Highest Upside

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.

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 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).

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.

ICICI Lombard’s (ICICIGI) gross written premium was up 2% YoY in 1QFY26 at INR81b (in line), impacted by 1/n regulation and its cautious approach to the motor segment.

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).

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).

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).

*over or under performance to benchmark index In Q1FY26, the company's gross direct premium income (GDPI) was largely flat YoY, at Rs. 7,735cr, as strong performance in its core portfolios was offset by...

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.

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).

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.