Interim report
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S. R. Batliboi & Co. LLP Chartered Accountants 12th Floor, The Ruby, 29 Senapati Bapat Marg Dadar (West), Mumbai- 400 028 Telephone +91 22 6819 8000 T R Chadha & Co. LLP Chartered Accountants B-30, Kuthiala Building, Connaught Place New Delhi – 110001, India Telephone +91 11 4325 9900 Independent Auditors’ Review Report on Quarterly and Year to Date Unaudited Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI ( Listing Obligations and Disclosure Requirements) Regulations, 2015 To The Board of Directors, Niva Bupa Health Insurance Company Limited 1. We have reviewed the accompanying statement of unaudited financial results of Niva Bupa Health Insurance Company Limited (the “Company”), for the quarter and nine months period ended December 31, 2024 (the “Statement”) , being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including relevant circulars issue d by the SEBI from time to time (the “Listing Regulations”) and Insurance Regulatory and Development Authority of India (‘IRDAI’) circular reference IRDAI/F&A/CIR/LFTD/027/01/2017 dated January 30, 20 17. This Statement is the responsibility of the Company’s management and has been approved by the Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review . 2. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures, applied to financial data and thus provides less assurance than an audit . We have not performed an audit and accordingly, we do not express an audit opinion. 3. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the requirements of, the recognition and measurement principles laid down in Accounting Standard (“AS”) 25, “ Interim Financial Reporting”, prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India, to the extent applicable and are not inconsistent with the accounting principles as prescribed in the Insurance Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015 (the “I nsurance Act”), the Insurance Regulatory and Development Authority Act, 1999 (the “IRDA Act”), Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024 read with Master Circular No. IRDAI/ACTL/CIR/MISC/80/05/2024 dated May 17, 2024 (the “Regulations”) and orders/directions/circulars issued by the IRDAI, has not disclosed the information required to be disclosed in accordance with Regulation 33 and Regulation 52 of the Listing Regulations and IRDAI circular reference IRDAI/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017 , to the extent applicable, including the manner in which it is to be disclosed, or that it contains any material misstatement. Emphasis of Matter 4. As discussed in Note 5 to the Statement, the Company is yet to file an application for forbearance for exceeding the Expenses of Management (“EOM”) over the allowable limit for financial year 202 4-25 with IRDAI. The grant of such forbearance is at IRDAI’s discretion and the impact of the same on the Statement will depend on the future development. Our conclusion is not modified in respect of this matter.
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S. R. Batliboi & Co. LLP Chartered Accountants 12th Floor, The Ruby, 29 Senapati Bapat Marg Dadar (West), Mumbai- 400 028 Telephone +91 22 6819 8000 T R Chadha & Co. LLP Chartered Accountants B-30, Kuthiala Building, Connaught Place New Delhi – 110001, India Telephone +91 11 4325 9900 Other Matter 5. The actuarial valuation of liabilities in respect to claims incurred but not reported (IBNR), including claims incurred but not enough reported (IBNER), estimate of loss ratio for determining profit commission on re-insurance treaties, provisioning for premium deficiency and free look reserve as at December 31, 2024 is the responsibility of the Company’s Appointed Actuary ( the “Actuary”) and has been duly certified by the Actuary. The Actuary has also certified that in his opinion, the assumptions for such valuation are in accordance with the guidelines and norms, if any, issued by the IRDAI and the Institute of Actuaries of India in concurrence with the IRDAI. We have relied upon the Actuary’s certificate in this regard for forming our conclusion on the accompanying Statement of the Company. For S. R. Batliboi & Co. LLP For T R Chadha & Co. LLP Chartered Accountants Chartered Accountants FRN No. 301003E/E300005 FRN No. 006711N/N500028 per Shrawan Jalan Neena Goel Partner Partner Membership No. 102102 Membership No. 057986 UDIN: 25102102BMOBBR7879 UDIN: 25057986BMIKJB1049 Place: Gurugram Place: Noida Date: February 4, 2025 Date: February 4, 2025
