2020 Half year results presentation - First 6 months ended 30 June 2020 - Bupa
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2020 Half year results presentation First 6 months ended 30 June 2020
Bupa Half year results 2020
Half year results presentation
Agenda Section 1
Overview
Section 2
Market Unit performance
Section 3
Financial review
Section 4
Outlook and operating priorities
Section 5
Questions and answers
Joy Linton Gareth Roberts Gareth Evans
Chief Financial Group Financial Group Treasurer
Officer Controller
2 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5
Bupa Full year results 2019
Section 1
Overview
Joy Linton
Chief Financial
Officer
3 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Half Year 2020 Group overview
Results reflect disruption in health provision and aged care caused
by COVID-19, and reduced investment earnings – which more than
offset improved profit in insurance
Revenue Statutory profit before Underlying profit before
taxation taxation
Principal drivers of underlying performance:
• Improved profit performance in insurance
£5.8bn £153m £140m businesses where restrictions on access to
-3% AER 2019: £207m AER -28% AER
hospitals for elective treatment reduced claims.
0% CER -26% CER
• Health provision businesses significantly
impacted by closures due to government-
mandated lockdowns.
Solvency II capital coverage Net cash generated from Ratings • Reduced occupancy in care homes which were
ratio1 operating activities Moody’s senior debt
rating negative outlook closed to new admissions.
at2
169% £843m A3
• Lower investment returns due to comparatively
2019: 159% 2019: £389m AER lower interest rates.
Fitch senior debt rating
downgraded to3
BBB+
1 The 2020 Solvency II capital position, SCR and coverage ratio are estimates and unaudited.
2 Moody’s placed on negative outlook on 9 April 2020.
3 Fitch rating downgrade on 31 March 2020. 4 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Half Year 2020 Group overview
COVID-19 near-term impact and response
• In health insurance, we accelerated our telehealth and digital
healthcare services. We took targeted actions to support customers.
• In health provision, our hospitals and clinical staff supported the
national public health response across different countries.
Restrictions affected dental and clinics.
• In aged care, we supported and cared for residents and their
families, while ensuring our people could work safely.
Our people have played a huge part in the COVID-19 response,
supporting customers and contributing to the national responses, both
on the frontline of health and care, and in working from home.
5 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Half Year 2020 Group overview
Strategic progress
Our purpose
Our strategic pillars of customer, people and performance, were
Helping people live longer, healthier, happier lives important foundations for our response to the pandemic.
Our vision
• Our ongoing programme of investment in technology
The most trusted health insurer and provider capabilities enabled us to accelerate our digital and telehealth
Our pillars services, safely.
• Our scale and global footprint, and more streamlined
organisational structure helped ensure business continuity
People make the Strong and
Passionate about sustainable and operational resilience.
our customers difference performance
• In June, we improved our debt maturity profile through two
bond issues together raising £650m.
• In June, we announced the agreement to increase our
Our goals
Top market Customer Dental Innovation
Financial shareholding in Bupa Arabia by 4% to 43.25%, subject to
growth growth discipline
position regulatory approvals.
Our values • Total number of health insurance customers increased from
Accountable Caring Courageous Authentic Open Passionate Extraordinary 17.5m to 18m.
6 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5
Bupa Full year results 2019
Section 2
Market Unit
performance
Joy Linton
Chief Financial
Officer
7 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Australia and New Zealand
Results affected by occupancy challenges and costs in Australian aged
care
• Health Insurance: Revenue was marginally down Operating environment
Revenue Revenue by Business
and underlying profit in line with prior year. Launched
• Australia and New
£2,238m 3
4 a hardship scheme and used telehealth to support Zealand economies
(2019 HY: £2,153m CER) customers. impacted by COVID-19
2
-1% AER • Health Services: Revenue growth driven by new despite relatively short
initial lockdowns. Further
4% CER Australian Defence Force contract. Underlying profit wave now in parts of
declined due to the suspension of dental, optical and Australia.
Underlying profit audiology services.
1 • Impacts of pandemic
• Australia Villages and Aged Care: Loss due to challenging all
£49m 1. Bupa Health Insurance 79% reduced occupancy and increased staff costs. businesses, particularly
(2019 HY: £75m CER) 2. Bupa Health Services 11% health provision.
-38% AER 3. Bupa Villages and Aged Care Occupancy 82% (HY 2019: 88%).
