Niva Bupa Health Insurance Company Limited, previously known as Max Bupa Health Insurance, is a significant player in the Indian health insurance industry. Established in 2008, it has gained prominence for providing a diversified array of health insurance solutions catering to individual, family, and corporate requirements. The company has undergone evolutionary changes, including rebranding efforts and has formed strategic alliances, with notable backers such as Bupa Singapore Holdings Pte. Ltd. and Fettle Tone LLP. As a technology-driven entity, Niva Bupa employs advanced digital solutions to optimize policy management, automate claims processing, and enhance customer service. It boasts a network that includes over 10,000 partner hospitals scattered across India. As of June 2024, the firm’s strong claims settlement ratio and substantial Gross Written Premium (GWP) underscore its robust operational efficiency and the trust it has earned from its clientele. Niva Bupa is now gearing up for an Initial Public Offering (IPO) with a target of raising INR 2200 crore, which is intended to bolster its financial foundation and broaden its presence within the country’s health insurance sector. The company remains committed to its digital-first approach and emphasis on affordability and accessibility, thus continuing to play a crucial role in addressing the evolving healthcare requirements of its customer base nationwide.

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• Leading Market Position
• Diverse Product Range in health insurance
• Technology-Driven Customer Support
• Solid Lineage
• Nationwide Distribution Channels
• Data-Driven Assessment and Underwriting
• Skilled Management and Stable Financial Backing

• To strengthen the capital base
• To improve solvency ratio
• To expand the business and to increase marketability

The Company is one of the leading companies that operates in health insurance business in India. The company has a diverse range of product portfolio. In FY24, the company posted Revenue of INR 4119 crore and PAT of INR 81.9 crore which was largely contributed by Other Income. At the upper price band of INR 74, the company is expected to list at PE of 163 and PB of 6.1 . Hence, we maintain a “Neutral” stance for the stock considering its earnings and valuation.