Bupa expands global network of official health partnerships to four national Paralympics teams with UK launch
Bupa becomes the Official Healthcare Partner of the British Paralympics Association, working together to the Paralympic Games in Paris 2024 and beyond.
This marks Bupa’s 4th official healthcare partnership with a national Paralympic association following Spain, Poland and Chile.
Through each national partnership, Bupa helps to keep the Paralympians healthy and strong – so that they can perform at the best level they can and inspire people of all abilities.
Bupa, the international healthcare company, has launched the latest in a series of official health partnerships with national Paralympic teams with a new agreement with the British Paralympics Association (BPA).
Ahead of Paris 2024, the BPA joins Bupa’s existing network of official health partnerships with national teams in Spain, Poland and Chile. Through each partnership, Bupa professionals provide outstanding healthcare support to help the physical and mental wellbeing of hundreds of Paralympians across these teams, so that they can perform at their very best. In turn, Bupa will learn from our partners to provide better and more inclusive healthcare for our customers around the world.
Bupa started this journey in 2007, when its business in Spain, Sanitas, became the Official Healthcare Partner to the Spanish Paralympic Committee, paving the way for partnerships in Poland in 2014 and Chile in 2020.
Through working together, each partnership aims to promote inclusion, shift perceptions about disabilities and inspire future generations, all in line with Bupa’s purpose of: “Helping people live longer, healthier, happier lives and making a better world.”
Bupa Group CEO, Inaki Ereño, said: “We’re so proud to be the Official Healthcare Partner for the national Paralympic Associations in Spain, Poland, Chile and now the UK.
We want to help these teams perform at their very best and by working together we can break down barriers and promote greater inclusivity in healthcare around the world.”
We’ve brought these partnerships to life through this short video. Click here.
Video shows Paralympians from Spain, Chile, Poland and the UK. Text in video reads: “Paralympians inspire change. Redefining what is possible. Bupa is by their side in Chile, Spain, Poland and the UK. Supporting athletes through victory and defeat. Showing the world. When your health is taken care of. You can achieve anything. Bupa – Official Healthcare partner.” Featuring the logos of Paralympic Associations from Chile, Spain, Poland and the UK.
Bupa UK enhances dental insurance benefits to support employee health and wellbeing
Post-pandemic, one in four (25%) believe their dental health has declined, exacerbated by lockdowns and missed appointments.
Bupa’s enhanced dental cover will offer faster access to oral cancer treatment for new customers. It also includes unlimited oral cancer treatment, an industry first.
Changes support Bupa’s ‘Better for Business’ commitment to being the most trusted healthcare provider.
Bupa UK is enhancing its dental insurance products to help businesses provide their people with improved access to affordable dental care.
Available to new and renewing customers from 1 September 2022, the benefits include access to oral cancer care from the start of the policy with no wait period*, cover for hospital dental treatment**, and unlimited oral cancer treatment when using a fee-assured consultant in a partnership facility. Bupa UK is the only insurer to currently offer this.
The changes are in response to customer feedback and increasing demand. According to the Bupa Wellbeing Index, a quarterly report conducted amongst 8,000 UK adults, one in four (25%) adults believe their dental health declined during the COVID-19 pandemic, exacerbated by lockdowns and missed appointments. As a result, almost one in five (18%) adults say dental health is their biggest wellbeing worry.
Richard Norris, Director of Specialist Products at Bupa UK Insurance says: “Oral health is an essential part of everyone’s wellbeing. Given what we know about the link between gum disease and the increased risk of many life-limiting and life-threatening health problems, the enhancements we’re making to our dental insurance products will help employees stay on top of their oral health and crucially, prevent bigger problems from emerging further down the line.”
Oral cancer is a growing public health problem with dentists warning that thousands of cases may have gone undetected during the pandemic, which could have a major impact on current and future workforces. With early detection and treatment key to improving outcomes, Bupa has removed the wait period for new customers. What’s more, Bupa’s Cancer Promise means treatment for oral cancer is unlimited, so there are no limits on how long treatment lasts or how much it costs – it is the only leading insurer to offer this**.
