Currently, UK-based Bupa Singapore Holdings holds a 55.98% stake in the company, while Fettle Tone owns 17.9%. Credit: Panya_photo/Shutterstock.

UK-based healthcare company Bupa is reportedly considering increasing its stake in Niva Bupa Health Insurance in the future. 

Bupa Singapore Holdings currently holds a 55.98% stake in Niva Bupa Health Insurance, while Fettle Tone holds 17.9%. 

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Niva Bupa Health Insurance MD and CEO Krishnan Ramachandran was quoted by the Business Standard as saying: “They (Bupa) are a long-term shareholder; clearly they are very excited about the India opportunity. I am sure in the times to come, they will think about increasing their stake. 

“In terms of the combined ratio, the company is working towards a target below 100%. We ended last year at around 98.8%. We will aim to achieve a combined ratio of 95–96% in the next five years. Operating leverage and economies of scale will aid in achieving this.” 

According to Ramachandran, investments in technology, data and analytics will help reduce the combined ratio to 95–96% in five years, down from 100.9%.  

A ratio below 100% indicates underwriting profit, while above 100% means higher claims than premiums received. 

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He added: “The company is also expecting an overall compound annual growth rate (CAGR) of 25% in the next five years, supported by a healthy mix of retail and group products. 

“On the back of higher than the category growth rate, Niva Bupa’s retail health market share has increased from 9% to 9.6%. We have a healthy mix of retail and group products. On government business, I will look at it as and when the opportunity opens up,”  

The company was listed on the Indian exchanges in November 2024.  

In the third quarter of fiscal year 2025 (October–December), the company reported a 189% increase in profit to Rs132m ($1.51m). 

This follows the India Government’s proposal to raise the FDI limit in the insurance sector from 74% to 100%, which was also announced in the budget session earlier this month.