Australia 7%
• Australian private health
-35% CER 4. Bupa Villages and Aged Care New
Zealand 3%
• New Zealand Villages and Aged Care: Revenue insurance sector facing
increased despite COVID-19 impact on occupancy. pressures. Affordability
Combined operating ratio1 front of mind for
Bupa HI Pty Ltd (Australia) customers, with sector
reform a government
HY 2020 95%2 priority.
HY 2019 95%
1 Combined Operating Ratio is an alternative performance metric for insurance businesses. It is calculated based on incurred cl aims and operating expenses divided by net earned premiums.
2 Bupa HI Pty Ltd (Australia): based on S.05.01 Prudential Regulation Authority (SII) form (estimated and unaudited)
8 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Europe and Latin America
Marginal growth in revenue and stable underlying profit
• Sanitas Seguros: Solid revenue growth. Underlying profit
Revenue Revenue by Business grew due to lower claims.
Operating environment
10 • Sanitas Dental: Revenue and underlying profit down.
£1,827m 8
9
1 Majority of centres were closed due to lockdowns. • Spain: COVID-19
(2019 HY: £1,782m CER)
7 impacting economy.
-3% AER • Sanitas Hospitales: Revenue declined during lockdown.
• Poland: Economy
+3% CER Underlying loss driven by the temporary suspension of projected to fall with
6 elective treatments. rising inflation.
2
Underlying profit 3 • Sanitas Mayores: Decline in revenue and a small • Turkey: Positive outlook
5 4
underlying loss due to reduced occupancy levels at 78% with economy predicted
£73m 1.
2.
Sanitas Seguros 33%
Sanitas Dental 4%
(HY 2019: 95%). to recover in 2021.
(2019 HY: £72m CER)
3. Sanitas Hospitales and New
• LuxMed: Revenue growth and stable profit. • Latin America: Political
0% AER Services 5%
and economic
4. Sanitas Mayores 4%
1% CER 5. Bupa Chile 24% • Bupa Acıbadem Sigorta: Performed well. uncertainty triggered by
6. Bupa Global Latin America 8%
the pandemic expected
7. LuxMed 11%
8. Bupa Acıbadem Sigorta 6%
• Bupa Chile: Decline in revenue and underlying loss in to continue.
Combined operating ratio1 9. CarePlus, Brazil 5% hospitals and clinics business. Strong revenue and profit in
10. Bupa Mexico 0%
Sanitas S.A. de Seguros (Spain) health insurance due to lower claims.
HY 2020 84%2 • Care Plus: Good revenue growth, stable profit.
HY 2019 90% • Bupa Mexico: Improved results.
• Latin America: Improved underlying performance.
1 Combined Operating Ratio is an alternative performance metric for insurance businesses. It is calculated based on incurred cl aims and operating expenses divided by net earned premiums.
2 Sanitas S.A de Seguros (Spain): Prepared under local GAAP (unaudited).
9 / 31
Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Bupa Global and UK
Results reflect impact of COVID-19 in provision and aged care businesses
Revenue Revenue by Business • UK Insurance: Revenue up on an underlying basis
5 driven by growth in customer numbers, offset by Operating environment
£1,532m 4 commitment to pass back exceptional financial
• Lockdown restrictions
(2019 HY: £1,652m CER) benefit to customers and investment in telehealth. lifting with businesses
3
-7% AER 1 • Bupa Global: Revenue stable and underlying profit and health services
-7% CER grew reflecting favourable claims. reopening to
customers.
2 • Dental Care: Revenue reduced and reported an
Underlying profit • Concerns about a
1. Bupa UK Insurance 46%
underlying loss due to temporary closure of practices. second wave of
£22m 2.
3.
Bupa Global 27%
Bupa Dental Care 11%
• Care Services: Revenue down and reported an COVID-19 and the
timing of longer term
(2019 HY: £52m CER)
4. Bupa Care Services 12% underlying loss due to the impact of COVID-19.
-56% AER 5. Bupa Health Services 4%
recovery.
Occupancy 78% (HY 2019: 87%).
-58% CER • Economic uncertainty
• Health Services: Performance down due to around the future EU-
temporary closure of clinics. UK trading relationship
Combined operating ratio1
and trade agreements
Bupa Insurance Ltd (UK) with other countries.
