Financial headlines1,2
- Total customers of 60.5m (2023: 50.0m) as we continue to deliver strong growth.
- Revenue3 of £16.9bn, up 16% (2023: £14.6bn) at Constant Exchange Rates (CER). Excluding Niva Bupa, which has been consolidated from this year, and the return of COVID-19 claims savings to customers in Australia Health Insurance, Group revenues increased by 10%.
- Underlying profit4 before taxation of £914m, up 59% at CER (2023: £576m) driven by strong revenue growth, supported by higher investment returns.
- Statutory profit before taxation of £972m, up 72% at Actual Exchange Rates (AER) (2023: £564m).
- Solvency II capital coverage ratio remains strong at 176%5 (2023: 175%).
- Leverage (excluding IFRS 16 lease liabilities) of 16.0% (2023: 20.1%).
- In January 2024 we increased our investment to become the controlling shareholder in Niva Bupa, a leading Indian health insurance company. Subsequently, in November, Niva Bupa successfully listed a minority shareholding via IPO and raised additional capital, marking an exciting next step in the growth of the business.
Iñaki Ereño, Group CEO, commented: “We have made strong progress over the past year, growing our business to support more customers across health insurance, health provision and aged care. We have continued to focus on improving our customers’ experience and have expanded our digital health solution, Blua, which is now available in all our major markets.
“Our 3x6 Strategy, which ran from 2021-24, has enabled us to accomplish a lot this year in support of Bupa’s purpose: helping people live longer, healthier, happier lives and making a better world. While we have made significant progress, we know there is still more we can achieve. We are excited about our new strategy for 2025-27 which will help us to further deliver against our purpose.”
Market performance (all at CER)
Bupa Asia Pacific: Revenue increased by 13% to £6,277m. Excluding the return of COVID-19 related claims savings to customers in Australia Health Insurance (2024: £20m and 2023: £302m), revenue increased by 8%. Underlying profit increased by £297m to £446m due to increased demand in our provision businesses and actions taken to return our Hong Kong6 insurance business to profitability, whilst the headline profit increase saw significant fluctuation driven by the reduction in the final return of COVID-19 claims savings to customers in Australia Health Insurance partially offset by the claims savings arising from COVID-19 disruption in 2023 not arising in 2024.
Europe and Latin America: Revenue grew by 13% to £5,427m while underlying profit increased by 30% to £442m in the year. The strong performance was driven by customer growth across the Market Unit and higher investment returns. Following adverse governmental, regulatory and judicial measures in Chile, referenced as a contingent liability in full year 2023, Isapre Cruz Blanca now has an approved payment plan. Accordingly, we have now recognised a financial liability of £187m (see Market Unit performance section in the financial results statement for further detail).
Bupa Global, India and UK: Revenue grew by 22% to £5,151m. Excluding Niva Bupa revenue of £461m, which has been consolidated from this year, revenue increased by 11%. Despite growth in revenues and investment returns, underlying profit reduced by (15%) to £228m. Niva Bupa reported a £51m underlying loss due to acquisition cost strain and the absence of £55m of in-force profit earning through in the period having recognised it at fair value on acquisition of a controlling shareholding. In the year, we were pleased to increase our investment in Niva Bupa to 56%7 becoming the controlling shareholder, whilst the listing of a minority interest and raising of additional capital via IPO marked an exciting next step for the growth of the business. On acquisition of a controlling shareholding, we remeasured the business to fair value and revalued the existing carrying value of the business, recognising a gain of £309m in non-underlying items, highlighting the significant growth in value against our initial investment.
Other businesses8: Our associate businesses in Saudi Arabia have delivered significant growth, with underlying profit increasing by 17% to £97m as a result of higher volumes and investment returns.
Financial position
- Solvency II capital coverage ratio remained strong at 176% (2023: 175%).
- Leverage ratio is 23.1% (2023: 27.2%) when including IFRS 16 lease liabilities. Excluding these liabilities, the leverage ratio is 16.0% (2023: 20.1%).
- Net cash generated from operating activities remained strong at £1,268m (2023: £1,182m).
Other highlights
We expanded our provision footprint, opening 59 clinics, 34 dental centres, 16 on-site service centres9, 2 care homes and 1 new hospital globally.
We've continued to expand Blua, our digital health solution, which is now available in all our major markets. We now have almost 7.5 million customers using Blua10.
In 2024, 92% of our Business Units improved their Net Promoter Score (NPS).
In our global People Pulse survey in November, we achieved our highest ever global engagement result of 84 (up from 82 in November 2023), exceeding the high performing (top decile) external benchmark by four points.
We invested £14.3m in our communities, with over £5.4m of this through the Bupa Foundations.
During 2024, we maintained our commitment to securing renewable electricity, moving from 91% in 2023 to 94% at the end of 2024, and remaining at 100% in our Bupa Asia Pacific market unit. In 2024, Spain, Türkiye and Mexico continued to secure 100% renewable energy.
In 2024, we became partners with three new Paralympic associations, having signed agreements with New Zealand, Hong Kong and Ecuador ahead of the 2024 Summer Paralympics in Paris, bringing our support of Paralympic associations to nine in total. These partnerships provide a valuable opportunity to create a positive social impact and strengthen our reputation.
In June, we became the official global healthcare partner of the All Blacks, Teams in Black, and the international healthcare partner of the Black Ferns. This four-year partnership will focus on exploring and promoting the connections between health and high performance across all teams.
Read the Bupa Group 2024 full year financial results statement.
Enquiries
Media: Duncan West (Corporate Affairs): [email protected]
Investors: Gareth Evans (Treasury): [email protected]
About Bupa
Established in 1947, Bupa's purpose is helping people live longer, healthier, happier lives and making a better world. We are an international healthcare company serving over 60 million customers worldwide. With no shareholders, we reinvest profits into providing more and better healthcare for the benefit of current and future customers. Bupa has businesses around the world, principally in Australia, the UK, Spain, Poland, Chile, Hong Kong SAR, India, Türkiye, Brazil, Mexico and New Zealand. We also have associate businesses11 in Saudi Arabia.
1 Revenues from associate businesses are excluded from reported figures. Customer numbers include 100% of our associates. Economic post-tax profits include the associate contribution in line with our shareholding.
2 Customer counting methodologies vary between business units, and in certain business units customers are counted more than once if they choose to purchase or utilise multiple products or services as part of our connected care offering.
3 Revenue calculated based on the aggregation of ‘insurance revenue’ and ‘total non-insurance revenue’ as shown in the Consolidated Income Statement.
4 Underlying profit is a Non-GAAP financial measure. A reconciliation to statutory profit before taxation can be found in the notes to the financial statements.
5 The FY 2024 Solvency II capital coverage ratio is an estimate and unaudited.
6 Refers to Hong Kong SAR (Special Administrative Region) across the statement.
7 In January 2024 we increased our shareholding by 22% to 63%, becoming the controlling shareholder. Subsequently in November 2024, Niva Bupa successfully listed on the National Stock Exchange of India via an IPO. The new listing resulted in new capital being raised and the sale of some of the Group's existing holding, reducing the Group's controlling interest to 56%.
8 Following the acquisition of a controlling shareholding in Niva Bupa in January 2024, the results are fully consolidated into the Bupa Global and UK Market Unit, creating the new Bupa Global, India and UK Market Unit. Prior year comparatives remain within Other Businesses on an equity accounted basis.
9 Locations where Bupa provides services at corporate offices with exclusive access for its employees, including dentistry services.
10 Blua or an equivalent digital solution. Applicable to all references to Blua herein.
11 Refers to Bupa Arabia and My Clinic.
