Higher premiums and improved claims ratios improved profit and revenue for Bupa’s UK and global health insurance businesses in 2025.
Bupa’s total group profit slipped 4.6% to £725m in 2025 due to a higher tax bill, but the health insurer and provider reported a 45% surge in profit from its Global, India and UK business unit.
Underlying profits were also up around 4% at both its Asia Pacific, and Europe and Latin America business arms, according to its annual results.
Pre-tax profit remained largely unchanged at £970m, down slightly from £972m in 2024, while total revenue was up 7% to £18.15bn from £16.92bn.
The organisation said it had 47.1 million health insurance customers around the world with health provision customers increasing 6% to 20.7 million. Employees also increased to 103,849 from 97,565.
Global, India and UK
Revenue in the Global, India and UK market unit increased by 13% to £5.8bn driven by continued customer growth, particularly in UK Insurance and Niva Bupa, and higher customer volumes in provision, Bupa said.
Insurance revenue in UK rose 10.3% to £3.54bn from £3.21bn.
The insurer noted that UK insurance growth in revenue and underlying profit was “driven by higher revenues and improved loss ratio, net of reduced investment income”.
International private medical insurance (IPMI) revenue increased due to higher average premiums, but the insurer said underlying profit reduced as it was investing in policy administration technology to support future growth.
Bupa added that its UK dental business continued to deliver against its turnaround strategy with margin improvement growing underlying profit, while the care services operation increased revenue and underlying profit through increasing occupancy to 92%, cost management and record property sales in the retirement village business.
Asia Pacific
Revenue in the Asia Pacific Market Unit increased to £6.32bn driven by customer growth and the expansion of the health provision network.
Underlying profit increased by 4% to £463m due to “revenue growth and margin improvement from enhanced operating efficiency”.
The Australia health insurance business grew revenue and underlying profit and claimed a domestic market share of 25.56% for the December quarter.
Australia Health Services revenue and underlying profit increased through network expansion and growth in customer volumes.
The Hong Kong business achieved revenue and underlying profit growth, from an improved loss ratio and customer retention in insurance.
Bupa said the business also saw an increase in the proportion of insurance customers utilising its health services network.
Europe and Latin America
Revenue in the Europe and Latin America market unit grew to £6.02bn, driven by customer growth and higher average revenue per customer.
Bupa added that underlying profit increased by 4% to £457m driven by revenue growth, however this was partially offset by a payment still under dispute made in relation to a now terminated public private partnership (PPP) in its Spanish hospitals business.
The Sanitas Seguros health insurance business in Spain, delivered strong revenue growth through higher customer volumes with record sales of 533,000 new policies in a year.
Bupa said underlying profit increased as a result of the higher volumes while margins were broadly stable.
Bupa Global Latin America revenue increased from higher customer volumes but underlying profit decreased driven by lower investment returns as interest rates reduced.
