Information on Bupa's borrowings
Intended recipients
This section is directed only at investment professionals within the meaning of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 in the United Kingdom (“Investment Professionals”).
Any investment or investment activity to which the information contained in this section relates will be available only to Investment Professionals and the Bupa Group will not engage with any other persons in connection therewith.
Persons who are not Investment Professionals should not rely on the information contained in this section or use it as the basis for any investment decision.
The distribution of information or material contained in this section may be restricted by law or regulation in certain jurisdictions. Persons accessing this section should inform themselves of, and observe, any applicable restrictions.
No offer or solicitation and no liability
Each document contained in this section is current only as at its date and is provided subject to the limitations and disclaimers contained therein. The information contained in this section may be amended, updated or withdrawn at any time without notice.
The information contained in this section is provided for informational and reference purposes only. Nothing in this section constitutes:
- any offer to sell any securities;
- any solicitation of any offer to buy any securities; or any representation, undertaking or warranty in relation to any securities.
To the fullest extent permitted by law, and except as otherwise expressly agreed, no member of the Bupa Group accepts liability for any loss or damage arising from or in connection with the use of, or reliance on, information contained in this section.
The information contained in this section should be read in conjunction with, and not as a substitute for, the Bupa Group’s most recent published financial statements. In the event of any inconsistency, those financial statements shall prevail.
Investor information
Our investor overview provides an introduction to Bupa – our history and footprint, corporate structure, overview of the healthcare market, Savannah27 strategy, our commitment to net zero and our financial strength and market unit performance.
Debt maturity
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Bonds
On 8 December 2016, Bupa Finance plc issued £400m of 5.00% fixed rate subordinated (Tier 2) notes with a maturity date of 8 December 2026.
On 20 November 2025 Bupa Finance plc completed a tender offer for £292,336,000 in aggregate nominal amount of the Notes. £107,664,000 in aggregate nominal amount of the Notes remain outstanding.
On 25 June 2020, Bupa Finance plc issued £300m of 1.750% fixed rate notes with a maturity date of 14 June 2027. The notes are guaranteed by The British United Provident Association Limited.
On 20 November 2025 Bupa Finance plc completed a tender offer for £107,664,000 in aggregate nominal amount of the Notes. £192,336,000 in aggregate nominal amount of the Notes remain outstanding.
Prospectus - £300m 1.750% Fixed Rate Notes due 2027
On 12 October 2023, Bupa Finance plc issued €500m of 5.00% fixed rate notes with a maturity date of 12 October 2030. The notes are guaranteed by The British United Provident Association Limited.
On 25 June 2020, Bupa Finance plc issued £350m of 4.125% fixed rate subordinated (Tier 2) notes with a maturity date of 14 June 2035.
Prospectus - £350m 4.125% Notes Due 2035
On 18 November 2025, Bupa Finance plc issued £400m of 6.625% fixed rate subordinated (Tier 2) notes with a maturity date of 18 November 2045.
Prospectus - £400m 6.625% Notes Due 2045
On 24 September 2021, Bupa Finance plc issued £300m 4.000 per cent. fixed rate reset perpetual restricted Tier 1 subordinated contingent convertible notes (the “Notes”). The Notes are subject to the terms and conditions set out in the offering circular dated 24 September 2021.
Credit ratings
| Fitch long term | Fitch short term | Fitch outlook | Moody's long term | Moody's short term | Moody's outlook | |
|---|---|---|---|---|---|---|
| £400m 5.00% subordinated (Tier 2) Notes due 2026 | BBB | - | Stable | Baa1 (hyb) | - | Stable |
| £300m 1.750% senior Notes due 2027 | A- | - | Stable | A3 | - | Stable |
| €500m 5.00% senior Notes due 2030 | A- | - | Stable | A3 | - | Stable |
| £350m 4.125% subordinated (Tier2) Notes due 2035 | BBB | - | Stable | Baa1 (hyb) | - | Stable |
| £400m 6.625% subordinated (Tier2) Notes due 2045 | BBB | - | Stable | Baa1 (hyb) | - | Stable |
| £300m 4.000% subordinated(RT1) perpetual Notes | BBB | - | Stable | Baa3 (hyb) | - | Stable |
Bank borrowings
The Group's principal bank facility is a £900m committed facility which expires in December 2028 following the second of its two optional one-year extensions. Other bank facilities may be put in place from time to time as required by the business.
Other credit ratings
| Fitch long term | Fitch short term | Fitch outlook | Moody's long term | Moody's short term | Moody's outlook | |
|---|---|---|---|---|---|---|
| Bupa Finance PLC Issuer default rating | A | F2 | Stable | - | - | - |
| Bupa Insurance Limited Issuer default rating | A | - | Stable | - | - | - |
| Bupa Insurance Limited Insurer financial strength rating | A+ | - | Stable | A1 | - | Stable |
ESG Ratings
Bupa Group engages with a number of third-party ESG rating agencies.