Bupa Profits Surpass £500 Million – Not bad for a ‘not for profit’

Bupa has added over 433,000 new customers in the UK during the first half of 2024, alongside growth in its international private medical insurance (IPMI) business. The insurer reported a 16% increase in group revenues, with profits before tax rising by 64% to £509 million from £310 million in the same period last year.

Despite adding many new members, the UK Insurance division’s underlying profit fell by 55% to £64 million due to increased claims in early 2024. Meanwhile, the UK Health Services division expanded by acquiring 26 new clinics, bringing the total to 55, including the Cromwell Hospital. This expansion is part of Bupa’s strategy to offer more direct services, although the division continued to operate at a deficit.

Bupa’s UK dental care business returned to profitability, benefiting from a turnaround strategy and improved practice performance, while the UK Care Services aged care business saw revenue and profit growth. Bupa has just made us aware of an increase benefit for Bupa Dental, which we will be writing about shortly. Updated – new post can be found here.

As a broker, we have see a shift in how competitive Bupa’s policy pricing has been. What was once a very expensive option, has become one of our favoured Insurers to consider.

Feel free to get in touch with us for a market assessment, including these latest Bupa policies – we also offer a price match guarentee with all the benefit of being independant. We can assess your individual situation every year, and get you the very best renewal price.