Richard adds: “The pandemic has brought about unprecedented challenges for businesses and new expectations from employees. Dental insurance is a much-needed benefit that employees will value. Last year at Bupa UK we saw record growth in our dental insurance customer numbers as businesses look to strengthen their health and wellbeing initiatives, which should help retain and attract the best people. Our ambition is to demonstrate that workplace health and wellbeing with Bupa is better for their people and better for business too.”
Bupa dental insurance product enhancements include:
Covering all clinically necessary restorative dental treatment up to benefit limits.
Covering hospital dental treatment up to benefit limits.
Removing wait period for oral cancer cover on business products so customers can access treatment as soon as they need it.
Separate fillings and root canal benefit on Dental Plan so employees can now claim more cash-back towards a filling and a root canal.
New top level of cover for Dental Choice with 32 increases to benefit limits. This further improves value for customers as it enables them to claim even more cash-back towards their treatment.
Simplified membership guides making it easier for customers to understand their policy.
Bupa dental insurance customers can also continue to benefit from digital services to support their oral health and help prevent future problems. This includes access to Instant Dentist which provides digital dental screenings and personalised reports from the comfort of home.
Bupa’s 2021 Group full year financial results
Financial Headlines
– Revenue1 of £12.9bn was up 8% at constant exchange rates (CER) (20202: £12.0bn).
– Underlying profit3 before taxation of £405m, was up 14% at CER (20204: £354m) as the impact of reduced COVID-19 lockdowns meant our health provision and aged care businesses operated with fewer restrictions and customers were able to access services more easily. This was offset by increased insurance claim levels resulting from reduced disruption to elective procedures compared to 2020.
– Statutory profit before taxation of £423m was up 7% at AER (20204: £396m), reflecting higher underlying profit, and gains made on acquisitions and divestments.
– Solvency II capital coverage ratio5 remains strong at 179% (2020: 160%).
Business context
– Full year 2021 results reflect strong customer growth across our insurance businesses, improving performance in health provision and aged care as we emerge from the pandemic.
– For health insurance, our largest business line, we undertook a range of actions to support our customers including announcing plans to return cash to Australian health insurance customers and processing payments to eligible UK Insurance customers following our 2020 return of premium pledge. In the UK, we were the first major health insurer to make such payments.
– There are major shifts in customer expectations and engagement, which have been accelerated by the pandemic, particularly in digital healthcare. We have refreshed our purpose, set a new ambition and launched a new strategy to address these changes. Our focus is on embedding this strategy and leveraging our strengths while we transform Bupa.
Iñaki Ereño, Group CEO, commented:
“Our 2021 results reflect the underlying strength of Bupa, with strong customer growth in several of our health insurance markets and activity in health provision returning to normal. This performance shows how we have been able to grow and provide high-quality care for our customers, patients and residents while we continue to navigate the pandemic.
“I see transformation as our route to growth and it is at the heart of our new plans. As restrictions ease, we will build on Bupa’s strong platform and I’m confident that our new strategy will position us in the best way for success into the future.”
Market performance (all at CER)
– Asia Pacific6: Revenue increased by 4% to £5,498m mainly driven by volume growth across our businesses. Underlying profit was £222m, an increase of 69%, reflecting the non-recurrence of the six-month deferral of the premium increase for Australian Health Insurance customers which was implemented in 2020, and reduced losses in aged care.
– Europe and Latin America: Revenue grew by 12% to £4,004m from growth in our insurance portfolio and improved health provision and aged care results. Underlying profit was down 7% at £162m from increased insurance claim levels following reduced disruption to elective procedures compared to 2020 and challenges in our Chilean Isapre insurance business, where performance was affected by regulatory interventions impacting the whole sector.
– Bupa Global and UK: Revenue was up 10% to £3,396m. This was driven by higher health provision customer volumes and portfolio growth in our UK Insurance business. Underlying profit was down 44% to £62m, as improved dental results were more than offset by higher claims in UK Insurance and higher claim volumes, alongside products priced based on 2020 experience in Bupa Global, our International Private Medical Insurance (IPMI) business.
