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Niva Bupa

Niva Bupa Health Insurance Company Limited (Niva Bupa) is an Indian health insurance company, founded in 2008 and headquartered in New Delhi. It is a subsidiary of UK-based health insurance and healthcare company Bupa. The company is regulated by the Insurance Regulatory and Development Authority of India (IRDAI).[2]

History

The company was founded as Max Bupa Health Insurance in 2008 as a 74:26 joint venture between Max India and Bupa, with operations starting in 2010.[3][4] It distributed its policies through its agents and bancassurance partners.[5][6][7]

In 2015, Bupa increased its stake in the company to 49%, after acquiring a 23% stake from Max India for inr 1910000000.[8]

In February 2019, Max India's entire 51% stake was acquired by Fettle Tone LLP, an affiliate of Indian private equity firm True North, for inr 5100000000.[9][10]

In 2023, True North announced that it would sell a 20% stake in the company to Bupa for inr 27000000000, making Bupa the majority shareholder at 63%.[11][12]

In November 2024, Niva Bupa went public with an initial public offering and listed on the NSE and BSE,[13] with Bupa continuing as the sole promoter after the IPO with an ownership of over 55%.[14]

Violations

In 2016, the IRDAI imposed a penalty of ₹20 lakh on the company for four violations, one of which pertained to timelines for settling claims.[15]

See also

  • Insurance in India

External links

References

  1. Max Bupa appoints Krishnan Ramachandran as MD, CEO Times of India, 5 May 2020^
  2. Tinesh Bhasin. Max India sells its stake in Max Bupa but policyholders needn't worry Livemint, 3 December 2019^
  3. Max Bupa health cover enters India India Today, 30 April 2010^
  4. Max launches Bupa Health Insurance in India Adgully, 8 May 2010^
  5. Boby Kurian, Mayur Shetty. True North set to control Max Bupa The Times of India, 26 February 2019^
  6. KR Srivats. Max Bupa and Indian Bank ink bancassurance tie-up to offer health insurance solutions The Hindu Business Line, 21 September 2019^
  7. IDBI Bank ties up with Max Bupa Zee Business, 11 June 2019^
  8. Bupa to acquire additional 23% stake in Max Bupa BusinessLine, 23 November 2015, retrieved 25 March 2026^
  9. Max India exits health insurance biz, divests stake in Max Bupa for Rs 510 cr The Economic Times, 26 February 2019, retrieved 25 March 2026^
  10. IRDAI nod for Max stake sale in venture with Bupa The Hindu, 3 December 2019^
  11. Dev Chatterjee. True North sells 20% stake in Niva Bupa to Bupa for Rs 2,700 crore Business Standard, 29 September 2023, retrieved 25 March 2026^
  12. India's True North to sell $325 mln stake in Niva Bupa Insurance Reuters, 29 September 2023, retrieved 25 March 2026^
  13. Meghna Sen. Niva Bupa IPO: Price band set at ₹70-74 a share for ₹2,200-crore issue CNBC TV18, 4 November 2024, retrieved 25 March 2026^
  14. Aathira Varier. UK-based Bupa likely to increase stake in Niva Bupa Health Insurance Business Standard, 10 February 2025, retrieved 25 March 2026^
  15. Rs.20 lakh IRDA penalty on Max Bupa Health Insurance The Hindu, 2016-05-02, retrieved 2024-11-08^