Half-year Financial Report

BUPA Finance PLC

06 August 2026

 

Bupa Finance plc (Bupa Finance)

HALF YEAR STATEMENT FOR THE SIX MONTHS TO 30 JUNE 2026

Iñaki Ereño, Bupa Group CEO, commented:

"We are at the halfway point of our 3x100 Strategy[1] and we are encouraged to see more customers than ever choose Bupa which is driving strong performance as we scale the business. This is enabling us to invest further in our digital and in-person health provision to make it even easier for our customers to access high-quality care in a way that's convenient for them."

Performance headlines

•     Insurance customers increased by 12% to 49.7m, health provision customers increased 8% to 15.5m and aged care closing occupancy remained high at 94%.

•     As a result of this strong customer growth and price increases, revenue increased by 10% to £9.9bn. Combined with a 1ppt improvement in the Group Combined Operating Ratio (COR)[2]  of Bupa's insurance business to 94%, this drove a 20% increase in underlying profit to £683m at constant exchange rates (CER).

•     Statutory profit before tax of £654m was up 12% at actual exchange rates (AER).

•     Solvency II capital coverage ratio of 189% is above the top end of Bupa's working range, reflecting the Bupa Group's strong capital position underpinned by the short-duration profile of its insurance liabilities.

Trading performance

	HY 2026	HY 2025 (CER)	% growth (CER)	HY 2025 (AER)	% growth (AER)
Customers[3]	65.2m	n/a	n/a	58.9m	11%
Revenue[4]	£9.9bn	£9.0bn	10%	£8.8bn	12%
Underlying profit[5]	£683m	£571m	20%	£560m	22%
Statutory profit before tax	£654m	n/a	n/a	£582m	12%

Cash and capital

	HY 2026	HY 2025 (AER)	% growth (AER)
Cash generated from operating activities	£863m	£974m	(11%)
Leverage (excl. lease liabilities)	14.9%	16.4%	1.5ppts
Leverage (incl. lease liabilities)	22.4%	23.7%	1.3ppts
Solvency	189%	182%	7ppts

Strategic progress

•     Bupa's drive to implement customer experience improvements has helped it reach a global average NPS score of 74, up +4.5 pts year-on-year and +2.1 pts over the last six months, and 7.3 points since the start of the strategy. When compared to the same period last year, 96% of its business units improved their NPS and 70% achieved an NPS score of over 70.

•     Bupa has continued to expand the number of health provision sites available to its customers with 95 additional sites in the last year (+23 over the last six months) across hospitals, clinics and dental. In June 2026, Bupa announced the acquisition of Partnered Health Group in Australia, subject to regulatory approval.

•     Since the start of the project, Bupa has opened 53 Mindplaces across six countries (+7 over the last six months). It now has a total of 59 Mindplaces[6] globally, helping make high-quality mental healthcare accessible to more people.

•     Bupa has continued to expand its genomics capabilities, introducing pharmacogenomic testing, polygenic risk testing and whole genome sequencing across selected markets. Last year, it also launched what is now Europe's largest whole genome sequencing programme by a private healthcare company.

Outlook

•     Bupa is encouraged by the strong growth and performance across the Group as it reaches the half way point in its 3x100 Strategy. While global macro-economic and geopolitical uncertainty creates challenges, and changes in governmental and regulatory policy remain one of our top risks, the Group is well positioned to navigate these challenges and look for further opportunities.

Enquiries

Media - Duncan West (External Communications): [e-mail]

Investors - Mike Lunn (Treasury): [e-mail]

This statement is also available at www.bupa.com/financials/results-centre

About Bupa Finance plc

Bupa Finance plc (the Company) is a company incorporated in England and Wales. The Condensed Consolidated Half Year Financial Statements comprise the financial results and position of the Company and its subsidiaries (together referred to as the Group). The immediate and ultimate parent of the Company and its Group is The British United Provident Association Limited (the Parent or 'Bupa'), and Bupa together with its subsidiaries is referred to as the Bupa Group.

Established in 1947, Bupa's purpose is helping people live longer, healthier, happier lives and making a better world. The Bupa Group is an international healthcare company which served 68 million customers worldwide in 2025[7]. As Bupa is a company limited by guarantee, and therefore has no shareholders, it can reinvest profits into providing more and better healthcare for the benefit of current and future customers. The Bupa Group has businesses around the world, principally in the UK, Australia, Spain, Chile, Poland, New Zealand, Hong Kong SAR, Türkiye, Brazil, Mexico and India. It also has associate businesses[8] in Saudi Arabia.

For more information, see www.bupa.com.

Disclaimer: Cautionary statement concerning forward-looking statements

This document may contain certain 'forward-looking statements'. Forward-looking statements often use words such as 'intend', 'aim', 'project', 'anticipate', 'estimate', 'plan', 'believe', 'expect', 'forecasts', 'may', 'could', 'should', 'will', 'continue' or other words of similar meaning. Statements that are not historical facts, including statements about the beliefs and expectations of Bupa Finance plc 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, risks arising out of health crises and pandemics, 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. Recipients should not place reliance on, and are cautioned against relying on, any forward-looking statements. Except as required by any laws and regulations, 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.

Forward-looking statements in this document are current only as of the date on which such statements are made. No statement in this document is intended to be a profit forecast. 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.