– Other businesses: Revenue was flat to 2020. Underlying profit was down 12% to £45m predominantly reflecting higher claims in our associate business in Saudi Arabia and the additional COVID-19 coverage included in policies in our associate business in India driving higher claims.
Financial position
– Solvency II capital coverage ratio of 179% (2020: 160%).
– Leverage7 is 27.0% (2020: 32.4%) when including IFRS 16 leases as liabilities. Excluding these liabilities, the leverage ratio is 19.7% (2020: 25.3%).
– Net cash generated from operating activities was £907m, down £429m on prior year as a result of higher claims as disruption to elective procedures reduced from 2020.
Other highlights
– We successfully launched a new Restricted Tier 1 (RT1) subordinated bond offer to the market alongside the partial buy-back of a Tier 2 bond which matures in 2023. These transactions enable us to enhance Bupa’s capital base and demonstrate the continued financial flexibility of the Group.
– We confirmed our ambition to be a net zero business across all emission scopes by 2040. We have set science-based targets which are aligned to Bupa’s contribution to keep global warming to no more than 1.5°C.
Janet Voûte to retire as a Bupa’s Non-Executive Director
Bupa announced that Janet Voûte will retire as a Non-Executive Director of Bupa on 31 December 2021, following completion of her second three-year term on the Board.
Roger Davis, Chairman of Bupa, said: “On behalf of the Board, I would like to thank Janet for her tremendous contribution to the Board and its committees over the last six years. In particular, Janet has supported, and been a strong advocate for, Bupa’s evolving customer and sustainability agendas. We wish her all the best for the future.”
Nicholas Lyons to step down from Bupa Board
Bupa is announcing that Nicholas Lyons will be stepping down from the Bupa Board following his nomination to be the Lord Mayor of London from November 2022.
He will step down from the Board on 31 August 2021 ahead of being appointed one of the two Sheriffs of the City of London in September, a precursor to taking up the role of Lord Mayor next year.
Bupa Chairman, Roger Davis said: “This is a very prestigious role, and I am delighted that Nick has been recognised in this way. I am very grateful to Nick for his service on the Bupa Board and its committees, particularly his work on guiding our sustainability and corporate responsibility strategy. I wish him every success as Lord Mayor.”
Nicholas joined the Board in November 2018 and is a member of the Nomination & Governance and Remuneration Committees, and chair of the Sustainability Committee. Outside of Bupa, he is the Chairman of Phoenix Group plc and a director of Convex Group Limited and Miller Insurance Services.
Bupa announces £125m payment to UK Health Insurance customers
Bupa, the UK’s leading health insurer, today announces its UK health insurance customers will receive £125 million following the temporary disruption to some medical treatments last year.
From the start of the pandemic Bupa moved quickly to support its customers. Treatment for critical conditions like cancer and heart disease continued throughout, though some treatments in independent hospitals were delayed as they supported the NHS. In recognition of this, Bupa pledged to pass back any exceptional financial benefit ultimately arising as a result of the impact of COVID-19 to its health insurance customers. From April 2021, eligible individual customers, and small and large business customers funding health insurance for their employees, are expected to receive a payment equivalent to approximately one month’s premium.
This is part of the wider response package Bupa put in place to support customers, investing in a range of ‘at-home’ health services, including:
Access to GP care through mobile devices, 24/7 for all customers
Video and telephone access to Bupa recognised therapists and consultants
Fast-track diagnosis at home for skin and cardiac issues
Expanding chemotherapy at home for cancer patients
Mental health support, including support for carers through Bupa’s Family Mental Health Helpline.
During periods of lockdown, the use of Bupa’s Digital GP service giving 24/7 access to GPs more than doubled. Calls to Bupa’s Anytime HealthLine providing 24/7 access to nurse advice increased by 51%.
Alex Perry, CEO, Bupa UK Insurance said: “We are determined to do the right thing for our customers. From the start of the pandemic we invested heavily in providing new and additional healthcare services from home, such as our Digital GP service, to help people access the care they need.
“Thankfully many of the face-to-face services that were impacted were delayed rather than cancelled. More and more customers have been accessing health services as they resumed.
