Half year results presentation - 6 months ended 30 June 2021 - Bupa
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Half year results presentation 6 months ended 30 June 2021
Agenda
Section 1
Overview
Section 2
Market Unit performance
Section 3
Financial review
Section 4
Outlook and operating priorities
Section 5
Questions and answers
Martin Potkins Gareth Gareth Evans
Interim Chief Roberts Group
Financial Group Financial Treasurer
Officer Controller
Bupa half year results presentation 2021 2
Section 1 Section 2 Section 3 Section 4 Section 5
Overview
Martin Potkins
Interim Chief
Financial
Officer
Bupa half year results presentation 2021 3
Section 1 Section 2 Section 3 Section 4 Section 5
Group financial highlights
The Half Year results show Revenue1 Solvency II capital coverage ratio2
early signs of a return to
growth, as we navigate the
ongoing impacts of COVID-
£6.5bn 163%
10% AER FY 2020: 160%
19 9% CER
Statutory profit before taxation Net cash generated from
operating activities
£245m £440m
2020: £153m AER 2020: £843m AER
Underlying profit before taxation Ratings
£191m A3 BBB+
+36% AER Moody’s senior Fitch senior
+44% CER debt rating debt rating stable
negative outlook
1 Balances have been restated for a gross up between other revenue and financial expense in relation to the remeasurement of i mputed revenue and interest in respect of interest-free
refundable accommodation deposits received by the Group as payment for aged care units in Bupa Villages and Aged Care - Australia.
2 The 2021 Solvency II capital position is an estimate, and it is unaudited.
Bupa half year results presentation 2021 4
Section 1 Section 2 Section 3 Section 4 Section 5
Operational highlights
We launched our new 3x6 Strategy We launched a global
and introduced our ambition to be talent programme, eco-Disruptive,
"the world's most customer that brings together Bupa teams
centric healthcare company“. and eco-startups.
We announced our commitment to
Our 2021 People Pulse employee
the Science Based Target
survey showed 78% overall
Initiative (SBTi) to reduce our
engagement
carbon emissions.
Bupa half year results presentation 2021 5
Section 1 Section 2 Section 3 Section 4 Section 5
Our new Strategy and Values
Our purpose
Helping people live longer, healthier, happier lives and
making a better world
Our ambition
To be the world’s most customer-centric healthcare company
Bupa half year results presentation 2021 6
Section 1 Section 2 Section 3 Section 4 Section 5
New Strategy – Driving Bupa’s transformation
Our purpose
Helping people live longer, healthier, happier lives and making a
better world
Our ambition
To be the world’s most customer-centric healthcare company
3x Ambition KPIs
40% of customer care 60% active digital Net Promoter Score of 80
touchpoints owned by Bupa customers
6x Strategic and Enabling Pillars
Customers Growth
Obsession with our customers’ experience Strong performance and governance
Transformation Sustainability
Continuous innovation and preparation Making a positive impact on the world
Data Agile Culture
Enhanced data driven decision making The best, most diverse people and a great place to work
Bupa half year results presentation 2021 7
Section 1 Section 2 Section 3 Section 4 Section 5
Market Unit
performance
Martin Potkins
Interim Chief
Financial
Officer
Bupa half year results presentation 2021 8
Section 1 Section 2 Section 3 Section 4 Section 5
Australia and New Zealand
Results largely driven by increased customer volumes in Revenue1 Revenue by business
£2.5bn
A. Bupa Health
Health Services, lower operating costs in Australian Aged
Insurance 77%
Care and improved margins in health insurance B. Bupa Health Services 13%
2020: £2.4bn CER C. Bupa Villages and Aged Care
Australia 7%
▪ Health Insurance: Revenue growth largely due to customer retention, +6% CER D. Bupa Villages and Aged Care
premium increases and non-recurring customer support given in 2020. +13% AER New Zealand 3%
Underlying profit
▪ Health Services: Revenue growth driven by improved customer
volumes across most businesses.
▪ Australia Villages and Aged Care: Revenue was stable. Closing
£132m C
D
2020: £66m CER B
occupancy rate was 88% (HY 2020: 82%).
+100% CER
▪ New Zealand Villages and Aged Care: Revenue was flat and underlying
+113% AER
profit declined. Closing occupancy remained stable at 88% (HY 2020:
89%). Combined operating ratio2
A
Bupa HI Pty Ltd (Australia)
2021
93%3
2020
95%
1 Balances have been restated for a gross up between other revenue and financial expense in relation to the remeasurement of i mputed revenue and interest in
respect of interest-free refundable accommodation deposits received by the Group as payment for aged care units in Bupa Villages and Aged Care - Australia.