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Year ended / As at December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 March 31, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Gross Premiums Written 1,44,207 1,77,733 1,41,245 4,68,358 3,84,814 5,60,757 2 Net Premium Written 1 1,15,243 1,39,329 1,12,017 3,69,732 3,03,903 4,42,095 3 Premium Earned (Net) 1,13,580 1,21,322 94,959 3,36,704 2,59,320 3,81,125 4 Income from Investments (Net) 2 6,791 6,818 4,094 19,357 12,214 16,668 5 Other Income (a) Other Income - - - - - - (b) Contribution from the Shareholders' Account (i) Towards Excess Expenses of Management 3,632 7,826 4,195 19,837 16,027 21,645 (ii) Towards remuneration of MD/CEO/WTD/Other KMPs 47 8 39 55 77 118 (iii) Others - - - - - - 6 Total income (3 to 5) 1,24,050 1,35,974 1,03,287 3,75,953 2,87,638 4,19,556 7 Commissions & Brokerage (Net) 3 26,078 28,029 18,745 76,907 49,713 74,818 8 Net commission 3 26,078 28,029 18,745 76,907 49,713 74,818 9 Operating Expenses related to insurance business (a) Employees’ remuneration and welfare expenses 15,868 18,939 16,442 52,111 49,606 63,938 (b) Other operating expenses (i+ii) (i) Advertisement and publicity 2,758 4,586 3,782 11,397 8,361 17,733 (ii) Other expenses 5,024 4,348 4,560 13,530 14,282 19,045 10 Premium Deficiency - - - - - - 11 Incurred Claims (a) Claims Paid 76,905 66,973 52,650 2,06,018 1,50,830 2,19,628 (b) Change in Outstanding Claims (including IBNR/IBNER) (2,924) 7,252 5,929 7,479 12,721 5,591 12 Total Expense (8+9+10+11) 1,23,709 1,30,127 1,02,108 3,67,442 2,85,513 4,00,753 13 Underwriting Profit / (Loss) (3-12) (10,129) (8,805) (7,149) (30,738) (26,193) (19,628) 14 Provisions for doubtful debts (including bad debts written off) - - - - - - 15 Provisions for diminution in value of investments - - - - - - 16 Operating Profit/loss: (6-12) 341 5,847 1,179 8,511 2,125 18,803 17 Appropriations (a) Transfer to Profit and Loss Account 341 5,847 1,179 8,511 2,125 18,803 (b) Transfer to Reserves - - - - - - 18 Income in shareholders’ account (a+b+c) (a) Transfer from Policyholders' Fund 341 5,847 1,179 8,511 2,125 18,803 (b) Income from investments 5,431 3,988 3,521 14,288 8,455 13,754 (c) Other income 11 25 783 107 953 315 19 Expenses other than those related to insurance business 4,381 8,531 4,935 21,974 18,830 24,506 20 Provisions for doubtful debts (including bad debts written off) 78 27 90 188 224 181 21 Provisions for diminution in value of investments - - - - - - 22 Total Expense(19+20+21) 4,459 8,558 5,025 22,162 19,054 24,687 23 Profit / (Loss) before extraordinary items (18-22) 1,324 1,302 458 744 (7,521) 8,185 24 Extraordinary Items - - - - - - 25 Profit / (Loss) Before Tax (23-24) 1,324 1,302 458 744 (7,521) 8,185 26 Provision for Tax - - - - - - 27 Profit / (Loss) After Tax (25-26) 1,324 1,302 458 744 (7,521) 8,185 28 Dividend per share (Rs.) (a) Interim Dividends - - - - - - (b) Final dividend - - - - - - 29 Profit / (Loss) carried to Balance Sheet (92,453) (93,777) (1,08,903) (92,453) (1,08,903) (93,197) 30 Paid up Equity Capital 1,82,703 1,71,768 1,69,862 1,82,703 1,69,862 1,69,954 31 Reserve & Surplus (Excluding Revaluation Reserve)4 1,04,191 34,687 19,266 1,04,191 19,266 35,005 32 Share Application Money Pending Allotment - 4 54 - 54 19 33 Fair Value Change Account and Revaluation Reserve (152) (0) (230) (152) (230) 87 34 