Bupa Group CEO's Review

Progress against our 3x100 strategy

Bupa launched its new 3x100 Strategy at the start of 2025 which set three Ambition KPIs which the Bupa Group are striving towards. As Bupa reaches the halfway point of its three-year strategy, it has made good progress against each of its ambitions:

•     To have a Customer Net Promoter Score of 100. Since the launch of its 3x6 strategy, and now through 3x100, Bupa have continued to see more customers recommending them. Since this time last year, it has increased our NPS score by +4.5pts (including +2.1pts over the last six months), to achieve an average NPS score of 74 across all its business units. This represents an increase of 7.3pts since the beginning of the strategy. This is a new high score for Bupa and demonstrates its focus on achieving its ambition to be the world's most customer-centric healthcare company.

•     To achieve a 100% Complete Customer Dataset. In 2025, Bupa reached its first 60% goal on data foundations. The Group is now focused on expanding customer clinical data, the remaining 40% of its ambition.

•     To have 100m customers supported by Bupa. Compared to the first six months of 2025, Bupa increased its insurance customers by 12% to 49.7m, served 15.5m provision customers, up 8%, and its aged care occupancy rate is 94%.

Other highlights

•     Increased health provision: In line with Bupa's Connected Care strategy to bring health funding and provision care pathways together for its customers, it has increased the number of health provision sites available to its customers with 95 opening in the last year (+23 over the last six months). It now operates 919 dental centres, 538 clinics and health centres, and 28 hospitals around the world.On completion, the acquisition of Partnered Health Group will add 68 primary care clinics, three urgent care clinics, and corporate health and wellbeing services, further strengthening Bupa's health provision footprint in Australia.

•     Digital healthcare: More customers are engaging with Bupa digitally through Blua, its digital healthcare solution. Its registered customers reached almost 9m by 30 June 2026, up by around 0.9m, when compared to the same period last year (+0.3m over the last six months), and up by around 1.5m since the start of the strategy.

•     Healthy Cities: Central to Bupa's purpose is making a better world. Through its 2026 Healthy Cities programme, Bupa is progressing towards its aim of supporting three million people to adopt healthier lifestyles while regenerating urban environments.

•     People engagement: Bupa's latest global people engagement score in May 2026 was 84, maintaining its highest score to date and exceeding Microsoft Viva Glint's high performing benchmark (top 10%) of the most engaged companies globally. All its Market Units are now at or above this benchmark. Participation was at 86%. This high level of engagement across the Group has supported Bupa's strong strategic momentum.

Outlook

Bupa is encouraged by the strong growth and performance across the Group as it reaches the half way point in its 3x100 Strategy and the commitment from Bupa's colleagues.

Continued global macro-economic and geopolitical uncertainty create challenges for Bupa's businesses to navigate while changes in governmental and regulatory policy remain one of the Bupa Group's top risks. The Bupa Group remains well-placed to navigate these challenges and to take advantage of opportunities because of its underlying financial strength, resilience and diversified business model.

Bupa is confident for the future given there is positive momentum behind its 3x100 Strategy and its ambition to be the world's most customer-centric healthcare company. There is much to do and the Bupa Group is focused on supporting people's changing health and wellbeing needs by investing in innovation and provision, now and into the future.

FINANCIAL REVIEW

Summary

	HY 2026 £m	HY 2025 (CER)	% growth (CER)	HY 2025 (AER)	% growth (AER)
Bupa Asia Pacific	3,433	3,255	5%	3,085	11%
Europe and Latin America	3,387	2,976	14%	2,911	16%
Bupa Global, India and UK	3,068	2,767	11%	2,807	9%
Other Businesses	6	4	39%	5	34%
Adjustment[9]	21	13	62%	14	50%
Total Revenue	9,915	9,015	10%	8,822	12%
Bupa Asia Pacific	268	256	5%	242	11%
Europe and Latin America	262	204	28%	203	29%
Bupa Global, India and UK	154	122	26%	123	25%
Other Businesses	52	43	21%	45	16%
Market Unit Underlying Profit	736	625	18%	613	20%
Group Functions	6	8	(25%)	8	(25%)
Borrowing Costs	(39)	(38)	3%	(38)	3%
Group Investment Fund	(20)	(24)	(17%)	(23)	(13%)
Total Underlying Profit	683	571	20%	560	22%
Statutory profit before tax	654	n/a	n/a	582	12%
Group COR	94%	n/a	n/a	95%	1ppts
Cash generated from operating activities	863	n/a	n/a	974	(11)%
Leverage (excl. lease liabilities)	14.9%	n/a	n/a	16.4%	1.5ppts
Leverage (incl. lease liabilities)	22.4%	n/a	n/a	23.7%	1.3ppts
Solvency II ratio	189%	n/a	n/a	182%	7ppts

All commentary is on a CER basis unless stated otherwise.

Bupa Asia Pacific

Revenue in our Asia Pacific Market Unit increased by 5% to £3.4bn driven by price increases and customer growth, supported by the expansion of our health provision network whilst occupancy[10] levels in our aged care businesses remained high. Underlying profit increased by 5% to £268m.

Australia Health Insurance grew revenue and underlying profit against a headwind from reduced investment income. Domestic market share was 25.6% for the March 2026 quarter, marking over three consecutive years of maintaining or growing market share in a highly competitive environment. The COR improved to 91% (HY25: 92%) due to a lower opex ratio.

