Bupa has reported strong full-year results, underscoring rising demand for private healthcare and highlighting what industry experts describe as a structural shift in healthcare systems, particularly in the UK.
The international healthcare group now serves 68 million customers globally, following strong growth across both its insurance and healthcare provision divisions. Insurance customers increased 14% to 47.1 million, while health provision customers rose 6% to 20.7 million.
Revenue climbed to £18.2bn ($19.4bn), up 11% year-on-year, while underlying profit rose 16% to £1.009bn ($1.07bn) at constant exchange rates.
Iñaki Ereño, Group CEO of Bupa, said: “This year we served more customers than ever before making high-quality healthcare accessible to more people. We’ve made progress on Connected Care, our strategy to connect customers in every market to both insurance and provision (physical or digital), opening over 100 new health provision sites around the world and increasing the number of customers using Blua.”
The company continues to expand both digital and in-person healthcare services, including new mental health centres and genomics products, as part of its broader ‘3×100 Strategy’, which focuses on delivering customer-centric care.
Max Stanyard, Healthcare and Life Sciences Senior Analyst at RSM UK, said the results reflect wider shifts in healthcare demand. “There has been a fundamental shift in both the UK and global private healthcare market. In the UK, private medical insurance (PMI)-funded admissions are currently running at the highest on record, while the NHS remains stretched. PMI is no longer a luxury for a select few, it is becoming an essential consideration for millions.”
Despite broader economic slowdowns, healthcare dealmaking in the UK remained resilient in 2025, supported by consolidation across care providers, pharmaceutical companies, and high-value digital health assets.