Borrowings 25,000 25,000 25,000 25,000 25,000 25,000 35 Total Assets: (a) Investments: - Shareholders' Fund 3,35,346 2,56,474 2,37,800 3,35,346 2,37,800 2,58,547 - Policyholders' Fund 3,95,727 3,40,047 2,85,321 3,95,727 2,85,321 2,87,276 (b) Other Assets (Net of current liabilites and provisions) (4,19,331) (3,65,062) (3,09,169) (4,19,331) (3,09,169) (3,15,758) 36 Analytical Ratios 5 (i) Solvency Ratio 5a 3.03 2.25 2.56 3.03 2.56 2.55 (ii) Expenses of Management Ratio 5b 41.73% 39.41% 39.06% 40.50% 39.56% 39.31% (iii) Incurred Claim Ratio 65.14% 61.18% 61.69% 63.41% 63.07% 59.09% (iv) Net retention ratio 79.92% 78.39% 79.31% 78.94% 78.97% 78.84% (v) Combined ratio 108.29% 101.30% 100.55% 105.04% 103.20% 98.80% (vi) Earning per share (Rs.) (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period 5c Basic : 0.07 Diluted : 0.07 Basic : 0.08 Diluted : 0.07 Basic : 0.03 Diluted : 0.03 Basic : 0.04 Diluted : 0.04 Basic : (0.48) Diluted : (0.48) Basic : 0.51 Diluted : 0.50 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period 5c Basic : 0.07 Diluted : 0.07 Basic : 0.08 Diluted : 0.07 Basic : 0.03 Diluted : 0.03 Basic : 0.04 Diluted : 0.04 Basic : (0.48) Diluted : (0.48) Basic : 0.51 Diluted : 0.50 (Rs. in Lakhs) Sr. No. Annexure - I Statement of Unaudited Financial Results for the Quarter and Year to date ended December 31, 2024 Year to date ended / As atThree months ended / As at NIVA BUPA HEALTH INSURANCE COMPANY LIMITED CIN: L66000DL2008PLC182918 REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010 Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India [Pursuant to the Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017] OPERATING RESULTS NON-OPERATING RESULTS Particulars
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Year ended / As at December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 March 31, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited (Rs. in Lakhs) Sr. No. Annexure - I Statement of Unaudited Financial Results for the Quarter and Year to date ended December 31, 2024 Year to date ended / As atThree months ended / As at NIVA BUPA HEALTH INSURANCE COMPANY LIMITED CIN: L66000DL2008PLC182918 REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010 Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India [Pursuant to the Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017] Particulars (vii) NPA ratios: a) Gross and Net NPAs Gross : Rs. 6,324 Net : Rs. 0 Gross : Rs. 6,324 Net : Rs. 0 Gross : Rs. 6,324 Net : Rs. 0 Gross : Rs. 6,324 Net : Rs. 0 Gross : Rs. 6,324 Net : Rs. 0 Gross : Rs. 6,324 Net : Rs. 0 b) % of Gross & Net NPAs5d Gross : 0.86% Net : 0% Gross : 1.05% Net : 0% Gross : 1.19% Net : 0% Gross : 0.86% Net : 0% Gross : 1.19% Net : 0% Gross : 1.15% Net : 0% (viii) Yield on Investments5e (a) Without unrealized gains 1.84% 1.86% 1.63% 5.27% 4.81% 6.89% (b) With unrealised gains 1.70% 2.92% 1.65% 6.09% 5.23% 8.18% (ix) Public shareholding a) No. of shares 80,43,35,928 NA NA 80,43,35,928 NA NA b) Percentage of shareholding 44.02% NA NA 44.02% NA NA c) % of Government holding (in case of public sector insurance companies) NA NA NA NA NA NA Notes : 1 Net of reinsurance (including excess of loss reinsurance). 2 Net of amortisation and losses (including capital gains). 3 Commission is net of commission received on reinsurance cession. 4 Net of debit balance in Profit & Loss Account. 5 Analytical ratios have been calculated as per definition given in IRDAI analytical ratios disclosures. 5a The Solvency has been computed at the last day of the period. 5b The Expenses of Management has been computed on the basis of Gross Direct Premium. 5c Figures for the three months ended and year to date ended are not annualised. 5d 5e Yield on investment is computed on average of Opening & Closing Investment. a) % of Gross NPA = Gross NPA / Total Investments. b) % of Net NPA = (Gross NPA - Provision on investments) / (Total Investments - Provision on investments).
