<ul><li>Niva Bupa is likely to be a beneficiary of the structural growth story of India’s under-penetrated health insurance market says ICICI Securities.</li><li>ICICI Securities initiates coverage on Niva Bupa with a Buy rating and a target price of Rs 90 based on 35 times FY27E earnings per share of Rs 2.6 (IFRS).</li><li>Niva Bupa has delivered standout growth in health insurance premiums with a ~40% CAGR between FY20-25 and is expected to continue high growth driven by a diversified channel.</li><li>The improved scale and assets under management of Niva Bupa should help improve margins and earnings growth.</li></ul>

Niva Bupa Health Insurance Can Rally 22% Says ICICI Securities As It Initiates Coverage With 'Buy' Rating

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