HY 2020 94%2
HY 2019 95%
1 Combined Operating Ratio is an alternative performance metric for insurance businesses. It is calculated based on incurred cl aims and operating expenses divided by net earned premiums.
2 Bupa Insurance Limited: Prepared under local GAAP. Excludes our Irish insurer, and our associate, Highway to Health (GeoBlue).
10 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Other businesses
Revenue stable and underlying profit up mainly due to growth in
Bupa Arabia
Bupa Arabia Max Bupa Bupa Hong Kong
Segmental performance
• Revenue stable at £243m.
• Underlying profit up 89% to
£34m, mainly reflecting the
growth in Bupa Arabia. • Seeing increase in
• Agreement to • Launched new flagship
demand for health
increase shareholding product Bupa Hero.
insurance from young
by 4% to 43.25%, • Accelerated digital virtual
people due to COVID-19.
subject to regulatory services for health
• Integration with new
approvals. insurance and health
partner, True North,
• Renewed significant centres.
progressing well.
SABIC contract.
11 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5
Bupa Full year results 2019
Section 3
Financial
review
Gareth Roberts Gareth Evans
Group Financial Group Treasurer
Controller
12 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
HY 2020 Financial overview
Financial highlights
Solvency II capital Statutory profit Underlying profit
coverage ratio1 before taxation before taxation
169% £153m £140m
FY 2019: 159% HY 2019: -28% AER
£207m AER -26% CER
1 The 2020 Solvency II capital position, SCR and coverage ratio are estimates and unaudited.
13 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
HY 2020 Financial overview
Results reflect the disruption caused by COVID-19 although
operational impacts vary by business and by geography
Revenue Underlying profit before taxation1 Combined operating ratio2
HY 2020 £5.8bn HY 2020 £140m HY 2020 92%
HY 2019 (CER) £5.8bn HY 2019 (CER) £190m HY 2019 95%
-3% AER -28% AER
+0% CER -26% CER
• Revenue was broadly flat year on year at CER. • Underlying profit declined by 26% at CER. • The Group’s combined operating
• Health insurance grew by 1%, driven by the • For our largest line of business, health insurance,
ratio decreased by 3 ppts to 92%.
acquisition of Bupa Acıbadem Sigorta in 2019 underlying profit was up given the reduced levels of • The improvement is a result of the lower
and growth in our health insurance businesses in claims since the outbreak of COVID-19. claims due to disruption on elective
Spain, Chile, Brazil and Hong Kong. healthcare procedures from COVID-19.
• Central expenses and net interest margin were
• Our provision and aged care businesses saw £38m, higher than the prior year (£27m) as
declines of 2% and 4% respectively as the comparatively lower interest rates adversely
impact of COVID-19 resulted in the closure of impacted investment returns.
clinics and significantly reduced occupancy
rates, primarily because of admissions
restrictions.
1 Underlying profit is a non-GAAP financial measure. This means it is not comparable to other companies. Underlying profit reflects our trading performance and excludes a number of items included in statutory profit before taxation, to facilitate year-on-year comparison. These items include impairment of intangible
assets and goodwill arising on business combinations, as well as market movements such as gains or losses on foreign exchange, on return-seeking assets, on property revaluations and other material items not considered part of trading performance.
2 Combined Operating Ratio is an alternative performance metric for insurance businesses. It is calculated based on incurred cl aims and operating expenses divided by net earned premiums. The Group combined operating ratio is calculated based on the S.05.01 Prudential Regulation Authority (SII) form
(estimated and unaudited).
14 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Statutory profit
Statutory profit before taxation was £153m
HY 2020 HY 2019 (AER)
£m £m
Underlying profit before taxation 140 195
Net loss on disposal of businesses and transaction costs on
(5) (5)
business combinations
Net property revaluation gains 10 8
Realised and unrealised foreign exchange gains/(losses) 14 (9)
(Losses)/gains on return seeking assets, net of hedging (5) 24
Group non-underlying items (1) (6)
Total non-underlying items 13 12
Statutory profit before taxation 153 207
15 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Solvency1
Solvency coverage ratio remains within capital risk appetite
HY 2020 Solvency position Solvency II capital coverage ratio
• Capital coverage at the half year was 169% (10 ppts
above 2019 FY) with surplus over Group SCR of
Own Funds £4.2bn HY 2020 169%
£1.7bn.