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Year ended / As at December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 March 31, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment Income: (A) Fire Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (B) Marine Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (C) Total Health (i) Health Net Earned Premium 1,11,263 1,18,776 93,010 3,29,763 2,53,961 3,73,285 Income from Investments 6,649 6,653 4,003 18,915 11,973 16,332 Other Income 3,602 7,644 4,140 19,437 15,786 21,324 (ii) Personal Accident Net Earned Premium 2,044 2,389 1,702 6,317 4,915 7,118 Income from Investments 126 146 72 380 199 275 Other Income 68 168 75 391 262 360 (iii) Travel Net Earned Premium 273 157 247 624 444 722 Income from Investments 16 19 19 62 42 61 Other Income 9 22 19 64 56 79 (D) Miscellaneous (i) Miscellaneous Retail Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (ii) Miscellaneous Group, Corporate Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (E) Crop Insurance Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (F) Motor Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - (G) Unallocated Net Earned Premium - - - - - - Income from Investments - - - - - - Other Income - - - - - - Premium Deficiency : (A) Fire - - - - - - (B) Marine - - - - - - (C) Total Health (i) Health - - - - - - (ii) Personal Accident - - - - - - (iii) Travel - - - - - - (D) Miscellaneous (i) Miscellaneous Retail - - - - - - (ii) Miscellaneous Group, Corporate - - - - - - (E) Crop Insurance - - - - - - (F) Motor - - - - - - (G) Unallocated - - - - - - Segment Reporting for the Quarter and Year to date ended December 31, 2024 [Pursuant to the Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017] Annexure - II (Rs. in Lakhs) Sr. No. Particulars Three months ended / As at Year to date ended / As at 2 1
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Year ended / As at December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 March 31, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Segment Reporting for the Quarter and Year to date ended December 31, 2024 [Pursuant to the Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017] Annexure - II (Rs. in Lakhs) Sr. No. Particulars Three months ended / As at Year to date ended / As at Segment Underwriting Profit / (Loss): (A) Fire - - - - - - (B) Marine - - - - - - (C) Total Health (i) Health (10,102) (8,588) (7,480) (29,917) (26,829) (21,804) (ii) Personal Accident 3 117 208 303 548 2,187 (iii) Travel (30) (334) 123 (1,124) 88 (11) (D) Miscellaneous (i) Miscellaneous Retail - - - - - - (ii) Miscellaneous Group, Corporate - - - - - - (E) Crop Insurance - - - - - - (F) Motor - - - - - - (G) Unallocated - - - - - - Segment Operating Profit / (Loss): (A) Fire - - - - - - (B) Marine - - - - - - (C) Total Health (i) Health 149 5,709 663 8,435 930 15,852 (ii) Personal Accident 197 431 355 1,074 1,009 2,822 (iii) Travel (5) (293) 161 (998) 186 129 (D) Miscellaneous (i) Miscellaneous Retail - - - - - - (ii) Miscellaneous Group, Corporate - - - - - - (E) Crop Insurance - - - - - - (F) Motor - - - - - - (G) Unallocated - - - - - - Segment Technical Liabilities: Unexpired Risk Reserve - Net (A) Fire - - - - - - (B) Marine - - - - - - (C) Total Health (i) Health 2,48,563 2,46,891 2,00,921 2,48,563 2,00,921 2,16,896 (ii) Personal Accident 5,083 4,940 3,437 5,083 3,437 3,645 (iii) Travel 515 667 388 515 388 592 (D) Miscellaneous (i) Miscellaneous Retail - - - - - - (ii) Miscellaneous Group, Corporate - - - - - - (E) Crop Insurance - - - - - - (F) Motor - - - - - - (G) Unallocated - - - - - - Outstanding Claims Reserves including IBNR & IBNER - Net (A) Fire - - - - - - (B) Marine - - - - - - (C) Total Health (i) Health 46,801 49,438 46,535 46,801 46,535 39,799 (ii) Personal Accident 1,830 1,750 1,998 1,830 1,998 1,655 (iii) Travel 423 790 173 423 173 121 (D) Miscellaneous (i) Miscellaneous Retail - - - - - - (ii) Miscellaneous Group, Corporate - - - - - - (E) Crop Insurance - - - - - - (F) Motor - - - - - - (G) Unallocated - - - - - - Footnotes: 1 2 3 3 4 5 Income from Investment and Other Income which cannot be allocated to any segment are apportioned on the basis of Gross Direct Premium. Segments include : (A) Fire, (B) Marine, (C) Total Health - (i) Health, (ii) Personal Accident, and (iii) Travel, (D) Miscellaneous - (i) Retail, (ii) Group, Corporate, (E) Crop Insurance, (F) Motor. This annexure is prepared as per the IRDAI segment.
