BUPA Report 19 Per Cent Rise In Profits

Tue, 11 Mar 2008

Private healthcare insurer BUPA has revealed company profits for 2007 rose 19 per cent to £428.9 million and revenues from continuing operations increased by 11 per cent to £4.24 billion.

However, despite chief executive Val Gooding describing 2007 as an "excellent year”, the group warned profits for 2008 are likely to be lower as a result of recent business deals and one-off gains from last year not being repeated in 2008.

According to the group’s annual results, growth in the second half of 2007 was higher than anticipated at the half-year stage, mainly due to an improvement in UK insurance after strong volume growth and better claims levels.

In 2007, insurance accounted for 45 per cent of the BUPA’s revenues and a third of its underlying profits .

The insurance division, which includes BUPA Wellness and BUPA Health Assurance, saw insurance income revenues rise 7 per cent to £1.90bn in 2007, while profits increased by £9.1 million to £115.6 million.

Last year, BUPA began a major re-shaping of the group, which saw its UK hospitals sold in a private equity deal worth £1.44 billion, and its business in Ireland being ditched in July.

The revamp also includes acquisitions to create leading care home groups in Spain, Australia and New Zealand .
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