Australia Health Services revenue and underlying profit increased, driven by growth in customer volumes along with the expansion of our provision network. Since FY25, we have added a further two medical centres. In June 2026, we announced the acquisition of Partnered Health Group, subject to regulatory approval. Following the announcement of the acquisition, Partnered Health Group notified us of a cyber security incident affecting some of its systems. As the transaction has not yet completed and no systems have been integrated, no Bupa-held customer or employee data has been impacted.

In aged care, Australia Villages and Aged Care delivered revenue growth supported by higher resident fees, and sustained high occupancy at 95% (HY25: 95%), with underlying profit broadly in line with the prior year. In New Zealand Villages and Aged Care, revenue and underlying profit increased, driven by strong demand supporting higher average pricing for village units and occupancy remaining high at 95% (HY25: 95%).

Our Hong Kong business achieved revenue and underlying profit growth, from an improved loss ratio and customer retention in insurance along with higher volumes across our provision business.

Europe and Latin America

Revenue in our Europe and Latin America Market Unit grew by 14% to £3.4bn, driven by price increases and customer growth. Underlying profit increased by 28% to £262m, driven by revenue growth and higher margins.

Sanitas Seguros, our health insurance business in Spain, delivered strong revenue growth through price increases and higher customer volumes. Underlying profit increased as a result of the higher volumes and improved COR of 94% (HY25: 96%).

Our dental business in Spain saw revenue and underlying profit increase, driven by higher customer volumes and improved margins.

In our hospitals business in Spain, we saw revenues increase due to strong customer growth driven by higher levels of activity and footprint expansion. Profit was flat as the strong volume growth was offset by the impact of expansion.

Sanitas Mayores, our aged care business in Spain, increased revenues due to capacity expansion, with two new care homes in 2026 whilst occupancy remained high at 94% (HY25: 96%). Underlying profit remained stable year on year.

In Poland, LUX MED's revenue and underlying profit increased, driven by margin improvement and strong growth in the number of health insurance customers, generating more activity in our medical centres, hospitals and dental centres.

In Chile, our business delivered revenue and underlying profit growth, driven by the increased activity in hospitals and medical centres, and stability within the Isapre, with a positive impact on customer numbers and prices.

Bupa Acıbadem Sigorta, our health insurance business in Türkiye, reported growth in revenue and underlying profit as we priced for high inflation, customer numbers increased and the COR improved.

Care Plus in Brazil delivered strong revenue and underlying profit growth from higher customer volumes, while the loss ratio and investment returns also saw improvement.

Bupa Mexico delivered revenue growth driven by customer growth in insurance. Underlying profit reduced as the improved business performance was offset by the impact of new tax legislation denying the recoverability of VAT borne on hospital and medical expenses.

Bupa Global Latin America revenue and underlying profit increased due to improved customer retention and growth in new sales.

Bupa Global, India and UK

Revenue in our Bupa Global, India and UK market unit increased by 11% to £3.1bn driven by  customer growth and average premiums across the insurance businesses, particularly in Niva Bupa, and higher customer volumes in provision following the acquisitions of King Edward VII Hospital and New Victoria Hospital in the UK. Underlying profit increased by 26% to £154m driven by revenue growth and improved margins.

UK Insurance delivered growth in revenue and underlying profit with the increased performance driven by higher volumes and improved loss ratio, net of reduced investment income.

In Bupa Global, our international private medical insurance business, revenue and underlying profit increased due to higher volumes and higher average premiums, net of reduced investment income.

The COR for Bupa Insurance Limited, the UK based insurance entity that underwrites both domestic and international insurance, remained stable at 97% (HY25: 97%).

Niva Bupa, our health insurance business in India, continues to deliver material customer and revenue growth amidst increasing demand for health insurance. Underlying profit grew as a result of the customer growth, reduced operating expense ratio and higher investment returns.

In Bupa Dental Care, revenue and underlying profit increased due to improved margins as our clinics treat higher volumes of Bupa dental insurance customers, alongside strong Bupa Smile Plan performance and disciplined cost control.

UK Care Services, our aged care business, delivered growth in revenue and underlying profit through increasing occupancy to 92% (HY25: 90%) and disciplined cost management.

UK Health Services delivered growth in revenue driven by higher customer volumes and the acquisitions of King Edward VII Hospital and New Victoria Hospital. Underlying profit reduced as we invest in these businesses to support future growth.

Other Businesses

Profit from our associate insurance and provision businesses in Saudi Arabia increased, driven by higher investment income in insurance and volume growth and operating efficiency in provision.

Central costs

The Bupa Group investment funding of £(20)m (HY25:£(24)m) reduced driven by the transfer of certain costs out as they become business as usual activity.  This was partially offset by an increase in borrowing costs £(39)m (HY25: £(38)m) due to higher subordinated debt costs.

Statutory profit before tax

Statutory profit before tax of £683m at AER increased by £72m driven by underlying profit growth on a CER basis which increased by a further £11m at AER as the Australian Dollar strengthened against Sterling.

This was partially offset by a £51m reduction in non-underlying items, largely driven by a £28m gain in HY25 on the disposal of a legacy portfolio of individual health contracts in Brazil and FX losses of £(24)m driven by a net monetary loss of £(17)m (HY25: £(15)m) resulting from the application of IAS 29[11], compared to a £1m gain at HY25 where the IAS29 loss was offset by a FX gain on US Dollar movements.  

