ManipalCigna Health Insurance vs Niva Bupa Health Insurance: IRDAI Data Comparison
Health insurer comparison · Source: IRDAI public disclosures ·How to read this comparison
| Metric | ManipalCigna Health Insurance | Niva Bupa Health Insurance | Period |
|---|---|---|---|
| Direct Business – Online policies(size) | 3001 count | 2108 count | Q1 FY26-27 |
| travel segment premium(size) | 77 ₹ lakh | 487 ₹ lakh | Q1 FY26-27 |
| Web Aggregators premium(size) | 99 ₹ lakh | 347 ₹ lakh | Q1 FY26-27 |
| gross direct premium growth rate(size) | 32.0 % | 31.8 % | Q1 FY26-27 |
| Direct Business – Online premium(size) | 787 ₹ lakh | 240 ₹ lakh | Q1 FY26-27 |
| personal accident incurred claims ratio | 40.0 % | 39.6 % | Q1 FY26-27 |
| required solvency margin(size) | 57835 ₹ lakh | 144015 ₹ lakh | Q1 FY26-27 |
| profit before tax(size) | -54 ₹ crore | -179 ₹ crore | Q1 FY26-27 |
| Corporate Agents – Others policies(size) | 8775 count | 10635 count | Q1 FY26-27 |
| solvency ratio | 1.93 × | 2.25 × | Q1 FY26-27 |
| housing & infrastructure(size) | 35.0 % | 38.4 % | Q1 FY26-27 |
| debentures & bonds(size) | 90297 INR_lakhs | 330586 INR_lakhs | Q1 FY26-27 |
| underwriting balance ratio | -15.0 % | -24.0 % | Q1 FY26-27 |
| investment income ratio | 2.0 % | 1.8 % | Q1 FY26-27 |
| gross written premium(size) | 704 ₹ crore | 2150 ₹ crore | Q1 FY26-27 |
| central govt. securities(size) | 22.0 % | 20.2 % | Q1 FY26-27 |
| net commission ratio(size) | 12.0 % | 16.7 % | Q1 FY26-27 |
| health incurred claims ratio | 81.0 % | 79.5 % | Q1 FY26-27 |
| Point of Sales Person (Direct) premium(size) | 0 ₹ lakh | 111 ₹ lakh | Q1 FY26-27 |
| profit after tax(size) | -54 ₹ crore | -134 ₹ crore | Q1 FY26-27 |
| book value per share(size) | 4.61 ₹ | 16.75 ₹ | Q1 FY26-27 |
| Insurance Marketing Firm policies(size) | 1830 count | 3691 count | Q1 FY26-27 |
| gross npa (amount) | 0 INR_lakhs | 0 INR_lakhs | Q1 FY26-27 |
| health segment premium(size) | 68806 ₹ lakh | 211900 ₹ lakh | Q1 FY26-27 |
| Insurance Marketing Firm premium(size) | 485 ₹ lakh | 1130 ₹ lakh | Q1 FY26-27 |
| Common Service Centres (CSC) premium(size) | 0 ₹ lakh | 1 ₹ lakh | Q1 FY26-27 |
| Individual Agents premium(size) | 15638 ₹ lakh | 69607 ₹ lakh | Q1 FY26-27 |
| net retention ratio(size) | 96.0 % | 78.3 % | Q1 FY26-27 |
| personal accident segment premium(size) | 1547 ₹ lakh | 2609 ₹ lakh | Q1 FY26-27 |
| Corporate Agents – Banks policies(size) | 8894 count | 100772 count | Q1 FY26-27 |
| travel combined ratio | 71.0 % | 89.1 % | Q1 FY26-27 |
| Micro Agents policies(size) | 0 count | 0 count | Q1 FY26-27 |
| Individual Agents policies(size) | 53123 count | 250360 count | Q1 FY26-27 |
| net worth growth rate(size) | 48.0 % | 3.7 % | Q1 FY26-27 |
| Direct Business – Others policies(size) | 44 count | 0 count | Q1 FY26-27 |
| net yield (quarterly) | 1.81 % | 1.79 % | Q1 FY26-27 |
| Point of Sales Person (Direct) policies(size) | 0 count | 586 count | Q1 FY26-27 |
