Bupa profits soar to £972 million as customer base grows to over 60 million

The multinational healthcare and insurance company Bupa has reported a staggering 72 per cent rise in profits, reaching £972 million for the year ending 31 December. This impressive growth coincided with a surge in its customer base, which expanded by 10.5 million to a total of 60.5 million customers.

Group-wide revenue increased by 16 per cent to £16.9 billion, driven by strong customer growth in insurance and higher occupancy rates within aged care facilities. Chief Executive Iñaki Ereño highlighted the company’s focus on enhancing customer experience and expanding its digital health platform, Blua, which is now operational across all major markets.

Blua, launched in November 2021, provides online healthcare services and saw its user base grow from 5.5 million in 2023 to nearly 7.5 million by the end of last year. This platform has been instrumental in Bupa’s digital transformation strategy as customers increasingly demand remote healthcare solutions.

The Asia Pacific region proved to be Bupa’s star performer, with revenues rising by 13 per cent to £6.3 billion. Underlying profit in the region also saw a significant boost, increasing by £297 million to a total of £446 million, supported by the recovery of Hong Kong’s insurance business to profitability.

Europe and Latin America also delivered strong results, with revenue growth of 13 per cent to £5.4 billion and underlying profit climbing by 30 per cent to £442 million. However, Bupa Global, India, and the UK faced challenges, where underlying profit fell by 15 per cent to £228 million. A key loss driver was the Indian health insurance subsidiary, Niva Bupa, which recorded a £51 million loss due to acquisition costs. Despite this, revenue in the division surged by 22 per cent to £5.2 billion.

The continued uncertainty in global economic, political, and regulatory conditions remains a consideration for the company. Bupa is advancing its genome sequencing programme, My Genomic Health, to aid customers in identifying preventable health risks such as certain cancers, with planned expansion in the UK and Spain.

Founded in 1947, Bupa has transformed from a private health insurance provider to a global healthcare leader managing hospitals, GP services, and ageing care. Investments such as new clinics and acquisitions, including London Medical, have further strengthened its market position, reflecting its commitment to growth and innovation.