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.
3 Bupa HI Pty Ltd (Australia): based on the Solvency II S.05.01 Quantitative Reporting Template (estimated and unaudited).
Bupa half year results presentation 2021 9
Section 1 Section 2 Section 3 Section 4 Section 5
Europe and Latin America
Solid revenue growth driven by increased customers Revenue Revenue by business2
across healthcare provision and insurance businesses
£2.0bn
A. Sanitas Seguros 31%
B. Sanitas Dental 5%
Spain: C. Sanitas Hospitals 6%
2020: £1.8bn CER D. Sanitas Mayores 3%
▪ Sanitas Seguros: Solid revenue growth. Underlying profit declined due to E. Bupa Chile 27%
higher claims. +14% CER F. LUX MED (Poland) 12%
+10% AER G. Bupa Acıbadem Sigorta (Turkey) 5%
▪ Sanitas Dental and Sanitas Hospitals: Revenue and underlying profit H. Care Plus (Brazil) 4%
grew driven by higher activity. Underlying profit
I. Bupa Global Latin America 7%
▪ Sanitas Mayores: Underlying profit improved. Closing occupancy rate was
80% (HY 2020: 78%).
£68m
2020: £70m CER
Other countries:
I
-3% CER H
▪ Bupa Chile: Revenue grew driven by outpatient businesses. Underlying -7% AER G
profit was down driven by higher claims. A
Combined operating ratio
F
▪ LUX MED (Poland): Good revenue growth and stable profit. Sanitas S.A de Seguros (Spain)
2021
▪ Bupa Acıbadem Sigorta (Turkey): Good revenue and customer growth.
89%1 B
▪ Care Plus (Brazil), Bupa Mexico and BGLA all delivered improved 2020 E
C
D
performance year-on-year.
84%
1 Sanitas S.A de Seguros (Spain): Prepared under local GAAP (unaudited). Bupa half year results presentation 2021 10
2 Bupa Mexico is not displayed on the chart as its revenue accounts for below 1%Section 1 Section 2 Section 3 Section 4 Section 5
Bupa Global and UK
Revenue growth driven by customer growth in dental Revenue Revenue by business
appointments
£1.7bn
A. Bupa UK Insurance 46%
B. Bupa Global 22%
C. Bupa Dental Care 15%
▪ UK Insurance: Revenue was up and underlying profit increased due to 2020: £1.5bn CER D. Bupa Care Services 12%
improved product mix. The impact of the return of premium provision E. Bupa Health Services 5%
reduced compared to 2020. +9% CER
+8% AER
▪ Bupa Global: Revenue stable and underlying profit declined as claims E
levels increased. Underlying profit
£9m
D
▪ Dental Care: Improved performance with strong revenue growth due to
increased private customer visits.
2020: £22m CER A
C
▪ Care Services: Revenue was flat year-on-year. Underlying profit was
stable. Occupancy up to 82% (HY 2020: 78%). -59% CER
-59% AER
▪ Health Services: Revenue increased. Underlying profit was stable. B
Combined operating ratio
Bupa Insurance Ltd (UK)
2021
97%1
2020
94%
1 Bupa Insurance Limited: Prepared under local GAAP. Excludes our Irish insurer and our associate, Highway to Health (GeoBlue).
Bupa half year results presentation 2021 11Section 1 Section 2 Section 3 Section 4 Section 5
Other businesses
▪ Revenue up 5% to Bupa Arabia Max Bupa (India) Bupa Hong Kong
£232m. ▪ Bupa Arabia is a listed company ▪ Profit declined year-on-year driven ▪ Revenue was up driven by higher
and its results will be published by higher COVID-19 related check-up and nursing services in
▪ Underlying profit in shortly on the Kingdom of Saudi claims. health provision.
other businesses was Arabia stock exchange, the
Tadawul. ▪ The business is being rebranded ▪ We formed Bupa Asia Pacific on
down 16% to £26m at as Niva Bupa and is overseen by 1 July 2021 incorporating Bupa
CER largely driven by the Bupa Global & UK Market Unit Hong Kong and our businesses
Max Bupa in India. from 1 July 2021. in Australia and New Zealand.
