Bupa has reported strong full-year results for 2025, highlighting growing demand for private healthcare and signalling a structural shift in healthcare systems, particularly in the UK.

The international healthcare company said it now served 68 million customers worldwide after strong growth in both insurance and health provision services. Insurance customers rose 14% to 47.1 million, while health provision customers increased 6% to 20.7 million. Revenue climbed 11% to £18.2bn and underlying profit rose 16% to just over £1bn at constant exchange rates.

Group CEO Iñaki Ereño said: “This year we served more customers than ever before making high-quality healthcare accessible to more people. We’ve made progress on Connected Care, our strategy to connect customers in every market to both insurance and provision (physical or digital), opening over 100 new health provision sites around the world and increasing the number of customers using Blua.”

The company is expanding digital and physical healthcare services, including new mental health centres and genomics products, while continuing its ‘3x100 Strategy’ focused on customer-centric care.

Commenting on the results, Max Stanyard, Healthcare and Life Sciences Senior Analyst at RSM UK, said Bupa’s performance reflected broader changes in healthcare demand.

“There has been a fundamental shift in both the UK and global private healthcare market. In the UK, private medical insurance (PMI)-funded admissions are currently running at the highest on record, while the NHS remains stretched. PMI is no longer a luxury for a select few, it is becoming an essential consideration for millions,” he said.

Despite broader market slowdowns, UK healthcare dealmaking remained steady in 2025, driven by consolidation in care, pharma, and high-value digital health assets.