Business

Bupa sees revenues jump 9% to £6.5bn

It also confirmed a 60% increase in statutory profit before taxation to £245m

Global health provider and insurer Bupa has revealed its revenues for the first half of the year increased 9% to £6.5bn, which it said was boosted by year-on-year growth in the majority of its business lines.

Bupa also posted underlying profit before taxation of £191m, up 44% compared with the £133m it posted the year prior. It said the increase was due to the impacts of Covid-19 starting to subside in some markets, with health provision and aged care performance returning towards “more normal trading levels”, offset by an increase in claims in its insurance businesses.

It also confirmed a 60% increase in statutory profit before taxation to £245m.

In the UK, it said revenue was up 9% to £1.6bn driven by higher health provision customer volumes; and the impact of the provision for the pledge it made to pass back any exceptional financial benefit ultimately arising from the pandemic to eligible customers being lower than it was during the first half of 2020.

Underlying profit was down 59% to £9m, as improved dental results were more than offset by higher year-on-year claims in Bupa Global, its International Private Medical Insurance (IPMI) business.

Iñaki Ereño, group CEO, said: “These results reflect Bupa’s resilience and how well our teams have served our customers as our businesses navigate the pandemic. Although restrictions are generally being lifted around the world, we remain vigilant as the pandemic is not yet over.

“Looking ahead, I believe that we must pursue growth from faster transformation, leveraging the solid platform we have developed; we must run and change. We are now embedding our ambitious new strategy which will position Bupa to satisfy major shifts in customer expectations and engagement with healthcare.”

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