Niva Bupa Health Insurance — Distribution Mix

Niva Bupa Health Insurance's new business was led by the Individual Agents channel at 32.4% of premium for Q1 FY26-27, as reported in IRDAI form NL-36.

combined ratio, Q1 FY26-27
118.1%
+1.1 pts
incurred claims ratio, Q1 FY26-27
78.8%
+1.0 pts
net commission ratio, Q1 FY26-27
16.7%
−3.4 pts
expense ratio to gross premium, Q1 FY26-27
35.2%
−2.8 pts
Total premium, Q1 FY26-27
₹2,14,996 lakh
+31.7%
Leading channel, Q1 FY26-27
Individual Agents
32.4% of premium

Channel mix — quarter ended Q1 FY26-27 vs. Q1 FY25-26 (year ago)

Channel groupPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Brokers2,14,415₹59,096 lakh (27.5%)2,03,956₹46,989 lakh (28.8%)
Agents/POSP2,50,946₹69,718 lakh (32.4%)2,26,764₹48,633 lakh (29.8%)
Agents/POSP channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Individual Agents2,50,360₹69,607 lakh2,26,048₹48,513 lakh
Point of Sales Person (Direct)586₹111 lakh716₹120 lakh
Direct Website2,108₹240 lakh (0.1%)3,407₹241 lakh (0.1%)
Banks1,00,772₹41,712 lakh (19.4%)86,143₹31,612 lakh (19.4%)
Direct non-website95,888₹26,752 lakh (12.4%)79,963₹18,258 lakh (11.2%)
Direct non-website channels (2)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Direct Business – Officers/Employees95,888₹26,752 lakh79,963₹18,258 lakh
Direct Business – Others0₹0 lakhNot disclosedNot disclosed
Corporate Agents10,635₹16,000 lakh (7.4%)5,879₹16,487 lakh (10.1%)
Others5,158₹1,478 lakh (0.7%)4,298₹970 lakh (0.6%)
Others channels (7)
ChannelPolicies, Q1 FY26-27Premium, Q1 FY26-27Policies, Q1 FY25-26Premium, Q1 FY25-26
Micro Agents0₹0 lakhNot disclosedNot disclosed
Common Service Centres (CSC)8₹1 lakhNot disclosedNot disclosed
Insurance Marketing Firm3,691₹1,130 lakh3,181₹759 lakh
MISP (Direct)0₹0 lakhNot disclosedNot disclosed
Web Aggregators1,459₹347 lakh1,117₹211 lakh
Referral Arrangements0₹0 lakhNot disclosedNot disclosed
Other0₹0 lakhNot disclosedNot disclosed
Total, India6,79,922₹2,14,996 lakh (100%)6,10,410₹1,63,190 lakh (100%)

Per IRDAI Form NL-36 (Business Channels Wise), "For the Quarter" column. Channels are grouped into ARGO's own 7-way classification (Brokers, Agents/POSP, Direct Website, Banks, Direct non-website, Corporate Agents, Others) — click a group with more than one channel to see its own breakdown. "Total, India" sums the 15 channels extracted here and excludes "Business outside India," a separate geography line on the same form. Some insurers report "Direct Business"'s sub-channels (Officers/Employees, Online, Others) as one combined figure rather than a real breakdown — shown as "Not disclosed" for those rows rather than guessed.

Total premium by quarter, trend

PeriodTotal, India premiumPolicies
Q2 FY25-26₹1,84,306 lakh6,72,834
Q3 FY25-26₹2,23,129 lakh6,38,433
Q4 FY25-26₹2,87,967 lakh8,15,591
Q1 FY26-27₹2,14,996 lakh6,79,922