Solvency Capital • The planned purchase of an additional 4%
£2.5bn Surplus £1.7bn FY 2019 159%
Requirement
shareholding in Bupa Arabia which is expected to
Risk sensitivities2 complete in August 2020, along with the call of the Tier
1 bond in September 2020 will decrease the coverage
Solvency Coverage Ratio 169% ratio by around 4% and 13% respectively.
Property values -10% 154% • Our market risk sensitivities remain relatively low and
Loss ratio worsening by 2% 162%
COVID-19 has not changed our position on that
materially.
Interest rate -100bps 165%
• Property, principally in the form of care home, hospital
Group Specific Parameter (GSP) 3 + 0.2% 167% and clinic assets, remains the most sensitive risk to our
Credit spreads +100bps (no credit transition) 167% capital coverage.
Pension risk +10% 169% • We intend to operate within a capital working range of
140% to 170% of SCR in normal conditions.
Sterling depreciates by 10% 169%
Equity markets - 20% 169%
1 The HY 2020 Solvency II capital position, SCR and coverage ratio are estimates and unaudited.
2 While this table only shows the impact of individual stresses, it is a helpful illustration of the relatively low risk inherent in our capital base.
Group Specific Parameter (GSP) is substituted for the insurance premium risk parameter in the standard formula, reflecting the Group’s own loss experience.
3
16 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Solvency
Movement in Solvency II capital surplus from FY 2019 to HY 2020
80
20
350
40
140 1,740
80
20
1,450
1 2
Solvency Operating Cost of debt Net capex M&A activity Tier 2 sub debt Tiering restrictions Other Solvency
surplus capital financing surplus
FY 2019 HY 2020
1 Operating capital of £140m includes adjusted IFRS comprehensive income, reflecting SII valuation differences and the exclusion of non-operating items.
2 Other includes the effect of market movements including changes in FX and economic parameters.
17 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Cashflow
Net cash generated from operating activities up £454m
Net cash generated from operating activities
• Net cash generated from operating activities increased
HY 2020 £843m by £454m to £843m as a result of the delayed claims in
the first half due to COVID-19 disruption to elective
healthcare procedures and previously-disclosed one-off
HY 2019 (AER) £389m tax settlement with the Australian Taxation Office in
2019.
+117% at AER
.
18 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Funding
Leverage higher at HY 2020 following bond issues, liquidity strong
Leverage ratio1 Debt call/maturity profile
• Drawings under the revolving credit facility
reduced to zero at 30 June 2020 (FY 2019: £m
1000
HY 2020 £230m).
27.3% Bupa Finance plc Senior
• Fitch downgraded Bupa’s credit ratings in March Bupa Finance plc Tier 2 Subordinated
and Moody’s put our ratings on negative outlook in 800 Bupa Finance plc Tier 1 Subordinated
FY 2019 25.1% April. We continue to liaise closely with both perpetual guaranteed
agencies. Bank facilities
600
HY 2019 24.3% • Leverage up at 27.3% (FY 2019: 25.1%).
• Leverage would be 34.4% (FY 2019: 32.7%) when
400
IFRS 16 lease liabilities are taken into account.
FY 2018 23.5%
• The increase in leverage is primarily due to the
200
timing of the bond issues and the temporary
HY 2018 24.5% grossing up of the balance sheet in advance of the
September 2020 call date and June 2021 bond 0 2
maturity. 2020 2021 2022 2023 2024 2025 2026 >2026
1 Leverage is calculated based on gross debt (including hybrid debt) divided by gross debt plus equity.
2 Call date on Bupa Finance plc Tier 1 Subordinated perpetual guaranteed £330m bond.
19 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Cash and financial investments
Investment volatility remained relatively low through H1
Cash and investment portfolio HY 2020 Cash and investments by credit rating (%)
• £5.0bn cash and financial investments.Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
2020 Group highlights – Environmental Social and Governance (ESG)
Our ESG agenda
Remain focused on Bupa Australia Increased health
improving ESG Health Foundation and wellbeing
rating which was extended support for our
upgraded to BBB in partnership with people during
December 2019 Kids Helpline to COVID-19
support the
Wellbeing @
School programme
Launched global Bupa Foundation Provided a range of
Healthy announced three support to
Communities year partnership communities
Fund to support with Mind, the affected by COVID-
long term flagship mental health 19
programmes charity, and work
with educators
21 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5
Bupa Full year results 2019
Section 4
Outlook and
operating
priorities
Joy Linton
Chief Financial
Officer
22 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
Outlook and operating priorities
A resilient business well-placed to navigate the uncertain operating
environment
• Well-placed to navigate the uncertain operating environment caused by
COVID-19.
