BUPA's annual results have shown the health insurer's income rose by 20% last year. The company repo...
BUPA's annual results have shown the health insurer's income rose by 20% last year. The company reported a surplus before tax of £134.5m for the year up to 31 December 2003.
Group income rose by 19.7% to £3.368m, while insurance income grew by 25%. Revenue from non-insurance activities such as hospitals, care homes, occupational health and health screening also grew by 10%.
Reserves grew from £185.2m to £1,306m, made up of a post tax surplus of £70.8m, property revaluation of its care homes and hospitals, which produced a gain of £80m, and currency translation differences contributed £34.4m. Income from UK and overseas insurance activities reached £2,281m.
Commenting on the results, Val Gooding, chief executive at BUPA attributed the growth to increased sales across the group, cost control and the consolidation of international acquisitions made in 2002.
"In 2003, we achieved organic growth in our existing markets and consolidated acquisitions in our care homes and Australian insurance businesses," she said.