Bupa half year results presentation 2021 12Section 1 Section 2 Section 3 Section 4 Section 5
Financial review
Gareth Gareth Evans
Roberts Group
Group Financial Treasurer
Controller
Bupa half year results presentation 2021 13Section 1 Section 2 Section 3 Section 4 Section 5
Financial highlights
Solvency II capital Statutory profit before taxation Underlying profit
coverage ratio1 before taxation
163% £245m £191m
FY 2020: 160% 2020: £153m AER 2020: £133m CER
+36% AER
+44% CER
1 The 2021 Solvency II capital position is an estimate, and it is unaudited.
Bupa half year results presentation 2021 14Section 1 Section 2 Section 3 Section 4 Section 5
Financial overview
Revenue Underlying profit before taxation1 Combined operating ratio2
2021 2021 2021
£6.5bn £191m 95%
2020 (CER) 2020 (CER) 2020
£5.9bn £133m 92%
+9% CER +44% CER +3 ppts
+10% AER +36% AER
▪ Revenue up 9% due to portfolio growth, price ▪ The Group’s combined operating ratio stands
▪ Underlying profit up by 44%. Reduction in
rises in a majority of our insurance markets and at 95%, compared to 92% at prior year.
insurance profits due to higher claims was more
increased activity in health provision.
than offset by higher profits in health provision
▪ Revenue in health insurance grew by 5% due and aged care.
to increased membership portfolio with growth in
▪ Central expenses and net interest margin were
ELA and premium rises in Australia.
lower as higher investment returns were partly
▪ Health provision revenue grew 3% reflecting offset by additional interest costs associated with
higher customer numbers. debt issuances completed in June 2020.
▪ Aged care revenue broadly in line with 2020.
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).
Bupa half year results presentation 2021 15Section 1 Section 2 Section 3 Section 4 Section 5
Statutory profit
Statutory profit before
HY 2021 HY 2020
taxation was £245m, up £m (AER)
£92m on 2020, reflecting £m
higher underlying profit, Underlying profit before taxation 191 140
and gains made on Impairment of intangible assets and goodwill arising on business combinations (1) -
acquisitions and
divestments, including Net gain/(loss) on disposal of businesses and transaction costs on business combinations 9 (5)
a one-off gain arising upon Net property revaluation gains 7 11
the transfer of customers
Realised and unrealised foreign exchange gains 9 14
from CS Healthcare into UK
Insurance. Gains/(losses) on return seeking assets, net of hedging 3 (5)
Other non-underlying items 27 (2)
Total non-underlying items 54 13
Statutory profit before taxation 245 153
Bupa half year results presentation 2021 16Section 1 Section 2 Section 3 Section 4 Section 5
Solvency1
HY 2021 Solvency position Solvency II coverage ratio ▪ Capital coverage at the year end was
163% with £1.6bn surplus over Group
Own Funds £4.1bn SCR.
2021 163%
▪ Solvency coverage ratio remains within
Solvency Capital £2.5bn Surplus £1.6bn FY 2020 160% our target capital working range of
Requirement 140% to 170% of SCR.
▪ Our capital coverage is relatively stable
Risk sensitivities2 to exposure from market risk
sensitivities.
Solvency Coverage Ratio 163%
▪ Property remains the most sensitive
Property values - 10% 149% risk to our capital coverage.
HY21 loss ratio worsening by 2% 156%
Interest rate -100bps 161%
Sterling appreciates by 10% 162%
Group specific parameter (GSP)3 +0.2% 162%
Credit spreads + 100bps assuming no credit transition 163%
Pension risk +10% 163%
Equity markets -20% 163%
1 The HY 2021 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. Bupa half year results presentation 2021 17
3 Group Specific Parameter (GSP) is substituted for the insurance premium risk parameter in the standard formula, reflecting the Group’s own loss experienceSection 1 Section 2 Section 3 Section 4 Section 5
Solvency1
Movement in Solvency II
capital surplus from FY 2020
to HY 2021
10
60
50
240 50
20
1,610
20
1,454
1,520
Operating Acquisitions Net capex Debt financing Other Currency risk Capital SII
SII Surplus
capital and market tiering Surplus
FY 2020 2
generation disposals risk restriction 3 HY 2021
1 The HY 2021 Solvency II capital position, SCR and coverage ratio are estimates and unaudited.
2 Operating capital of £240m includes adjusted IFRS comprehensive income, reflecting SII valuation differences and the exclusion of non-operating items.
3 Capital tiering restrictions are applied because the aggregate value of eligible Tier 2 and Tier 3 Own Funds cannot exceed 50% of the Group Solvency Capital Requirement.
