Dear Shareholders,
I am pleased to bring Niva Bupa Health Insurance's Annual Report
for the Financial Year 2024-25. It is with great honour that I address you as the Chairman
of Niva Bupa Health Insurance Company Limited.
Niva Bupa has been an institution defined by its innovation and
customer first commitments. Being the Chairman of Niva Bupa, it has been an exciting,
fulfilling and a remarkable journey. During the past five years, your company has
sustained growth which consistently surpassed the average industry growth. A significant
milestone was reached with the successful launch of Company's Initial Public Offering
in November 2024, which further strengthen our position in the market.
Together with a talented leadership team and your unwavering support,
Niva Bupa have been able to fortify its standing as a trusted leader in the Indian health
insurance landscape. Our commitment to innovation, customer-centricity, and strategic
partnerships has been central to our mission of making quality healthcare more accessible
and affordable for every Indian. Over this period, the Company has not only scaled new
heights but also deepened its impact on the lives of millions. Niva Bupa has seen stellar
growth in its GWP from 4,073.00 crores in FY 23 to 5,607.60 crores in FY 24 and closing
the current year i.e. FY 25 with 6,762.20 crores. Coupled with PAT of 213.50 crores and
AUM 8,175.10 crores for FY 25, Niva Bupa currently has a 9.4% share in the retail health
market. The Company demonstrated its multi-channel growth, with premium from Bancassurance
growing by 24%, broker channel by 37% and agency by 12% on YoY basis. Niva Bupa can take
pride in its excellent digital ecosystem that delivers 99.9% of new policies applied for
via website & mobile apps and 88.3% of policy renewals are done without any human
intervention.
The Company is well positioned to capitalize on emerging opportunities
and continue empowering every Indian to access the best healthcare with confidence. As I
prepare to transition from my role as Chairman at the end of August 2025, I do so with
great optimism and confidence in Niva Bupa's future. I extend my deepest thanks to
the management, officers of the company, customers, and other stakeholders for being the
pillars of Company's journey and growth. I also thank the valued Shareholders for
unwavering trust, encouragement and belief in Niva Bupa's vision. Though I will be
stepping away from formal responsibilities, I will always remain a passionate well-wisher
of this extraordinary organization.
Regards,
| Chandrashekhar Bhaskar Bhave |
| Chairman |