Niva Bupa Health Insurance Company Ltd (Niva Bupa), a standalone health insurer, on Monday said it aims to achieve a gross written premium (GWP) of ₹5,000 crore by 2023-24.

This timeline is now one year ahead of the FY 24-25 period earlier indicated – for achieving the ₹5,000 crore GWP milestone – by the senior management in an interaction with BusinessLine in July this year.

Given the strong growth seen in the last 24 months, the company is now looking to close the current fiscal with GWP of ₹2,700 crore against the earlier projected level of ₹2,500 crore.

Niva Bupa, which was formerly known as Max Bupa Health Insurance, also said on Monday that it wants to bring as many as 10 million people of the country under the ambit of health insurance by the end of FY23-24.

Targets covering more people

This standalone health insurer’s MD & CEO, Krishnan Ramachandran, had in July indicated to bring 10 million people under health insurance by 2024-25.

Niva Bupa, which is currently having a presence in 350 cities, will further increase its presence to over 600 cities by FY23-24, it said on Monday.

“We are overwhelmed with the growth seen in the last 24 months. We are aggressively expanding our direct and digital partnership with massive regional expansion helping us to maintain rapid growth. We are fully committed to accelerating the adoption of health insurance across the country, making quality healthcare more accessible to the people,” Krishnan Ramachandran, MD&CEO, Niva Bupa said.

Niva Bupa is a joint venture between Fettle Tone LLP (an affiliate of True North Fund VI LLP), a private equity firm, and the Bupa Group, an international healthcare company. True North owns 55 per cent shareholding in Niva Bupa, while Bupa owns 44 per cent equity stake. This standalone health insurer is increasing its footprint pan India through its bancassurance partnerships with 15 banks.