Niva Bupa Health Insurance Investigates Cyber Threat And Potential Data Leak

Niva Bupa Health Insurance Co. has received a potential cyber security threat. The treat received through an e mail claim to have hacked the data base of its customers, according to an exchange filing on Friday.

The company has informed the exchanges about the same and are taking the required steps to protect the well-being and the interest of the customers.

Niva Bupa covered 19.8 million lives as of Dec. 31, 2024.

The company's profit rose over threefold to Rs 13.2 crore in the third quarter while its total income surged to Rs 1,241 crore for the quarter under review from Rs 1,033 crore for the same period last year.

Previously, another insurance provider— Star Health Insurance recorded a data breach report. The hackers stated to possess the database of the customers including mobile numbers, PAN, addresses and pre-existing medical conditions of about 3.1 crore customers.

Earlier this month, Krishnan Ramachandran, managing director and chief executive officer of Niva Bupa, said that the company aims to reduce its combined ratio to a range of 95% to 96% within the next two to three years.

In the October-December quarter, Niva Bupa’s combined ratio stood at 96.3%, while for the nine months ending December 31, 2024, it was at 100.9%.

Shares of Niva Bupa on Friday closed 1.11% higher at Rs 77.75 apiece on the National Stock Exchange, compared to a 0.51% fall in the benchmark Nifty 50. The stock has declined by 5.04% in the last 12 months.

An analyst tracking the company has a 'hold' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 13.2%.