	HY 2026	HY 2025
	£m	£m
Consolidated underlying profit before taxation at CER	683	571
Foreign exchange re-translation on HY25 results (CER/AER)	-	(11)
Consolidated underlying profit before taxation at AER	683	560
Short-term fluctuation on investment returns	(4)	3
Net gain on disposal of businesses and transaction costs on business combinations	3	25
Realised and unrealised foreign exchange (losses)/gains	(24)	1
Other non-underlying items	(4)	(7)
Total non-underlying items	(29)	22
Statutory profit before taxation at AER	654	582

Taxation

The Group's effective taxation rate for the period was 23% (HY 2025: 27%; FY 2025: 25%), which is in line with the current UK corporation taxation rate of 25%.

Group COR

Under IFRS 17 we are required to report an insurance service result which comprises: insurance revenue, less insurance service expenses. This result excludes financial income and expenses. For HY26 the Group insurance service result increased to £437m (HY25: £328m at AER) resulting in an improvement in the Group COR to 94% (HY25: 95%).

Net cash generated from operating activities

Net cash generated from operating activities remained strong at £863m (HY25: £974m at AER). The year on year decrease was driven by increased profitability being offset by the timing of claims payments, tax instalments and other working capital movements.

Funding

We manage our funding prudently to ensure a strong platform for continued growth. Bupa's policy is to maintain investment grade access to both the senior and subordinated bond markets. There were no rating movements in the 6 months to 30 June 2026.

We continue to hold a good level of Group liquidity. At 30 June 2026, our £900m Revolving Credit Facility (RCF) was undrawn (FY 2025: undrawn). Coverage of financial covenants within the facility remains strong.

We focus on managing our leverage in line with our credit rating objectives. Leverage excluding IFRS 16 leases was down to 14.9% (FY 2025: 16.1%) with the reduction driven by an increase in net assets in the period.

Bupa Group Solvency

Bupa Group Solvency II capital coverage ratio of 189%[12] is above the top end of our 140-170% working range, reflecting our strong capital position underpinned by the short-duration profile of our insurance liabilities.

Solvency Position	HY 2026	HY 2025	% growth
Own Funds	£6.8bn	£5.8bn	17%
Solvency Capital Requirement	£3.6bn	£3.2bn	13%
Solvency Coverage Ratio	189%	182%	7ppts

Risk Sensitivities[13]	Solvency II coverage ratio
Solvency coverage ratio	189%
Property values -10%	180%
Loss ratio worsening by 2%	182%
Sterling depreciates by 20%	182%
Group Specific Parameter (GSP) +0.2%	187%
Credit spreads +100bps (no credit transition)	187%
Interest rate -100bps	189%
Equity markets -20%	189%
Pension risk +10%	189%

A movement in the value of our owned properties remains the most significant sensitivity. Most of the Group's property portfolio relates to our provision businesses, where valuations are driven by sector-specific earnings assumptions. Exposure to wider commercial property market trends is limited to a relatively small amount of office properties. Bupa's property risk sensitivity therefore primarily reflects the risk of property devaluation arising from sustained deterioration in profitability expectations across the provision sectors in which its assets operate rather than volatility from commercial property market valuations.

BUSINESS RISKS

We described our main risks in the Risk section of the Annual Report and Accounts 2025, available on www.bupa.com. While geopolitical uncertainty, economic volatility and information security risks are heightened, Bupa's principal risks remain consistent with those set out in that report.

This includes risks related to Environmental, Social and Governance (ESG) factors, as well as key climate-related risks for the short, medium and long term.

Strategic and financial risks:

The geopolitical and macroeconomic environment, influenced by ongoing global conflicts, continues to be challenging in most markets we operate in. In H1 2026, we have been monitoring the potential risks to our business of the escalating conflict in the Middle East. To date, there have been limited direct impacts on customers or performance and other short-term impacts on our businesses have been limited and localised. We continue to monitor potential longer-term impacts, alongside macroeconomic conditions and indicators across the markets. This includes potential impacts arising from more persistent inflation on customer purchasing decisions, product pricing and costs, including impacts on energy prices, supply chain costs, and wider market volatility. Workforce availability remains a strategic risk to the ongoing delivery of Bupa's products and services.

We manage risks to the Group's financial strength and resilience through clear reporting and monitoring mechanisms, including clearly defined risk appetites and prompt management action where needed. We continue to maintain a strong capital position, resilient business model, and a prudently managed liquidity position.

Governmental, legal and regulatory policy risks:

Changes in governmental, legal and regulatory policy remains a principal risk given the nature of our businesses and differing local market environments in which they operate.

We monitor potential developments to position ourselves to manage these risks proactively, and to respond appropriately when they emerge. We engage with governments and regulators, as appropriate, to understand and influence potential changes to ensure we continue to deliver quality and value for our customers, and complement public health systems.

Operational risks:

The Group continues to face a wide range of operational risks, including those relating to the use of technology, information security, third-parties and workforce. We have an established risk management framework, including the setting of risk appetite and associated monitoring and governance processes, to help manage these, and other operational risks, appropriately.

While the rapid developments in frontier-AI creates opportunities, it also increases the potential size and speed of downside cybersecurity-related threats. Managing this risk is a key priority for the Group. We continue to invest in information security, technology, operational resilience, and third-party risk management to uplift capability and capacity across the Group, and strengthen our preparedness and ability to respond.

Managing risks to our customers, including those relating to clinical and conduct-related activities remains a priority. In 2026 we strengthened our oversight of clinical governance, quality and safety through the establishment of the Board's Clinical Governance and Oversight Committee.