“We were the first major health insurer to commit to a customer rebate and are now acting on this pledge. As an organisation without shareholders our customers come first, and we continue to support them throughout these times.”
BUPA: 2020 Group full year financial results
Financial Headlines
– Revenue1 of £12.1bn is flat at constant exchange rates (CER).
– Underlying profit2 before taxation of £388m, was down 4% at CER (2019: £404m) with the performance of the insurance businesses partially offset by the challenging conditions in our health provision and aged care businesses.
– Statutory profit before taxation of £410m was up £488m at AER (2019 loss before taxation: £(78)m), primarily due to goodwill impairments made in 2019 not recurring.
– Solvency II capital coverage ratio3 remains strong at 160% (2019: 159%).
Business context
– Full Year 2020 results reflect our financial resilience and the benefits of our diversified business despite volatile trading conditions caused by the COVID-19 pandemic.
– Throughout the pandemic, our priority is to focus on the welfare of our customers and our people, and to play our part in government and public health responses.
– For health insurance, our largest business line, we undertook a range of actions to support our customers and deliver value. Underlying profit primarily increased due to the reduced levels of claims, as lockdown measures restricted access to private healthcare and postponed elective procedures. As restrictions had largely been lifted by the end of the year it is anticipated that claims will rebound in 2021, however, the timing and quantification will vary by market.
Iñaki Ereño, Group CEO, commented:
“The pandemic is having a terrible impact across the world at a very human level. In the context of that huge challenge, I am very proud of how everyone at Bupa has been responding, focusing on our customers and supporting each other and society. Our financial results reflect our financial resilience and the benefits of our diversified business. Despite volatile market and trading conditions we maintained revenue flat with underlying profit marginally down.
Looking forward, it is an important time for Bupa and for the healthcare industry. COVID-19 has changed many aspects of society and this will continue. I am proud to lead Bupa in this new period as we deliver for customers and play our part in national health efforts. My focus is on growth, transformation and sustainability. We must grow the businesses of today and innovate to become the business of tomorrow.”
Read Full Press Release
Read also the Bupa Finance PLC Annual Report and Accounts 2020
Bupa announces Group CFO Joy Linton will be leaving in 2021; Martin Potkins becomes Interim Group CFO from 1 December 2020
Bupa announced that Joy Linton, Bupa’s Group Chief Financial Officer (CFO), will be leaving Bupa in 2021 to take a major new appointment in Australia. Martin Potkins, Bupa’s Corporate Development Director, becomes Interim Group CFO from 1 December 2020 while the search for a permanent successor takes place. Joy and Martin will work together over the period ensuring a smooth transition.
Joy has been Bupa’s Group CFO since 2016. She joined Bupa in 2011 and was Finance and Commercial Director of the Australia and New Zealand Market Unit until she moved to London in 2015. She is returning to Australia to take up the role of CFO at CSL Limited, a global biotechnology company and Australia’s largest quoted company by market capitalisation.
Martin’s appointment is subject to regulatory approval. He is currently Bupa’s Corporate Development Director and Chairman of Bupa Global’s international private medical insurance company based in the Republic of Ireland. He was Bupa’s Corporate Controller from 2015 to 2019. Martin has substantial financial experience having previously held senior roles at Resolution, Friends Life, Prudential and Aviva.
Evelyn Bourke, Group CEO said: “We all wish Joy every success in her new role at CSL. I know she and her family are delighted to be returning home to Australia. I want to recognise her significant contribution over nearly ten years at Bupa, including five years as Group CFO. She’s been an excellent CFO and Board member, and has been key to Bupa’s continued financial strength, including through COVID-19.
“Having previously been Bupa’s Corporate Controller, Martin knows us extremely well. He also brings substantial external experience and finance expertise. I know Joy and Martin will ensure a safe and seamless handover over the coming months.”
Joy Linton, Group CFO said: “I’ve loved my decade at Bupa and it’s been a tremendous privilege to serve as Group CFO. However, my family and I are pleased to be able to return to Australia and I’m looking forward to joining the CSL team next year. In the meantime, I’m fully focused on my role at Bupa, and on ensuring a smooth transition.”