| travel incurred claims ratio | 29.0 % | -7.9 % | Q1 FY26-27 |
| Common Service Centres (CSC) policies(size) | 0 count | 8 count | Q1 FY26-27 |
| gross yield (quarterly) | 1.81 % | 1.79 % | Q1 FY26-27 |
| other approved securities(size) | 51272 INR_lakhs | 102138 INR_lakhs | Q1 FY26-27 |
| mutual funds(size) | 3816 INR_lakhs | 42900 INR_lakhs | Q1 FY26-27 |
| available solvency margin(size) | 111352 ₹ lakh | 323822 ₹ lakh | Q1 FY26-27 |
| other investments(size) | 1000 INR_lakhs | 28871 INR_lakhs | Q1 FY26-27 |
| Corporate Agents – Others premium(size) | 3836 ₹ lakh | 16000 ₹ lakh | Q1 FY26-27 |
| Brokers premium(size) | 41939 ₹ lakh | 59096 ₹ lakh | Q1 FY26-27 |
| earnings per share(size) | -0.27 ₹ | -0.72 ₹ | Q1 FY26-27 |
| Other policies(size) | 0 count | 0 count | Q1 FY26-27 |
| gross direct premium to net worth ratio(size) | 74.00 × | 69.00 × | Q1 FY26-27 |
| incurred claims ratio | 80.0 % | 78.8 % | Q1 FY26-27 |
| Other premium(size) | 0 ₹ lakh | 0 ₹ lakh | Q1 FY26-27 |
| Referral Arrangements premium(size) | 0 ₹ lakh | 0 ₹ lakh | Q1 FY26-27 |
| net earning ratio | -8.0 % | -8.0 % | Q1 FY26-27 |
| infrastructure & housing(size) | 119100 INR_lakhs | 276625 INR_lakhs | Q1 FY26-27 |
| claims paid to provisioned ratio(size) | 44.0 % | 85.6 % | Q1 FY26-27 |
| expense ratio | 31.0 % | 44.9 % | Q1 FY26-27 |
| government securities(size) | 76520 INR_lakhs | 214211 INR_lakhs | Q1 FY26-27 |
| Direct Business – Others premium(size) | 10 ₹ lakh | 0 ₹ lakh | Q1 FY26-27 |
| health combined ratio | 112.0 % | 118.7 % | Q1 FY26-27 |
| Referral Arrangements policies(size) | 0 count | 0 count | Q1 FY26-27 |
| expense ratio to gross premium | 32.0 % | 35.1 % | Q1 FY26-27 |
| MISP (Direct) policies(size) | 0 count | 0 count | Q1 FY26-27 |
| Web Aggregators policies(size) | 373 count | 1459 count | Q1 FY26-27 |
| Micro Agents premium(size) | 0 ₹ lakh | 0 ₹ lakh | Q1 FY26-27 |
| Brokers policies(size) | 40126 count | 214415 count | Q1 FY26-27 |
| personal accident combined ratio | 71.0 % | 79.3 % | Q1 FY26-27 |
| Corporate Agents – Banks premium(size) | 4606 ₹ lakh | 41712 ₹ lakh | Q1 FY26-27 |
| MISP (Direct) premium(size) | 0 ₹ lakh | 0 ₹ lakh | Q1 FY26-27 |
| operating profit ratio | -7.0 % | -15.6 % | Q1 FY26-27 |
| technical reserves to premium ratio(size) | 262.0 % | 2.7 % | Q1 FY26-27 |
| govt + approved securities(size) | 37.0 % | 31.8 % | Q1 FY26-27 |
| combined ratio | 111.0 % | 118.1 % | Q1 FY26-27 |
| Direct Business – Officers/Employees premium(size) | 6460 ₹ lakh | 26752 ₹ lakh | Q4 FY25-26 / Q1 FY26-27 |
| Direct Business – Officers/Employees policies(size) | 8858 count | 95888 count | Q4 FY25-26 / Q1 FY26-27 |
| gross yield (annualized) | 7.35 % | 7.20 % | Q4 FY25-26 |
| net yield (annualized) | 7.56 % | 7.20 % | Q4 FY25-26 |
| claim settlement ratio | 93.1 % | 90.6 % | FY24-25 |
| claims repudiation ratio | 6.24 % | 7.30 % | FY24-25 |
Values shown as reported. This platform does not rate or rank insurers. Source: IRDAI public disclosures.