Bupa ups revenues 10%

Bupa said H1 revenues were up 10% to £3.71bn, driven by organic growth of 4% and favourable foreign exchange movements of 6%.

Its underlying surplus before tax was up 5% to £183.6m but its surplus before tax was down 1% to £162.1m.

Financial highlights £m (2009 in brackets)

• Revenues 3,713.5 (3,375.2)
• Surplus before taxation 162.1 (163.8)
• Underlying surplus before taxation 183.6 (175.7)
• Net cash generated from operating activities 395.1 (328.2)

Bupa said trading conditions in the UK, Spain and US remained challenging but Australia and other countries gained from a more benign environment.

“In the UK, Bupa Health and Wellbeing (BHW) delivered productivity improvements and introduced a number of new products as it benefited from recent investment in a new back office administration system,” it said.

“The Group continues to assess the implications of new European insurance regulation (Solvency II) and is making good progress in preparing for the new regime.”