Bupa Europe & Latin America (ELA) CEO appointment
Bupa today announced that Iñaki Peralta will become the new Chief Executive Officer of its Europe and Latin America (ELA) Market Unit and of Sanitas, with effect from 1 January 2021. This follows the announcement that Iñaki Ereño, current CEO of Bupa ELA, will become Bupa’s Group CEO on 1 January 2021, subject to regulatory approval.
ELA comprises the Sanitas insurance, dental, hospitals and new services and aged care businesses in Spain; LUX MED in Poland; Bupa Chile; Bupa Acibadem Sigorta in Turkey; Care Plus in Brazil; Bupa Mexico; and Bupa Global Latin America which includes operations in Guatemala, Panama, Dominican Republic, Colombia, Ecuador, Bolivia and Peru.
Iñaki Peralta is currently the General Manager of Sanitas Seguros, Bupa’s health insurance business in Spain, and a member of the executive team of the Bupa ELA Market Unit. He has led Sanitas Seguros since 2013. In 2019, he was appointed to also lead Bupa’s health insurance business in Mexico.
In his 20 years with Sanitas, he has held a variety of roles including leading Sanitas Hospitales between 2008 and 2013, and Operations Director of Sanitas Mayores, Bupa’s aged care business in Spain.
Under Iñaki’s leadership, Sanitas Seguros has grown revenue, profits and numbers of customers as well as achieved very high levels of customer satisfaction. He has implemented an omni-channel approach to customer engagement and service, driven digital transformation, built successful long-term relationships with large hospital groups, and developed major bancassurance distribution partnerships with BBVA and Banco Sabadell.
Iñaki Ereño, Bupa Group CEO Designate, said: “I am very proud that we can appoint such a strong internal candidate to be the new CEO of Bupa ELA. Iñaki is an outstanding people leader, with an impressive track record both in insurance and in provision. He has a deep knowledge of our other businesses in the ELA Market Unit. I know that he will be a great leader.”
Iñaki Peralta, Bupa ELA CEO Designate, said: “It is a privilege and a thrilling challenge to lead Bupa ELA, which is very close to my heart. After more than 20 years working for Sanitas and Bupa, I am convinced of the growth opportunities this ever-changing industry offers. I take on the role with the support of a great team and together, we will continue to innovate and offer customers the best human-centred healthcare.”
Healthy Cities: Bupa supports the Hong Kong Streetathon 2020
Along the running route, Bupa Hong Kong and BottLess hosted a refreshment station, with members of the Bupa Insurance Marketing team handing out water in over 14,000 reusable cups. Bupa Hong Kong’s provision business, Quality HealthCare, were also on-site to care for the runner’s needs, by offering physiotherapy services and general health advice.
Supporting the Streetathon builds upon the success of Bupa and BottLess’ “Live Healthy Live Green” partnership. Launched last year, the partnership aims to encourage individuals to adopt small behavioural changes that have a positive impact on the environment.
Replacing plastic with sustainable alternatives was first introduced by Bupa and BottLess at the Hong Kong Trade Development Council (HKTDC) annual Food Expo in August 2019. Attendees could borrow ‘Bupa x Bottless’ branded reusable food containers, on which a printed QR code gave access to various healthcare tips such as ways to improve diet, reducing plastic usage and yoga exercises. In the same month, Bupa Hong Kong and BottLess also partnered with local restaurants, offering special discounts to Bupa employees who brought reusable food containers.
“The partnership with BottLess has been successful in encouraging our people and wider society to adopt smarter choices. Supporting the Streetathon is another opportunity where we can educate sports lovers on the harm of single-use plastics,” said Andrew Merrilees, General Manager, Bupa Hong Kong.
“By encouraging plastic-free lifestyles, we are reducing disposable plastic waste and creating a healthier living environment in Hong Kong. Our partnership with Bupa is only the beginning, and we hope that this partnership inspires more companies to take a step forward in this plastic-free movement,” said Francis Ngai, Founder of BottLess.