Our approach to risk management:

We have a well-established process for identifying and managing business risks. Monitoring and managing our risks supports delivery of our strategic objectives, and helps meet the evolving expectations of our stakeholders, including customers, people, bondholders, and regulators. Our approach to managing risk, including the operation of our 'three lines model' also ensures that we establish, operate and continually improve the effectiveness of our internal controls.

Bupa Finance plc

(Company Number 2779134)

Condensed Consolidated Half Year Financial Statements (unaudited)

Six months ended 30 June 2026

Bupa Finance plc

Condensed Consolidated Income Statement

for the six months ended 30 June 2026 (unaudited)

		For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	Note	£m	£m	£m
Insurance revenue	2, 13.1	7,111	6,354	13,102
Insurance service expenses	13.1	(6,637)	(6,009)	(12,272)
Insurance service result before reinsurance contracts held	13.1	474	345	830
Net expense from reinsurance contracts held	13.2	(37)	(17)	(32)
Insurance service result		437	328	798
Care, health and other customer contract revenue	3	2,757	2,423	4,950
Other revenue	3	47	45	102
Total non-insurance revenue	3	2,804	2,468	5,052
Share of post-taxation results of equity-accounted investments		49	44	82
Impairment of goodwill and intangible assets	7	-	-	(15)
Other operating expenses		(2,711)	(2,389)	(4,974)
Other income and charges	4	23	38	42
Total other expenses, income and charges		(2,639)	(2,307)	(4,865)
Profit before financial income and expense		602	489	985
Financial income and expense
Financial income	5	248	257	516
Financial expense	5	(110)	(94)	(204)
Net financial expense from insurance contracts issued	5.1, 13.1	(60)	(51)	(105)
Net monetary loss	1.6	(19)	(13)	(30)
Net impairment on financial assets		(7)	(6)	(15)
Net financial income		52	93	162
Profit before taxation expense		654	582	1,147
Taxation expense	6	(152)	(155)	(288)
Profit for the period		502	427	859
Attributable to:
Shareholder of Bupa Finance plc		493	422	847
Non-controlling interests		9	5	12
Profit for the period		502	427	859

Notes 1-19 form part of these Condensed Consolidated Financial Statements.

Bupa Finance plc

Condensed Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2026 (unaudited)

		For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	Note	£m	£m	£m
Profit for the period		502	427	859
Other comprehensive income/(expense)
Items that will not be reclassified to the Income Statement
Unrealised gain on revaluation of property	8	-	4	70
Remeasurement gain on pension schemes	10	-	-	1
Taxation charge on income and expenses recognised directly in other comprehensive income		-	(1)	(15)
Items that may be reclassified subsequently to the Income Statement
Foreign exchange translation differences on goodwill	7	39	(76)	(39)
Other foreign exchange translation differences		75	(166)	(73)
Net (loss)/gain on hedge of net investment in overseas subsidiaries		(17)	19	5
Share of other comprehensive (expense)/income of equity-accounted investments		(8)	2	(6)
Change in fair value of financial investments through other comprehensive income		(4)	14	1
Change in expected credit losses (ECL) of financial investments through other comprehensive income		-	2	2
Realised loss on disposal of financial investments at fair value through other comprehensive income		-	(2)	(2)
Change in cash flow hedge reserve		1	-	(1)
Taxation credit/(charge) on income and expenses recognised directly in other comprehensive income		3	(4)	-
Total other comprehensive income/(expense)		89	(208)	(57)
Comprehensive income for the period		591	219	802
Attributable to:
Shareholder of Bupa Finance plc		588	221	803
Non-controlling interests		3	(2)	(1)
Comprehensive income for the period		591	219	802

Notes 1-19 form part of these Condensed Consolidated Financial Statements.

Bupa Finance plc

Condensed Consolidated Statement of Financial Position

as at 30 June 2026 (unaudited)

		At 30 June 2026	At 31 December 2025  restated¹	At 30 June 2025  restated¹
	Note	£m	£m	£m
Assets
Goodwill and intangible assets	7	3,248	3,185	3,087
Property, plant and equipment	8	4,248	4,144	3,754
Investment property	9	812	781	774
Equity-accounted investments		1,016	1,008	942
Post-employment benefit net assets	10	2	2	2
Deferred taxation assets		112	129	88
Restricted assets	11	187	167	164
Financial investments	12	5,989	5,362	4,958
Derivative assets		22	52	70
Reinsurance contract assets	13.2	151	130	115
Current taxation assets		14	17	9
Inventories		88	73	67
Trade and other receivables		1,040	940	928
Assets held for sale	14	14	19	24
Cash and cash equivalents¹	15	1,997	2,016	2,303
Total assets		18,940	18,025	17,285
Liabilities
Subordinated liabilities	16	(872)	(872)	(770)
Other interest-bearing liabilities	16	(672)	(723)	(767)
Post-employment benefit net liabilities	10	(4)	(6)	(7)
Lease liabilities		(1,001)	(968)	(885)
Deferred taxation liabilities		(163)	(167)	(147)
Share purchase liabilities		(10)	(10)	(7)
Derivative liabilities		(40)	(33)	(44)
Provisions for liabilities and charges		(335)	(345)	(365)
Insurance contract liabilities	13.1	(3,940)	(3,329)	(3,548)
Current taxation liabilities		(64)	(112)	(113)
Trade and other payables¹		(3,038)	(3,164)	(2,822)
Liabilities associated with assets held for sale	14	(6)	(2)	-
Total liabilities		(10,145)	(9,731)	(9,475)
Net assets		8,795	8,294	7,810
Equity
Share capital		200	200	200
Foreign exchange translation reserve		20	(74)	(185)
Property revaluation reserve		726	724	669
Cash flow hedge reserve		-	(1)	-
Income and expenditure reserve		7,413	7,014	6,699
Equity attributable to shareholder of Bupa Finance plc		8,359	7,863	7,383
Restricted Tier 1 notes	17	297	297	297
Non-controlling interests		139	134	130
Total equity		8,795	8,294	7,810

