Bupa Asia Pacific announces 2024 Full Year Results

Bupa APAC Chief Executive Officer, Nick Stone, said Bupa’s performance has enabled us to focus on driving affordability and value for our customers while supporting the long-term sustainability of the healthcare sector alongside our partners.

Mr Stone said Bupa was also working hard to take a balanced approach to its operations.

“Driving greater efficiencies across our business has meant we have been investing in strategic initiatives that will benefit our customers, and the wider community,” Mr Stone said.

“In the past year, we’ve been able to provide healthcare for a record number of customers across all our businesses in Australia, New Zealand, and Hong Kong, supporting more than 8.2 million people.

“This growth is part of our bold new strategy to better support our customers through improved and more connected physical and digital services. In Australia, this includes accelerating Bupa’s digital health platform Blua to offer three telehealth consultations per policy every year to eligible customers, as well as creating products that save customers’ money and better meet their health and wellbeing needs.

“With an enhanced focus on integrating our business offers and connecting healthcare experiences, our customers are seeing greater benefits. This includes offering eligible health insurance customers free dental fillings and free twice-yearly checkups at our network of Bupa dental practices.”

In 2024, revenue across Bupa’s APAC operations increased by 13% to $12.2 billion. A key driver of the year-on-year increase was due to the 2023 financial year including $585 million of Covid customer support. APAC revenue growth excluding Covid support was 8%, with the strongest growth coming from our businesses excluding Australian Health Insurance.

In the past year, Australians continued to prioritise their health and wellbeing in growing numbers, with revenue in Bupa’s Australian health insurance business increasing by 6% (excluding Covid support). This was primarily driven by a 4% increase in customer numbers taking Bupa health insurance customers in Australia to 4.5 million.

Underlying profit was impacted year-on-year by the timing of Covid customer support. Profit growth excluding Covid customer support was driven primarily by our Health Services, Aged Care and Hong Kong businesses.

Mr Stone said Bupa continued its sharp focus on delivering for customers during 2024. Key highlights included:

• Bupa paid out $6.3 billion in hospital and extras benefits to our Australian customers in 2024 – up from $5.8 billion the previous year.
• $1.6 billion claimed on extras with dental and optical topping the list – an increase of 11% - driven by Bupa’s Members First Ultimate preventive dental initiative that includes free dental check-ups and free general fillings up to yearly limits.
• We implemented more than 3000 new customer experience improvements, including enhancing benefits across Bupa Life Rewards to deliver more savings for our customers, driving greater understanding for our customers about their policy benefits, increasing benefits for eligible customers visiting non-network occupational therapist, dentists or optometrists, and broadening health content to help customers prepare for a hospital stay.
• 8460 customers registered for clinically backed online mental health program This Way Up.
• Bupa opened five healthcare centres, offering both customers and the wider community access to GPs and a range of healthcare professionals.
• More than 26,000 customers participated in a health program to support and improve their health, prepare for a hospital admission, or recover from a major health event.
• 262,263 customers used a Blua service including online doctors, chemist delivery, and digital content/tools.
• Bupa supported more than 158,000 Blua virtual doctor appointments.
• We currently have 5,569 residents in our aged care homes in Australia – the highest number of residents since 2019, with a 95% occupancy rate. 
• We also have 2,961 aged care residents and 2,143 occupied Village units in New Zealand at a combined occupancy rate of 94%.
• We signed new hospital contracts with several hospital groups including St Vincent’s Health Australia, Mater Health, Healthscope, and Healthe Care.
• Bupa’s Net Promoter Score increased in all APAC businesses showing greater experience satisfaction among our customers. 
• We invested more than $8.8 million (up from $5.3 million) to improve the health of communities in Australia, New Zealand, and Hong Kong.

Mr Stone said with inflationary pressures continuing to impact the healthcare sector, Bupa would continue to advocate for its customers to ensure they could continue to access and afford high quality healthcare.

“Our investment over recent years in greater data and digital capabilities, cybersecurity, and new strategic partnerships to enhance our customer experience will help position Bupa APAC to better meet the future health and wellbeing needs of our customers,” he said.

“We’re dealing with more chronic conditions and a rapidly aging population, which means there is greater demand on healthcare services than ever before.

“Given the current economic environment, we know many people continue to face cost of living pressures, that’s why we remain focused on continuing to drive high-quality, innovative healthcare solutions for the benefit of our customers.”

Mr Stone said Bupa looked forward to sharing new customer initiatives throughout 2025.