For Bupa Asia Pacific, revenue decreased by three per cent to £2.691 million largely due to the continued commitment to return savings from Covid-19 to the company’h Australian Health insurance customers, ongoing portfolio optimisation in our dental and aged care businesses as well as the impact of the pandemic across these underlying businesses. Underlying profit was £118 million, a decrease of six per centre, reflecting localised lockdowns and staff availability in the health services business and increased costs and reduced occupancy in the aged care businesses due to the impacts of Covid-19.
Meanwhile, in Europe and Latin America, revenue grew by 11 per cent to £2.138 million, however underlying profit declined by 35 per cent to £45 million as customer growth across most businesses was more than offset by increased claims levels in our insurance businesses due to the reduced disruption from Covid-19 and ongoing challenges in Bupa Chile as a result of regulatory interventions and judicial decisions.
Iñaki Ereño, Group CEO, commented: “These results show positive progress across our business as we continue to deliver our 3x6 strategy which will position Bupa to satisfy major shifts in customer expectations and engagement with healthcare. We’re pleased that our focus on driving transformation across digitalisation and customer service has led to strong organic growth.”
The company commented on the results: “These results reflect continuing good organic growth across many of our insurance businesses, increased activity in our health provision businesses with ongoing challenges from Covid-19 and sector-wide staff shortages in some of our dental and aged care businesses.
Although many markets have largely emerged from the pandemic, the impact of Covid-19 will continue to be felt across several businesses for the foreseeable future, particularly as inflationary pressures are felt globally as economies reopen and the war in Ukraine adds pressure to energy prices.