1.	Amounts have been restated for the adoption of Amendments to the Classification and Measurement of Financial Instruments. See Note 1.4(a).

Notes 1-19 form part of these Condensed Consolidated Financial Statements.

Bupa Finance plc

Condensed Consolidated Statement of Cash Flows

for the six months ended 30 June 2026 (unaudited)

		For six months ended 30 June 2026	For six months ended 30 June 2025  restated¹	For year ended 31 December 2025  restated¹
	Note	£m	£m	£m
Cash flow from operating activities
Profit before taxation expense		654	582	1,147
Adjustments for:
Net financial income		(131)	(157)	(297)
Net monetary loss	1.6	19	13	30
Depreciation, amortisation and impairment	7, 8, 14	270	232	508
Other non-cash items		(101)	(152)	(211)
Changes in working capital and provisions:
Increase in insurance contract liabilities		604	628	383
Increase in reinsurance contract assets		(22)	(32)	(48)
Funded pension scheme employer contributions		(2)	-	(2)
Increase in trade and other receivables, and other assets		(70)	(71)	(107)
(Decrease)/increase in trade and other payables, and other liabilities¹		(186)	47	297
Cash generated from operations		1,035	1,090	1,700
Income taxation paid		(171)	(115)	(278)
(Increase)/decrease in cash held in restricted assets		(1)	(1)	2
Net cash generated from operating activities		863	974	1,424
Cash flow from investing activities
Acquisition of subsidiaries and businesses, net of cash acquired		(6)	(27)	(64)
Investment in equity-accounted investments		-	(9)	(20)
Dividends received from equity-accounted investments		-	1	38
Disposal of subsidiaries and other businesses, net of cash disposed of		13	13	(1)
Purchase of intangible assets	7	(100)	(66)	(168)
Purchase of property, plant and equipment		(165)	(151)	(402)
Proceeds from sale of property, plant and equipment		1	4	9
Purchase of investment property		(12)	(12)	(35)
Disposal of investment property	9	-	-	2
Purchases of financial investments, excluding deposits with credit institutions		(2,221)	(1,962)	(3,668)
Proceeds from sale and maturities of financial investments, excluding deposits with credit institutions		1,898	1,553	3,041
Net investments into deposits with credit institutions		(235)	(4)	(119)
Interest received		235	278	457
Net cash used in investing activities		(592)	(382)	(930)
Cash flow from financing activities
Payment of Restricted Tier 1 coupon	17	(6)	(6)	(12)
Proceeds from issue of interest-bearing liabilities and drawdowns on other borrowings		-	-	392
Repayment of interest-bearing liabilities and other borrowings		(17)	(1)	(449)
Principal repayment of lease liabilities		(71)	(70)	(143)
Payment of interest on lease liabilities		(32)	(25)	(54)
Acquisition of non-controlling interests in subsidiary company		-	-	(1)
Capital contributions from non-controlling interests in subsidiary		1	-	5
Interest paid		(28)	(22)	(66)
Net receipts from hedging instruments		1	40	50
Dividends paid		(88)	(115)	(212)
Dividends paid to non-controlling interests		-	(3)	(4)
Net cash used in financing activities		(240)	(202)	(494)
Net increase in cash and cash equivalents		31	390	-
Cash and cash equivalents at beginning of period¹,²		2,092	2,102	2,102
Effect of exchange rate changes		15	(60)	(10)
Cash and cash equivalents at end of period¹,²	15	2,138	2,432	2,092

1.	Amounts have been restated for the adoption of Amendments to the Classification and Measurement of Financial Instruments. See Note 1.4(a).
2.	Includes restricted cash of £156m (HY 2025: £130m; FY 2025: £136m) which is considered cash and cash equivalents along with bank overdrafts of £15m (HY 2025: £1m; FY 2025: £60m) which are presented on the statement of financial position within Restricted assets (see Note 11) and Borrowings (see Note 16) respectively.

Notes 1-19 form part of these Condensed Consolidated Financial Statements.

