Niva Bupa (Niva) reported 28% YoY growth in NEP to INR14.5b (in line) in 3QFY26. For 9MFY26, NEP grew 22% YoY to INR41b. The loss ratio at 72.3% (our est. of 71%) increased 720bp YoY. Opex ratio was at 17.9% (our est. of 18.5%) with 34% YoY growth in operating expenses to INR3.2b (in line).