• Underlying profit from our businesses is on track to meet pre-pandemic
expectations for the full year:
o Health insurance customers increased in first half.
o Activity is recovering in health provision businesses.
• A strong solvency position, a solid balance sheet and healthy cashflow.
• Investing in our people’s safety and wellbeing.
• Continue investing in organic growth in our chosen markets, in technology
capabilities and operational resilience.
• Prioritising investment in digital and virtual health and enhancing our services in
health and wellbeing, particularly mental health.
• .
23 / 31Section 1 / Section 2 / Section 3 / Section 4 / Section 5 Bupa Half year results 2020
2020 half year results presentation
Q&A Section 1
Overview
Section 2
Market Unit performance
Section 3
Financial review
Section 4
Outlook and operating priorities
Section 5
Questions and answers
Joy Linton Gareth Roberts Gareth Evans
Chief Financial Group Financial Group Treasurer
Officer Controller
24 / 31Further information
Information
For further information email:
ir@bupa.com
www.bupa.com/Corporate/
our-performance
Investors
Please get in touch:
ir@bupa.com
25 / 31
25Appendix
26 / 31Bupa Half year results 2020
Appendix
Bupa Group
Bupa's purpose is helping people live longer,
healthier, happier lives.
• Founded in 1947, Bupa is a private company
limited by guarantee. With no shareholders, our
customers are our focus. We reinvest profits to
benefit our current and future customers.
• We provide health insurance to 18m people
around the world. We have health provision
businesses and we also provide residential aged
care services in selected markets.
• Over the past 70 years, our global footprint has
grown from our origins in the UK to Australia,
Spain, Poland, Chile, New Zealand, Hong Kong, IPMI: We also offer international private
Turkey, the US, Brazil, the Middle East and Australia and Europe and Latin Bupa Global medical insurance (IPMI) for cover in most
countries, including through our associate
Ireland. We have valuable partnerships with our New Zealand America and UK business Highway to Health (GeoBlue) in
the US.
associate businesses in Saudi Arabia and India. In China, we have a representative office in
Bupa Hong Kong Beijing and an integrated medical centre
Associate businesses in India in Guangzhou.
and Saudi Arabia
For full list of businesses see Appendix Slide 29.
27 / 31Bupa Half year results 2020
Appendix
Business mix
Bupa in the context of the wider insurance market
Health insurance1
We are primarily a health insurer. Health insurance accounts for 74% of our total revenue with 18m
insurance customers worldwide.
Motor Specialist Life Personal
Strong domestic health insurance presence in: UK, Australia, Spain, Saudi Arabia, Chile, Hong Kong,
P&C Turkey, India and Brazil2. Lines
International Private Medical Insurance through Bupa Global.
Dental insurance:
Australia, the UK, Spain, Chile, Poland, Hong Kong, Brazil and through Bupa Global.
Provision
We are also a health provider. Health provision accounts for 18% of our total revenue, comprising
around 370 health clinics, 20 hospitals and over 1,000 dental centres.
Hospitals: Spain, Chile, Poland and one in the UK.
Dental centres: UK, Ireland, Australia, Spain, Chile, New Zealand, Poland, Brazil and Hong Kong.
Clinics:
Spain, Chile, Poland, the UK, Brazil3, Hong Kong, Saudi Arabia, Australia, New Zealand and China.
Aged Care
Residential aged care accounts for 8% of total revenue.
We provide aged care services in the UK, Spain, Australia and New Zealand.