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Sr. No. Particulars Number 1 No. of Investors complaints pending at the beginning of the period - 2 No. of Investors complaints received during the period 269 3 No. of Investors complaints disposed off during the period 264 4 No. of Investors complaints remained unresolved at the end of the period 5 * The above disclosure is not required to be audited Company had received 269 complaints during the quarter ended December 31, 2024, including 15 complaints received on SEBI Scores portal. Being the first quarter after listing, all these complaints mainly pertain to non-receipt of refund of IPO Application by Investors (Resident Individuals). Out of 269 complaints, 264 complaints were attended and disposed-off within the quarter. As on December 31, 2024, 5 complaints remain unresolved. NIVA BUPA HEALTH INSURANCE COMPANY LIMITED CIN: L66000DL2008PLC182918 REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010 Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India [Pursuant to the Regulation 33 and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated January 30, 2017] Other Disclosures* Status of Shareholders Complaints for the quarter ended December 31, 2024
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1 Funds Utilized as at December 31, 2024 Funds Unutilized as at December 31, 2024 77,847 lakhs 2,153 lakhs 3 4 5 6 7 8 9 10 11 12 13 14 (Rs. in Lakhs) Regrouped from Amount 39 77 118 (Rs. in Lakhs) Regrouped from Amount 40 64 213 265 In accordance with IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulation, 2024 read with Master circular thereon dated May 17, 2024 and further clarification from IRDAI on January 31, 2025, the change in methodology of calculation of admissible assets for reinsurers and co-insurers receivables have no impact in the solvency ratio as at December 31, 2024. For the quarter and year to date ended December 31, 2024, out of estimated amount of Rs. 9,527 lakhs, the Company has incurred Rs. 3,640 lakhs as initial public offering (“IPO”) related expenses and allocated such expenses between the Company Rs. 1,324 lakhs and selling shareholders Rs. 2,316 lakhs. Such amounts were allocated based on agreement between the Company and 'selling share holders' and in proportion to the total proceeds of the lPO. The Company's share of expenses of Rs. 1,324 lakhs have been adjusted to securities premium. As at December 31, 2024, the Company has not received the invoices of Rs. 5,887 lakhs and hence Company’s share of expenses amounting to Rs. 2,153 lakhs have not been adjusted to Securities Premium Account. In accordance with the Insurance Regulatory and Development Authority of India (Actuarial, Finance and Investment Functions of Insurers) Regulations, 2024, previous period figures have been regrouped / reclassified wherever necessary and the effect of that is given in Underwriting balance ratio, Expenses of Management to Gross Direct Premium Ratio, Expense of Management to Net Written Premium Ratio, Operating Profit Ratio and Combined Ratio, while the Profit after tax will remain same. Notes forming part of Financial Results The above financial results for the quarter & year to date ended December 31, 2024 have been reviewed by the Audit Committee in their meeting held on February 04, 2025 and are approved by the Board of Directors in their meeting held on February 04, 2025 and such results were reviewed by the joint statutory auditors, S.R. Batliboi & Co. LLP, Chartered Accountants and T R Chadha & Co. LLP, Chartered Accountants, who have issued an unmodified conclusion on these financial results. Regulation 54(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is not applicable as the Company has issued unsecured non-convertible debt securities. In terms of Regulation 54(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time and SEBI Circular No. SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022, the Company has issued ‘un-secured’ non-convertible debentures, as a result, the requirement of security cover is not applicable