Bupa half year results presentation 2021 18Section 1 Section 2 Section 3 Section 4 Section 5
Funding
Leverage has reduced vs Leverage ratio1 ▪ Leverage has reduced again in Debt maturity profile
FY 2020 and liquidity the period to 24.1%
HY 2021
remains strong 24.1% ▪ At 30 June, the £800m revolving
1000
credit facility was drawn by
FY 2020 £290m, having enabled the
25.3% £350m bond repayment in June. 800
HY 2020
27.3% ▪ There were no changes to Bupa’s
credit ratings in the period. 600
FY 2019
25.1%
400
HY 2019
24.3%
200
Leverage ratio when accounting for 0
2021 2022 2023 2024 2025 2026 >2026
IFRS 16 lease liabilities
HY 2021
Bupa Finance plc Senior
31.1%
Bupa Finance plc Tier 2
Subordinated
FY 2020 Bank facilities
32.4%
FY 2019
1 Leverage is calculated based on gross debt (including hybrid debt)
32.7%
divided by gross debt plus equity.
Bupa half year results presentation 2021 19Section 1 Section 2 Section 3 Section 4 Section 5
Cash and financial investments
Net cash generated from operating activities ▪ Net cash generated from operating
Net cash generated
activities decreased from £843m in
from operating activities H1 2020 to £440m as claims
was £440m as claims £440m outflows return to a more normal
outflows normalise level compared to 2020.
£843m ▪ Cash and investments were
marginally down.
(44%) AER
▪ Conservative portfolio, primarily
cash-based but with circa £640m
bond and loan funds.
Cash and investment portfolio ▪ Low yield environment continues to
Conservative portfolio provide a challenging investment
2021 backdrop.
£4.7bn
2020 FY
£4.9bn
Cash and cash-like instruments
(e.g. deposits, liquidity funds, covered bonds)
Return seeking assets
Bupa half year results presentation 2021 20Section 1 Section 2 Section 3 Section 4 Section 5
Sustainability & Environmental, Social and Governance (ESG)
We continue to progress Highlights
our Sustainability agenda ▪ We established a new Board Sustainability
and this a key pillar of our Committee, which ensures the integrated
management of ESG.
new strategy.
▪ We committed to the Science Based Targets
Initiative (SBTi) to reduce our carbon
emissions.
▪ We launched eco-Disruptive, a global
innovation challenge in which Bupa teams are
interacting with eco start-ups.
Bupa half year results presentation 2021 21Section 1 Section 2 Section 3 Section 4 Section 5
Outlook and
operating
priorities
Martin Potkins
Interim Chief
Financial
Officer
Bupa half year results presentation 2021 22Section 1 Section 2 Section 3 Section 4 Section 5
Outlook and operating priorities
A resilient business, • Several of our markets are in advanced stages of vaccine
well-placed to pursue future deployment, but the pace will vary by country.
growth from transformation.
• COVID-19 is still impacting our economies and health systems, but
we are positive about the future.
• Conditions in some markets remain challenging and there is
uncertainty as to the timing and volume at which insurance claims
will return.
• Major shifts in customer expectations and engagement, particularly
in digital healthcare. The pandemic has increased people’s focus on
their health and wellbeing.
• Underlying financial strength, resilience and a diversified business
model.
• Focused on embedding our new strategy and driving growth from
transformation.
Bupa half year results presentation 2021 23Section 1 Section 2 Section 3 Section 4 Section 5
Q&A
Martin Potkins Gareth Gareth Evans
Interim Chief Roberts Group
Financial Group Financial Treasurer
Officer Controller
Bupa half year results presentation 2021 24Section 1 Section 2 Section 3 Section 4 Section 5
Further information
Website
www.bupa.com/corporate/
our performance
Investors:
ir@bupa.com
Bupa half year results presentation 2021 25Appendix
Bupa half year results presentation 2021 26Bupa’s purpose is helping ▪ Founded in 1947, Bupa is a private
people live longer, healthier, company limited by guarantee. With
no shareholders, our customers are
happier lives and making a our focus. We reinvest profits to
better world. benefit our current and future
customers.
▪ We are an international healthcare
company serving over 31 million
customers worldwide.
▪ Our global footprint has grown from
our origins in the UK to Australia,
Spain, Poland, Chile, Brazil, Mexico,
Turkey, the Middle East, the US,
Hong Kong SAR, New Zealand and
Ireland. We also have associate
businesses in Saudi Arabia and Australia and Europe and Latin Bupa Global and UK Bupa Hong Kong
India. We directly employ around New Zealand America
85,000 people. Associate businesses
in Saudi Arabia and
India
IPMI
We also offer international private medical insurance (IPMI) for cover in most countries, including through our associate
business Highway to Health (GeoBlue) in the US.