1. We also provide travel insurance, cash plans, subscription products and third party administration arrangements in different markets. 28 / 31
2. We have a growing domestic health insurance business in Mexico.
3. We also have very small numbers of clinics in other Latin American countries including Peru and Bolivia.Appendix Bupa Half year results 2020
Bupa’s footprint and Market Units
Australia and
New Zealand Europe and Latin America UK and Bupa Global Other
Bupa
Global Latin Bupa Saudi Hong
Australia New Zealand1 Spain Poland Turkey Chile Brazil America Mexico UK Global2 Arabia3 India3 Kong China
Funding Health insurance
Pay-as-you-go
Dental insurance
Travel insurance
Cash plans
Health Clinics
provision Hospitals
Dental centres
Optical and audiology
4
Aged care Care homes
provision Retirement villages
Australia and New Zealand Europe and Latin America Bupa Global and UK Other
Australia: New Zealand: Spain: Chile: Saudi Arabia: Bupa Hong Kong:
UK:
Bupa Health Bupa Villages and Sanitas Seguros Bupa Chile Private health insurer, Health insurance and
Bupa UK Insurance
Insurance Aged Care New Sanitas Hospitales Bupa Arabia3, in provision.
Brazil: Bupa Dental Care
Bupa Health Services Zealand and New Services which we have a
CarePlus Bupa Care Services Bupa China:
Bupa Villages and Sanitas Dental 39.25% stake. We
Bupa Health Services also have an interest Comprises our
Aged Care Australia Sanitas Mayores Mexico:
in MyClinic. representative office in
Bupa Mexico IPMI:
Poland: Beijing and an integrated
Bupa Global2 Max Bupa:3 medical centre in
LuxMed IPMI:
Private health insurer Guangzhou.
Bupa Global
Turkey: in India, in which we
Latin America
Bupa Acıbadem hold a 44.42% stake.
Sigorta
1
2
In addition to care homes and villages, New Zealand also has a brain rehabilitation business.
Global international insurance available in most countries. Includes 49% stake in Highway to Health (GeoBlue) in the US.
29 / 31
3 Bupa Arabia and Max Bupa are associate businesses.
4 In Spain we also have day care centres.Bupa Half year results 2020
Appendix
Breakdown of borrowings
HY 2020 FY 2019 HY 2019
£m £m £m
£330m perpetual hybrid bond (guaranteed by Bupa Insurance Ltd) 349 345 362
£350m senior bond due 2021 350 350 349
£500m subordinated bond due 2023 503 502 502
£300m senior bond due 2024 309 302 301
£400m subordinated bond due 2026 397 397 396
£300m senior bond due 2027 299 - -
£350m subordinated bond due 2035 346 - -
Revolving credit facility - 230 295
Bupa Chile borrowings 172 184 183
Other 41 40 53
Total borrowings 2,766 2,350 2,441
30 / 31Bupa Half year results 2020
Disclaimer: Cautionary statement concerning
forward-looking statements
This document may contain certain ‘forward-looking statements’. Statements that are not historical facts, including statements about the beliefs and expectations of The British
United Provident Association Limited (Bupa) and Bupa’s directors or management, are forward-looking statements. In particular, but not exclusively, these may relate to Bupa’s
plans, current goals and expectations relating to future financial condition, performance and results.
By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend upon future circumstances that may or may not occur, many of
which are beyond Bupa’s control and all of which are solely based on Bupa’s current beliefs and expectations about future events. These circumstances include, among others,
global economic and business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory
authorities, the impact of competition, the timing, impact and other uncertainties of future mergers or combinations within relevant industries. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may cause the actual future condition, results, performance or achievements of Bupa or its industry to be
materially different to those expressed or implied by such forward-looking statements. Other than as required by law, Bupa expressly disclaims any obligations or undertakings to
release publicly any updates or revisions to any forward-looking statements to reflect any change in the expectations of Bupa with regard thereto or any change in events,
conditions or circumstances on which any such statement is based. To the fullest extent possible by receipt of, and using, this document, you release Bupa and each of its
affiliates, advisers, directors, employees and agents, in all circumstances (other than fraud) from any liability whatsoever and howsoever arising from your use of this document. In
addition, no responsibility of liability or duty of care is or will be accepted by Bupa or its respective affiliates, advisers, directors, employees and agents, for updating the document
(or any additional information), correcting any inaccuracies in it or providing any additional information to any person. Accordingly, none of Bupa or its affiliates, advisers, directors,
employees or agents shall be liable (save in the case of fraud) for any loss (whether direct, indirect or consequential) or damage suffered by any person as a result of relying on
any statement in, or omission from, the document.
Forward-looking statements in this document are current only as of the date on which such statements are made.
Neither the content of Bupa’s website nor the content of any other website accessible from hyperlinks on Bupa’s website is incorporated into, or forms part of, this document.
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