on the Company. The company has completed Initial Public Offer (IPO) of equity shares of face value Rs.10 each at an issue price of Rs.74 per equity share, comprising of fresh issue of 10,81,08,108 shares and offer for sale of 18,91,89,188 shares by 'selling share holders'. The equity shares of the Company were listed on National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on November 14, 2024. The provisions of Section 71 of the Companies Act, 2013 read with Rule 18 of the Companies (Share Capital and Debentures) Amendment Rules, 2014 are applicable to the Company. However, as per Rule 18, Debenture Redemption Reserve shall be created out of profits of the Company available for payment of dividend, since the Company’s equity shares are listed as at December 31, 2024 and the Company does not have profits which are available for payment of dividend, hence no Debenture Redemption Reserve is being created. 80,000 lakhs IPO ProceedsObjects of the issue Augmentation of capital base to maintain and strengthen solvency levels During the year to date ended December 31, 2024, the Company has allotted 1,93,83,695 equity shares pursuant to exercise of employee stock options granted. The details of IPO Proceeds (fresh issue) of Rs. 80,000 lakhs are as follows: 2 # Excess of Managerial remuneration over and above limit as prescribed by IRDAI regulation was earlier netted from 'Operating Expenses related to Insurance Business' is now shown under the head 'Other'. During the quarter ended December 31, 2024, the Company has received the forbearance approval for exceeding the Expenses of Management (EOM) over the allowable limit for FY 2022-23 and FY 2023-24. Further, on the basis of discussions with Insurance Regulatory and Development Authority of India (“IRDAI”), the Company has computed expenses of management (“EOM”) in accordance with accounting methodology applied before Master Circular on Actuarial, Finance and Investment Functions of Insurers dated May 17, 2024 read with clarification dated October 18, 2024 issued by IRDAI for multi-year policies and related commissions income and expenses was made applicable. Accordingly, excess EOM amounting to Rs. 3,632 lakhs & Rs. 19,837 lakhs have been transferred from revenue account to profit and loss account for the quarter & year to date ended December 31, 2024 respectively. The Company’s EOM ratio for the quarter & year to date ended December 31, 2024 is 37% and 39% respectively. The Appointed Actuary has certified to the Company that actuarial estimates for claims incurred but not reported (IBNR) (including claims incurred but not enough reported (IBNER)) reserves have been determined using actuarial principles. In the determination, the Actuarial Practice Standards issued by the Institute of Actuaries of India and any directions issued by the Authority in this behalf have been followed. Where credible data is available, the Actuary has chosen to adopt the Chain Ladder Method. In other cases, expected ultimate loss ratio method or fixed IBNR method have also been used. These IBNR reserves include Margin for Adverse Deviation and reserves for Unallocated Loss Adjustment Expenses (ULAE) for the claims up to December 31, 2024. Net IBNR reserves have been arrived on the basis of actuarial estimates based on the claim data, after allowance for reinsurance recoveries. Pursuant to an inquiry by Directorate General of GST Intelligence (DGGI) relating to certain input credit availed by the Company, it has provided all information and clarifications to DGGI. As directed by DGGI authorities, the Company has paid Rs. 2,500 Lakhs under Section 74(5) of the CGST Act 2017. The Company believes, it had taken input credit in accordance with relevant provisions of the statue. The Company had also received summons under Section 131 (1A) from the income tax authorities and has provided all the information and clarifications to them. Pending completion of such inquiry, there is no impact considered on the financial results for the year to date ended December 31, 2024. The Company has received Show