Bupa has reported substantial financial and operational progress for the year ending 2024, citing gains in customer engagement, digital health expansion, and profitability.
The healthcare group disclosed total revenue of £16.9 billion, a 16% rise from the previous year, alongside a 59% increase in underlying profit before tax, reaching £914 million.
The global insurer and healthcare provider said customer numbers exceeded 60 million, bolstered by its digital health platform, Blua, which now supports nearly 7.5 million users.
The growth in digital engagement and service delivery contributed to the company’s broader strategic goals in healthcare accessibility and customer-centricity.
Group chairman Roger Davis said the company was encouraged by its financial performance and strategic delivery across markets.
“Bupa has delivered a strong set of financial results, and our businesses are delivering on our strategy,” he said.
A major development in 2024 included Bupa’s acquisition of a majority stake in Indian insurer Niva Bupa, now consolidated into the group’s results. Niva Bupa completed a partial public listing later in the year, raising additional capital. The acquisition contributed to short-term losses due to upfront integration costs and valuation adjustments, but is positioned as a long-term growth asset.
Chief executive officer Iñaki Ereño emphasised the company’s focus on operational transformation and digital innovation.
“Our strategy is centred on digital transformation, enhancing the customer experience, and making Bupa an even better place to work – all while growing our business and doing what we can to make the world a better place,” he said.
Bupa reported that 92% of its business units recorded higher net promoter scores, a key metric for customer satisfaction.
Bupa’s digital strategy continues to gain traction, with 46% of funding customers interacting via digital platforms by year-end. Blua, the company's telehealth platform, facilitated more than 6.5 million consultations during the year, supported by a network of over 16,700 clinicians.
On the insurance side, the group reported a 27% year-over-year increase in health policyholders, reaching approximately 38 million. Health provision services also expanded, now serving around 23 million customers – a 12% increase from 2023.
In the Asia-Pacific region, Bupa saw revenue increase by 13% to £6.3 billion. The rise was attributed to growth in Australian health insurance, increased utilisation of health services, and occupancy gains in aged care.
Regional CEO Nick Stone said customer initiatives and service enhancements drove much of the improvement.
In the UK and international business segment, revenue rose 22% to £5.2 billion. The integration of Niva Bupa and higher customer volumes across dental, health services, and insurance segments contributed to the growth. However, profit margins were impacted by acquisition accounting effects and deferred benefits.
CFO James Lenton highlighted strong investment returns and cost discipline as key contributors to the group’s improved profitability. Insurance revenues climbed 18%, supported by premium growth and increased market participation.
The company also reported progress on environmental and social goals. Bupa’s Healthy Cities initiative engaged over 60,000 participants globally in health and sustainability challenges. Additional steps included reducing single-use waste and launching nature-focused investments.
As it closes the chapter on its 3x6 Strategy, Bupa is transitioning to its new “3x100 Strategy” for 2025-2027. The updated plan aims to build on existing momentum in digital adoption, customer service, and sustainable healthcare delivery.
