BUPA profits up by 47 percent

Source: Stock Market Digital

Date :19/09/2007 15:37:45

Private healthcare firm BUPA have reported a jump in profits fuelled by expats.

The company, which insures over 8.1 million people worldwide, said that pre-tax profits rose to £166 million during the six months to June 30 after a three percent increase in insurance customer numbers.

Analysts have reported that this was down to strong growth in the expatriate corporate sector where BUPA is the world's largest provider of expatriate health insurance.

Commenting on the results Chief Executive Val Gooding said:

“BUPA has maintained strong trading momentum in the first half of 2007. Customer numbers have risen strongly, reflecting the attractiveness of BUPA’s high quality health and care services and generally favourable economic conditions in key markets.

Significant funds

“The Group continues to invest significant funds in the development of its core businesses. This investment, and an anticipated return to historical claims levels in International Insurance will slow the rate of growth in underlying surplus in the second half.

“We remain confident that BUPA has an attractive range of market opportunities. We will continue to invest in the business for the benefit of our customers.”

Rebranding

The former BUPA hospitals business, sold to European private equity firm Cinven for £1.44 billion in June 2007, is to be rebranded Spire Healthcare by its new owners.

September 19 2007

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