Cause Notice from DGGI- Mumbai on Marketing expenses of Rs. 2,929 lakhs. The same has been duly replied on March 26, 2024 and next due date of hearing the same is February 05, 2025. The Company has shown this amount in Contingent Liability. In view of the seasonality of Industry, the financial results for the quarters are not indicative of full year's expected performance. Figures for the quarter ended December 31, 2024 and December 31, 2023 are the balancing figures for year to date figures upto the end of the third quarter of the financial year and published figures of year to date figures upto the end of the second quarter of the financial year. 3 months ended December 31, 2023 Year ended March 31, 2024 Year to date ended December 31, 2023 In accordance with the IRDAI (Actuarial, Finance and Investment Functions of Insurers) Regulation, 2024 and Master circular thereon dated May 17, 2024 and subsequent clarification dated October 18, 2024, with effect from October 1, 2024 the Company has given the effect to recognise gross written premium on a 1/n basis where “n” denotes the policy duration and commission expenses paid and commission income accrued on such recorded gross written premium for applicable long-term products. This has resulted in a decrease in gross written premium by Rs. 32,770 lakhs and net decrease in commission by Rs. 2,621 lakhs, and related effect in operating profit for the quarter and nine months ended December 31, 2024. Operating Expenses related to Insurance Business# Towards remuneration of MD/CEO/WTD/Other KMPs under the head 'Other' The Indian Parliament has approved the Code on Social Security, 2020, which would impact the contributions by the Company towards Provident Fund and Gratuity. The effective date from which the changes are applicable is yet to be notified and the final rules are yet to be framed. The Company will carry out an evaluation of the impact and record the same in the financial results in the period in which the code becomes effective and related rules are published. Regrouped to Period ended i. ii. Operating Expenses related to Insurance Business Claims Incurred (Net) For better presentation, previous period figures have been regrouped / reclassified wherever necessary and the effect of that is given in Net Incurred Claims to Net Earned Premium Ratio and Combined Ratio, while the Profit after tax will remain same. Regrouped to Period ended 3 months ended December 31, 2023 Year to date ended December 31, 2023 Year ended March 31, 2024 3 months ended September 30, 2024
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Year ended / As at December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023 March 31, 2024 Unaudited Unaudited Unaudited Unaudited Unaudited Audited 1 Debt-Equity Ratio (No. of times) (Note 1) 0.09 0.12 0.13 0.09 0.13 0.12 2 Debt Service Coverage Ratio (No. of times) (Note 2) 2.96 2.93 1.69 1.37 (2.74) 4.06 3 Interest Service coverage Ratio (No. of times) (Note 3) 2.96 2.93 1.69 1.37 (2.74) 4.06 4 Outstanding redeemable preference shares (quantity and value) NA NA NA NA NA NA 5 Capital redemption reserve/Debenture redemption reserve (Note 4) NA NA NA NA NA NA 6 Net Worth (Rs in Lakhs) 2,86,894 2,06,455 1,89,129 2,86,894 1,89,129 2,04,959 7 Net Profit after tax (Rs in Lakhs) 1,324 1,302 458 744 (7,521) 8,185 8 Earning Per Share -Basic Earning/ (Loss) per Share of Rs. 10/- each 0.07 0.08 0.03 0.04 (0.48) 0.51 -Diluted Earning/ (Loss) per Share of Rs. 10/- each 0.07 0.07 0.03 0.04 (0.48) 0.50 9 Current Ratio (Note 5) 0.20 0.23 0.13 0.20 0.13 0.17 10 Long term Debt to Working capital (Note 6) (0.06) (0.07) (0.08) (0.06) (0.08) (0.08) 11 Bad Debts to Account Receivable ratio (Note 10) NA NA NA NA NA NA 12 Current liability Ratio (Note 7) 0.96 0.95 0.94 0.96 0.94 0.94 13 Total Debts to Total Assets (Note 8) 0.03 0.03 0.04 0.03 0.04 0.04 14 Debtors turnover (Note 10) NA NA NA NA NA NA 15 Inventory turnover (Note 10) NA NA NA NA NA NA 16 Operating Margin (Note 10) NA NA NA NA NA NA 17 Net Profit Margin (Note 10) NA NA NA NA NA NA Sector Specific Relevant Ratios 