HEALTH insurer Bupa has announced a 12 per cent drop in pre-tax profits for 2013, down to £514.4m despite growing its customer base by 57 per cent.
The group posted an eight per cent increase in revenue to £9.1bn, the first time in Bupa’s history that it has exceeded £9bn.
Chief executive Stuart Fletcher said the results represent a year when the health giant sought to expand its global presence, as part of plans announced in 2012.
Bupa spent £1.3bn on acquisitions around the world in 2013. It is focusing on expanding in Australia, Hong Kong, Poland and the US in a bid to overhaul its business model.
“We focused on delivering growth in both existing and new markets, and completing and integrating a series of strategic acquisitions. These newly acquired businesses, alongside our existing operations, have significantly strengthened our foothold in healthcare around the world,” Fletcher said. He added that underlying profit has increased every year for the last 10 years, and increased again this year by five per cent to £638.5m.