Market Unit structure
This infographic reflects our market unit structure as of 30 June 2021.
Bupa half year results presentation 2021 27Business mix1 Health insurance2 Health insurance accounts for 72% of our total revenue with
17.9m insurance customers worldwide.
Strong domestic health insurance presence in: UK, Australia,
Bupa in the context of the Spain, Chile, Hong Kong, Turkey, Brazil3 and Mexico and our
associate businesses in Saudi Arabia and India
wider insurance market International Private Medical Insurance: Bupa Global
Dental insurance: Australia, UK, Spain, Chile, Poland, Hong Kong
SAR, Brazil and through Bupa Global
Provision Health provision accounts for 20% of our total revenue with
Personal Lines
Specialist P&C
13.6m customers worldwide. We operate around 390 health
clinics, 22 hospitals and over 1,000 dental centres.
Motor Hospitals: Spain, Chile, Poland and one in the UK
Life
Dental centres: UK, Ireland, Australia, Spain, Chile, New Zealand,
Poland, Brazil and Hong Kong SAR.
Clinics: Spain, Chile, Poland, the UK, Brazil4, Hong Kong SAR,
Saudi Arabia5, 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 All numbers are updated as of FY 2020.
2 We also provide travel insurance, cash plans, subscription products and third party
administration arrangements in different markets.
3 We have a growing domestic health insurance business in Mexico.
4 We also have very small numbers of clinics in other Latin American countries
including Peru.
5 We have an interest in the MyClinic business in Saudi Arabia.
Bupa half year results presentation 2021 28Bupa’s footprint Australia and
New Zealand
Europe and
Latin America
Bupa Global and UK Other
and Market Units Australia New Zealand Spain1 Poland Turkey Chile Brazil
Bupa Global
Latin America2,3 Mexico
United
Kingdom4
Bupa
Global2
Saudi
Arabia5 India5
Hong
Kong SAR
Mainland
China
(as of 30 June 2021) Funding Health insurance
Pay-as-you-go
Dental insurance
Travel insurance
Cash plans
Health provision Clinics
Hospitals
Dental centres
Optical and audiology
Aged care provision Care homes
Retirement villages
Australia and New Zealand Europe and Latin America Bupa Global & UK Other
Australia: New Zealand: Spain: Chile: UK: Saudi Arabia:
Bupa Health Insurance Bupa Villages and Sanitas Seguros Bupa Chile Bupa UK Insurance Private health insurer, Bupa Hong Kong:
Bupa Health Services Aged Care New Sanitas Hospitales Brazil: Bupa Dental Care4 Bupa Arabia5, in which Health insurance and
Bupa Villages and Zealand and New Services CarePlus Bupa Care Services we have a 43.25% provision.
Aged Care Australia Sanitas Dental Mexico: Bupa Health Services stake. We also have an Bupa China:
Sanitas Mayores1 Bupa Mexico IPMI: interest in MyClinic, a Comprises our
Poland: IPMI: Bupa Global2 health clinics business. representative office in
LuxMed Bupa Global India: Beijing and an
Turkey: Latin America2, 3 Max Bupa5: Private integrated medical
Bupa Acıbadem health insurer in India, centre in Guangzhou.
Sigorta in which we hold a
44.42% stake.
1 In Spain we also have day care centres.
2 Global international insurance coverage available in many countries.
3 BGLA’s main operations include Guatemala, Panama, Dominican Republic, Colombia, Ecuador, Bolivia and Chile and a provision business in Peru.
4 We also run dental centres in the Republic of Ireland.
5 Bupa Arabia (Saudi Arabia) and Max Bupa (India) are associate businesses.
Bupa half year results presentation 2021 29Breakdown
of borrowings
HY 2021 FY 2020 HY 2020
£m £m £m
£330m perpetual hybrid bond (guaranteed by Bupa Insurance Ltd) - - 349
£350m senior bond due 2021 - 350 350
£500m subordinated bond due 2023 503 503 503
£300m senior bond due 2024 304 310 309
£400m subordinated bond due 2026 398 397 397
£300m senior bond due 2027 291 300 299
£350m subordinated bond due 2035 347 347 346
Revolving credit facility 290 - -
Bupa Chile borrowings 90 177 172
Other 52 54 41
Total borrowings 2,275 2,438 2,766
Bupa half year results presentation 2021 30Disclaimer
Cautionary statement 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
concerning forward statements. In particular, but not exclusively, these may relate to Bupa’s plans, current goals and expectations relating to future financial
looking statements 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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