New Research Reports

ICICI Lombard (ICICIGI) has reported healthy earnings growth of 25.4% between FY22–25 and 11.3% YoY growth in 9MFY26 (7.5% ex-capital gains).

Plans to grow international business in the 7-10% range, aided by expansion in low penetration markets

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).

Star Health’s (STARHEAL) net earned premium grew 12% YoY to INR42.5b (in line). For 9MFY26, NEP grew 11% YoY to INR123b. Claims ratio at 68.5% (vs our estimate of 70.5%) improved 290bp YoY, while net claims incurred grew 7% YoY to INR29.1b.

The company delivered a steady performance driven by a diversified product and distribution mix, robust risk management, and technology-led process optimisation with enhanced DIY servicing and expanded cashless support networks. Looking ahead, management guides to outperform industry growth by 100200 basis points and sustain ROE in the 1820% range, supported by deeper market penetration through a strengthened agency channel, continued digital and AI adoption, product innovation in retail health, proactive cost and portfolio realignment to GST exemption and the wage...

ICICI Lombard (ICICIGI) reported healthy earnings growth of 25.4% between FY22-25 and 11.3% YoY growth in 9MFY26 (7.5% ex-capital gains).

ICICI Lombard’s (ICICIGI) gross written premium grew 15% YoY in 3QFY26 to INR74.3b (in-line). NEP grew 13% YoY to INR56.9b, (5% miss). For 9MFY26, it grew 13% YoY to INR165b.

Star Health reported healthy double-digit growth in net earned premiums in Q2FY26, supported by disciplined underwriting, strong retail traction, and improved digital and agency networks. The management remains focused on long term initiatives, such as AI-enabled claim automation, advanced fraud analytics and wellness-based healthcare expansion, to enhance efficiency and service delivery. It also continues to strengthen the portfolio via annual repricing, new OPD and dental...

The impact of GST rate cuts on margins driven by the unavailability of input tax credit has been a key concern for investors. Towards that end, Niva Bupa clarified to have passed on the impact to distributors, while volume growth has accelerated (more than 50% new business growth and 100bps renewal rate increase in retail segment during Oct’25).

We believe Star Health (Star) is on a steady earnings growth trajectory driven by better incremental balance between volume growth and profitability, as witnessed in its H1FY26 result (13.1% YoY growth in GEP, while IFRS PAT grew 20.9% YoY).

Niva Bupa (Niva) reported 17% YoY growth in NEP to INR14.2b (in-line) in 2QFY26. For 1HFY25, NEP grew 18% YoY to INR26.4b.

Star Health (STARHEAL)’s net earned premium grew 10% YoY to INR40.8b (in-line) in 2QFY26. For 1HFY26, NEP grew 11% YoY to INR80b.

GODIGIT delivered a largely in-line performance during Q2FY26, with combined ratio at 111.4% (down by 70bps YoY) vs our estimate of 111%. However, PAT at Rs1.17bn (+30% YoY) was lower than our estimate of Rs1.2bn.

ICICI Lombard (ICICIGI) has reported healthy earnings growth of 25.4% over the last three years and 22.9% YoY growth in H1FY26 (26.2% ex-capital gains).

ICICI Lombard’s (ICICIGI) gross written premium rose 2% YoY in 2QFY26 to INR70.6b (in line), impacted by the 1/n regulation. NEP grew 12% YoY to INR56.5b (16% beat).

We believe Star Health (Star) is on a steady earnings growth trajectory driven by better incremental balance between volume growth and profitability, as witnessed in its Q1FY26 result (14% YoY growth in GEP while IFRS PAT grew 44% YoY).

Star Health (STARHEAL) has reported lower growth than its SAHI peers, which has led to market share loss for the company in the health segment to 11.4% (YTDFY26) vs. 15.7% in FY21.

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20–25 and 28% in Q1FY26 on a comparable basis (without 1/n).

We initiated coverage on Niva Bupa in Apr’25 highlighting the faster-thanindustry growth momentum, product innovation capabilities, high standards of customer servicing and its focus on strengthening profitability.

Niva Bupa posted a 20% YoY growth in NEP to INR12.2b (in line) in 1QFY26. The loss ratio at 77.9% (our est. of 72.3%) increased 1,390bp YoY due to the impact of 1/n, higher reserving led by suspension of auto adjudication of claims.