Bupa Finance plc

Condensed Consolidated Statement of Changes in Equity

for the six months ended 30 June 2026 (unaudited)

		Share Capital	Foreign exchange translation reserve	Property revaluation reserve	Cash flow hedge reserve	Income and expenditure reserve	Total attributable to shareholder of Bupa Finance plc	Restricted Tier 1 notes	Non-controlling interests	Total equity
For six months ended 30 June 2026	Note	£m	£m	£m	£m	£m	£m	£m	£m	£m
Balance as at 1 January 2026		200	(74)	724	(1)	7,014	7,863	297	134	8,294
Profit for the period		-	-	-	-	493	493	-	9	502
Other comprehensive income/(expense)
Realised revaluation profit on disposal of property		-	-	(5)	-	5	-	-	-	-
Foreign exchange translation differences on goodwill	7	-	39	-	-	-	39	-	-	39
Other foreign exchange translation differences		-	70	7	-	3	80	-	(5)	75
Net loss on hedge of net investment in overseas subsidiaries		-	(17)	-	-	-	(17)	-	-	(17)
Share of other comprehensive expense of equity-accounted investments		-	-	-	-	(8)	(8)	-	-	(8)
Change in fair value of financial investments through other comprehensive income		-	-	-	-	(3)	(3)	-	(1)	(4)
Change in cash flow hedge reserve		-	-	-	1	-	1	-	-	1
Taxation credit on income and expense recognised directly in other comprehensive income		-	2	-	-	1	3	-	-	3
Other comprehensive income/(expense) for the period, net of taxation		-	94	2	1	(2)	95	-	(6)	89
Total comprehensive income for the period		-	94	2	1	491	588	-	3	591
Payment of Restricted Tier 1 coupon, net of taxation	17	-	-	-	-	(5)	(5)	-	-	(5)
Gain on disposal/dilution of shares		-	-	-	-	1	1	-	-	1
Changes in non-controlling interests		-	-	-	-	-	-	-	2	2
Dividends paid to shareholder of the Company		-	-	-	-	(88)	(88)	-	-	(88)
Balance as at 30 June 2026		200	20	726	-	7,413	8,359	297	139	8,795

		Share Capital	Foreign exchange translation reserve	Property revaluation reserve	Cash flow hedge reserve	Income and expenditure reserve	Total attributable to shareholder of Bupa Finance plc	Restricted Tier 1 notes	Non-controlling interests	Total equity
For year ended 31 December 2025	Note	£m	£m	£m	£m	£m	£m	£m	£m	£m
Balance as at 1 January 2025		200	21	668	-	6,392	7,281	297	135	7,713
Profit for the year		-	-	-	-	847	847	-	12	859
Other comprehensive income/(expense)
Unrealised gain on revaluation of property	8	-	-	70	-	-	70	-	-	70
Realised revaluation profit on disposal of property		-	-	(5)	-	5	-	-	-	-
Remeasurement gain on pension schemes	10	-	-	-	-	1	1	-	-	1
Foreign exchange translation differences on goodwill	7	-	(39)	-	-	-	(39)	-	-	(39)
Other foreign exchange translation differences		-	(62)	6	-	(2)	(58)	-	(15)	(73)
Net gain on hedge of net investment in overseas subsidiaries		-	5	-	-	-	5	-	-	5
Share of other comprehensive expense of equity-accounted investments		-	-	-	-	(6)	(6)	-	-	(6)
Change in fair value of financial investments through other comprehensive income		-	-	-	-	(1)	(1)	-	2	1
Change in ECL of financial investments through other comprehensive income		-	-	-	-	2	2	-	-	2
Realised loss on disposal of financial investments at fair value through other comprehensive income		-	-	-	-	(2)	(2)	-	-	(2)
Change in cash flow hedge reserve		-	-	-	(1)	-	(1)	-	-	(1)
Taxation credit/(charge) on income and expense recognised directly in other comprehensive income		-	1	(15)	-	(1)	(15)	-	-	(15)
Other comprehensive (expense)/income for the year, net of taxation		-	(95)	56	(1)	(4)	(44)	-	(13)	(57)
Total comprehensive (expense)/income for the year		-	(95)	56	(1)	843	803	-	(1)	802
Payment of Restricted Tier 1 coupon, net of taxation	17	-	-	-	-	(9)	(9)	-	-	(9)
Recognition of share purchase liability		-	-	-	-	(3)	(3)	-	-	(3)
Gain on disposal/dilution of shares		-	-	-	-	2	2	-	-	2
Changes in non-controlling interests		-	-	-	-	1	1	-	4	5
Dividends paid to shareholder of the Company		-	-	-	-	(212)	(212)	-	-	(212)
Dividends paid to non-controlling interests		-	-	-	-	-	-	-	(4)	(4)
Balance as at 31 December 2025		200	(74)	724	(1)	7,014	7,863	297	134	8,294

		Share Capital	Foreign exchange translation reserve	Property revaluation reserve	Income and expenditure reserve	Total attributable to shareholder of Bupa Finance plc	Restricted Tier 1 notes	Non-controlling interests	Total equity
For six months ended 30 June 2025	Note	£m	£m	£m	£m	£m	£m	£m	£m
Balance as at 1 January 2025		200	21	668	6,392	7,281	297	135	7,713
Profit for the period		-	-	-	422	422	-	5	427
Other comprehensive income/(expense)
Unrealised gain on revaluation of property	8	-	-	4	-	4	-	-	4
Foreign exchange translation differences on goodwill	7	-	(76)	-	-	(76)	-	-	(76)
Other foreign exchange translation differences		-	(148)	(2)	(5)	(155)	-	(11)	(166)
Net gain on hedge of net investment in overseas subsidiaries		-	19	-	-	19	-	-	19
Share of other comprehensive income of equity-accounted investments		-	-	-	2	2	-	-	2
Change in fair value of financial investments through other comprehensive income		-	-	-	9	9	-	5	14
Change in ECL of financial investments through other comprehensive income		-	-	-	2	2	-	-	2
Realised loss on disposal of financial investments at fair value through other comprehensive income		-	-	-	(2)	(2)	-	-	(2)
Taxation charge on income and expense recognised directly in other comprehensive income		-	(1)	(1)	(2)	(4)	-	(1)	(5)
Other comprehensive (expense)/income for the period, net of taxation		-	(206)	1	4	(201)	-	(7)	(208)
Total comprehensive (expense)/income for the period		-	(206)	1	426	221	-	(2)	219
Payment of Restricted Tier 1 coupon, net of taxation	17	-	-	-	(5)	(5)	-	-	(5)
Changes in non-controlling interests		-	-	-	1	1	-	-	1
Dividends paid to shareholder of the Company		-	-	-	(115)	(115)	-	-	(115)
Dividends paid to non-controlling interests		-	-	-	-	-	-	(3)	(3)
Balance as at 30 June 2025		200	(185)	669	6,699	7,383	297	130	7,810

