Standalone health insurer Niva Bupa IPO

Health insurance (and broadly general insurance) is not a very easy business to understand.


There any many news articles and videos that merely state Niva Bupa’s key financials, talk of the huge growth runway ahead, but do not go far at all in analyzing the underlying story.

𝗜𝗻 𝘁𝗵𝗲 𝗯𝗲𝗹𝗼𝘄 𝘀𝗵𝗼𝗿𝘁 𝗽𝗹𝗮𝘆𝗹𝗶𝘀𝘁, 𝗜 𝗵𝗮𝘃𝗲 𝗮𝘁𝘁𝗲𝗺𝗽𝘁𝗲𝗱 𝘁𝗼 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝘆 𝘁𝗵𝗶𝘀 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗺𝗼𝗱𝗲𝗹, 𝘂𝗻𝗲𝗮𝗿𝘁𝗵𝗲𝗱 𝘁𝗵𝗲 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗽𝗲𝗿𝗳𝗼𝗿𝗺𝗮𝗻𝗰𝗲 𝗮𝗻𝗱 𝗜 𝗵𝗮𝘃𝗲 𝗮𝗹𝘀𝗼 𝗽𝘂𝘁 𝗼𝘂𝘁 𝗺𝘆 𝗲𝗾𝘂𝗶𝘁𝘆 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗮𝗻𝗱 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗡𝗶𝘃𝗮 𝗕𝘂𝗽𝗮:

Specifically, I have covered the following
1. Simplified the business model of general/non-life/property & casualty insurers — using 𝗪𝗮𝗿𝗿𝗲𝗻 𝗕𝘂𝗳𝗳𝗲𝘁𝘁’s method
2. Analysis of Niva Bupa and comparison with peers Star Health and Care Health
3. How to estimate Health Insurance market size?
4. My key assumptions and outcomes of my DCF valuation of Niva Bupa