the same in the next three to five years.
The standalone health insurance company believes the retail health insurance industry would grow at around 16–17 per cent CAGR over the next few years. Against this backdrop, the company’s target is to grow retail health at 23–25 per cent CAGR over the next three to five years.
“We do not provide quarterly or one-year guidance because retail health insurance is a long-term business with multiple moving parts such as regulatory changes, medical inflation, and claim trends. Instead, we focus on medium-term growth commitments, and historically we have consistently delivered on our stated targets,” Niva Bupa Health Insurance Chief Financial Officer (CFO) and Executive Director Vishwanath M told businessline.
The company’s retail health insurance market share improved from 9.2 per cent in FY25 to 10.1 per cent in FY26. Overall, its market share in the country’s health insurance sector now stands at around 10.2 per cent.
“We don’t define targets in terms of market share directly. Our focus is to grow 6–7 percentage points faster than the industry over the next three to five years. Last year, our growth was nearly 10 percentage points higher than industry growth,” Vishwanath said.
In the last financial year, the insurer’s overall Gross Written Premium (GWP) growth was 27 per cent, while retail health growth stood at 35 per cent. “If we divide the year into H1 and H2, H1 growth was 28 per cent in the pre-GST phase, while H2 growth accelerated to 41 per cent post-GST exemption. This momentum has continued into the current financial year as well,” the CFO said.
Currently, group business contributes around 30 per cent of its portfolio, while retail contributes 70 per cent. Within the group segment, around 60 per cent comes from B2B and B2C partnerships through banks and NBFCs. The remaining 40 per cent comes from corporate group business, including SMEs.
“We are comfortable with the current 70:30 mix and expect it to broadly remain stable over the next three to five years. We are selective in the group segment. We avoid loss-making corporate accounts and focus more on SMEs and B2B2C partnerships through banks and NBFCs. Therefore, we are comfortable with the current exposure,” Vishwanath added.
Published on May 11, 2026