18 Operating Profit Ratio 0.30% 4.82% 1.24% 2.53% 0.82% 4.93% 19 Net earning ratio 1.15% 0.93% 0.41% 0.20% (2.47%) 1.85% 20 Gross Direct Premium Growth Rate 2.10% 34.99% 42.25% 21.71% 40.51% 37.68% 21 Expense of Management to Net Written Premium Ratio (Note 11) 52.22% 50.27% 49.25% 51.31% 50.10% 49.86% 22 Underwriting balance ratio (No. of times) (0.09) (0.07) (0.07) (0.09) (0.10) (0.05) 23 Net Commission Ratio 22.63% 20.12% 16.73% 20.80% 16.36% 16.92% 24 Liquid Assets to liabilities ratio (No. of times) 0.28 0.15 0.20 0.28 0.20 0.18 25 Gross Direct Premium to Net worth Ratio (No. of times) 0.50 0.86 0.75 1.63 2.03 2.74 26 Technical Reserves to net premium ratio (No. of times) 2.63 2.19 2.26 0.82 0.83 0.59 27 Growth rate of Net Worth 51.69% 90.19% 139.10% 51.69% 139.10% 146.60% 28 Return on net worth ratio 0.46% 0.63% 0.24% 0.26% (3.98%) 3.99% 29 Claims paid to Claims provision 87.00% 82.00% 88.00% 87.00% 87.00% 87.00% 30 Net Retention Ratio 79.92% 78.39% 79.31% 78.94% 78.97% 78.84% 31 Expense of Management to Gross Direct Premium Ratio (Note 11) 41.73% 39.41% 39.06% 40.50% 39.56% 39.31% 32 Net Incurred Claims to Net Earned Premium 65.14% 61.18% 61.69% 63.41% 63.07% 59.09% 33 Combined Ratio 108.29% 101.30% 100.55% 105.04% 103.20% 98.80% 34 Investment income ratio 1.84% 1.86% 1.64% 5.27% 4.81% 6.90% 35 Available Solvency margin Ratio to Required Solvency Margin Ratio (No. of times) 3.03 2.25 2.56 3.03 2.56 2.55 36 NPA Ratio (Note 9) -Gross NPA Ratio 0.86% 1.05% 1.19% 0.86% 1.19% 1.15% -Net NPA Ratio 0% 0% 0% 0% 0% 0% 37 Security Cover Ratio (Note 12) NA NA NA NA NA NA 38 Book value per share 15.70 12.02 11.13 15.70 11.13 12.06 Notes: 1 2 3 4 5 6 7 8 9 10 11 12 13 Figures for the three months ended and year to date ended are not annualised. For on and Behalf of Board of Directors Place : Gurugram Krishnan Ramachandran Date: February 04, 2025 Managing Director & CEO DIN: 08719264 [Pursuant to the Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended] Registered Address- C-98, First Floor Lajpat Nagar, Part 1 New Delhi - 110024, India NIVA BUPA HEALTH INSURANCE COMPANY LIMITED CIN: L66000DL2008PLC182918 REGISTRATION NO: 145, DATE OF REGISTRATION WITH IRDAI: FEBRUARY 15, 2010 Sr. No. Particulars Year to date ended / As at Gross/Net NPA ratios pertains to Non -Performing Investments. Three months ended / As at Debt Equity Ratio is calculated as Total Borrowings divided by Net worth. The Security Cover is not applicable since the Company does not have any secured listed non-convertible securities. Debt-Service Coverage Ratio is computed as Profit before Interest and Tax divided by Interest expense together with principal repayments of long term debt made during the period. Interest-Service Coverage Ratio is computed as Profit before Interest and Tax divided by Interest expense of long term debt. The provisions of Section 71 of the Companies Act, 2013 read with Rule 18 of the Companies (Share Capital and Debentures) Amendment Rules, 2014 are applicable to the Company. However, as per Rule 18, Debenture Redemption Reserve shall be created out of profits of the Company available for payment of dividend, since the Company’s equity shares are listed as at December 31, 2024 and the Company does not have profits which are available for payment of dividend hence, no Debenture Redemption Reserve is being created. Current Ratio is current assets (cash and bank Balance and advances & other assets) divided by current liabilities and provisions. Long term debt to working capital is computed as Long term debt divided by the working capital (working capital= current asset-current liabilities and provisions). Current Liability Ratio is computed as 'current liabilities and provision' divided by total liabilities. Total liability includes borrowings, current liabilities and provisions. Total Debts to Total Assets is total borrowings divided by total assets (excluding fair value change) as per balance sheet. Not Applicable to Insurance Companies. Expense of Management has been computed on basis of gross direct commission and operating Expenses.