Financial headlines
- Insurance customers1 of 40.9m, up 23%, provision customers served of 15.1m, up 7%; and aged care occupancy of 94%, up 1ppt
- Revenue £8.8bn, up 11% (HY 2024: £8.0bn) at Constant Exchange Rates (CER)
- Underlying profit2 before taxation £480m, up 41% at CER (HY 2024: £341m) driven by the strong growth in revenues, improved margins and higher investment returns
- Statutory profit before taxation £501m, up 19% at Actual Exchange Rates (AER) (HY 2024: £420m)
- Solvency II capital coverage ratio of 182% (FY 2024: 176%)
- Leverage (excluding IFRS 16 lease liabilities) of 15.8% (FY 2024: 16.0%)
Iñaki Ereño, Group CEO, commented: “In the first six months of the year, we have served more customers than ever before, we have scaled Blua, our digital healthcare solution, and we have opened 61 new health provision sites around the world, giving our customers even more choice and convenience when it comes to accessing our healthcare services.
“I am proud of the results we have delivered and I would like to thank our customers and colleagues. We are building on the strong foundations that we have developed over the past four years. Bupa’s new 3x100 Strategy is helping us to go further and faster to deliver our purpose and our ambition for Bupa to be the most customer-centric healthcare company in the world.”
Market performance (all at CER)
Bupa Asia Pacific: Revenue increased by 7% to £3,085m driven by customer growth across all business units, particularly in provision as we expand our health network. Underlying profit increased by 12% to £244m driven by the revenue growth and higher margins across provision, aged care and Hong Kong Insurance.
Europe and Latin America: Revenue grew by 14% to £2,911m driven by customer growth and higher policy pricing in Chile Insurance, approved by the regulator following cancellation of the GES3 price increase at the start of 2024. Underlying profit increased by 44% to £202m as a result of higher revenues, margins and investment returns.
Bupa Global, India and UK: Revenue grew by 12% to £2,807m driven by insurance as we saw strong customer growth, particularly in Niva Bupa, and higher premiums driven by rate changes in response to higher claims in the UK. Underlying profit increased by 89% to £126m driven by the revenue growth, improved margins in provision and aged care, and Niva Bupa turning to profitability due to continued strong business performance and the absence of prior year one-off impacts related to our increased shareholding4.
Other businesses: Our businesses in Saudi Arabia delivered underlying profit of £45m, down (17)% driven by lower margins in insurance due to inflationary pressures in the first half of 2025 more than offsetting revenue growth.
Financial position
- Solvency II capital coverage ratio of 182% remains strong and is above our 140-170% target range (FY 2024: 176%)
- Leverage ratio of 22.9% (FY 2024: 23.1%) when including IFRS 16 lease liabilities. Excluding these liabilities, the leverage ratio was 15.8% (FY 2024: 16.0%)
- Net cash generated from operating activities remained strong at £869m (HY 2024: £676m)
Other highlights
We launched our new 3x100 Strategy in January 2025 which sets out the initiatives we are focused on in service of our purpose from 2025-2027. It has been rolled out across Bupa and there is positive momentum on our new strategic initiatives.
We increased our insurance customers by 23% to 40.9m, served 15.1m provision customers, up 7%, and our aged care occupancy rate is 94%, up 1ppt.
We have scaled Blua, our digital health solution, which now has over 8.1m customers, offering customers virtual consultations, health programmes and remote healthcare.
We remain committed to customer experience improvement. When compared to the same period last year, 91% of our Business Units (BUs) improved their Net Promoter Score (NPS). In addition, 57% of our BUs achieved an NPS score of over 70, covering all lines of business.
We expanded our provision footprint in the first half of 2025, opening 2 hospitals, 34 health clinics5, 11 dental centres, 13 on-site service centres6 and 1 care home globally.
We launched Mindplace, dedicated mental health centres to make high-quality, mental healthcare accessible to more people. Over the next three years, we are committed to opening 200 Mindplaces worldwide and we opened 7 in the first half of 20257.
In Spain, we opened Hospital Blua Sanitas Valdebebas, a new digital hospital which combines technology, sustainability and personalised care, and we also acquired Hospital Magnus in the city of Łódź in Poland.
In the UK, we agreed terms to acquire New Victoria Hospital, our first hospital acquisition in the UK since 2008. The acquisition is due to complete in Summer 2025.
Under our ‘My Genomic Health’ programme, we have analysed the DNA of over 9,000 participants in a pilot across Spain, the UK and Poland. We are the first private healthcare provider in these countries to offer whole genome sequencing with integrated follow-up care pathways, underpinning our commitment to improving customers’ health.
In our global People Pulse survey in May, our overall engagement score was 83, exceeding the benchmark for the top 10% most engaged companies globally.
We launched Bupa Campus, a global learning platform for Bupa colleagues, designed to further build the skills and capabilities of people across the business. Since the start of the year, we’ve launched these dedicated learning spaces in Spain, Australia and the UK.
We also announced new sustainability goals to build on what we’ve already achieved, which are linked to our 3x100 Strategy. This will further our support for people, communities and our planet, so we can deliver a healthier society for more people.
Read the Bupa Group 2025 half 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 worldwide8. 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 the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong SAR, Türkiye, Brazil, Mexico and India. We also have associate businesses9 in Saudi Arabia.
1 All references to customer numbers herein include 100% of our associate businesses. Note customer counting methodologies may 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.
2 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.
3 Garantías Explícitas en Salud price increase was originally approved by the regulator in October 2022, subsequently overruled by the supreme court and cancelled from 1 January 2024.
4 In January 2024 we increased our shareholding in Niva Bupa to become the controlling shareholder. On acquisition we remeasured the business to fair value, recognising a £321m increase in the value of our existing stake to £417m. On a fully consolidated basis at HY 2024 on Actual Exchange Rates, Niva Bupa reported a £45m underlying loss, resulting from acquisition cost strain on short term new business and renewals. Profit associated with the value of in-force business of £48m was recognised at fair value on acquisition of a controlling shareholding, of which £43m would have normally earned through in HY 2024.
5 Includes 7 Mental health clinics.
6 Locations where Bupa provides services at corporate offices with exclusive access for its employees, including dentistry services.
7 Our mental health centres are branded as Harmonia clinics in Poland.
8 As reported at full year 2024 which includes a full 12 month of provision customers served.
9 Refers to Bupa Arabia and My Clinic.