Notes 1-19 form part of these Condensed Consolidated Financial Statements.

Bupa Finance plc

Notes to the Condensed Consolidated Financial Statements

for the six months ended 30 June 2026 (unaudited)

1   Basis of preparation

1.1   Basis of preparation

Bupa Finance plc (the 'Company'), a company incorporated in England and Wales and domiciled in the United Kingdom, together with its subsidiaries (collectively the 'Group') is an international healthcare business, providing health insurance, treatment in clinics, dental centres and hospitals, and operating care homes. The immediate and ultimate parent of the Company is The British United Provident Association Limited (the 'Parent' or 'Bupa' and together with its subsidiaries, the 'Bupa Group').

The Condensed Consolidated Half Year Financial Statements of the Company as at and for the six months ended 30 June 2026 comprise those of the Company and its subsidiary companies.

The interim financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with UK-adopted international accounting standards, in conformity with the requirements of the Companies Act 2006. The interim financial statements have been prepared on the basis of the accounting policies set out in the annual financial statements for the year ended 31 December 2025 updated for the application of new and amended accounting standards as set out in Note 1.4.

The interim financial statements were approved by a duly appointed and authorised committee of the Board of Directors of Bupa Finance plc on 5 August 2026.

The financial information contained in these interim financial statements does not constitute statutory accounts of Bupa Finance plc within the meaning of Section 434 of the Companies Act 2006. The comparative figures for the financial year ended 31 December 2025 are not the Company's statutory accounts for that financial year. Those accounts have been reported on by the Company's auditor and delivered to the Registrar of Companies. The report of the auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

1.2   Going concern

Following a detailed assessment of the Group's current position and forecast results, along with scenario-based stress testing and reverse stress testing, the Directors have concluded that the Group has adequate resources to operate for at least the next 12 months from the approval of these financial statements and that it is appropriate to prepare the interim financial statements on a going concern basis. This assessment considered forecast and reasonably possible adverse changes to the Group's liquidity, regulatory solvency, access to funding and trading profitability over the next 12 months.

The assessment identified the risks and uncertainties most likely to impact the Group and considered the impact to the Group's businesses under a number of reasonably plausible severe scenarios as well as consideration of contingent liabilities.

Our most severe reasonably plausible stressed scenarios considered a stagflation scenario, characterised by persistent inflation, suppressed consumer spending, minimal or negative economic growth, and elevated unemployment, and a variety of local scenarios developed by each Business Unit, with the majority focusing on affordability pressures, stroke of pen risks (i.e. the risk of sudden government policy changes) and/or weakening market positioning. Under these scenarios, although significant short-term reductions in profitability arise, the Group would continue to operate over the next 12 months and would remain within its risk appetites for liquidity and regulatory solvency. Management actions would allow downside impacts to be mitigated, and risk appetites controlled, by reducing expenditure, obtaining additional funding or divesting investments or businesses. Furthermore, under the stressed scenarios considered, the Group expects to remain compliant with covenants of its £900m revolving credit facility ('RCF', see Note 16) and may further draw down on the RCF in order to meet liquidity needs.

Details of the Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Half Year 2026 Results Announcement. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review of the Half Year 2026 Results Announcement.

1.3   Accounting estimates and judgements

The preparation of financial statements requires the use of certain accounting estimates and assumptions that affect the reported assets, liabilities, income and expenses. It also requires management to exercise judgement in applying the Group's accounting policies.

The areas involving a higher degree of judgement or complexity, or where estimates are significant to the Condensed Consolidated Financial Statements, are set out below. Changes in these estimates could lead to a material adjustment to the carrying value of the assets and liabilities in the next financial year. Further detail is in the related notes.

Area	Details	Note
Goodwill and intangible assets	Goodwill and intangible assets are recognised on acquired businesses based on fair values at the date of acquisition. Goodwill and intangible assets with indefinite lives are tested for impairment on an annual basis, or more frequently when there are indicators of impairment. Other intangible assets are tested for impairment when there are indicators of impairment. Sources of estimation uncertainty Value in use based impairment tests include a number of sources of estimation uncertainty as the key assumptions used when modelling the recoverable amount require estimating the discount rate, terminal growth rate and the forecast cash flows. Estimation uncertainties within these cash flows vary by CGU. For provision business these include the number of customers, available clinician hours, fee rates and operating expenses. Accounting judgements Judgement has been applied to determine whether there is an indication of impairment to intangible assets and goodwill or an indication that prior impairments of intangible assets should be reversed. In making these judgements, the Group has considered current trading and future plans associated with each of the assets, along with external market factors, in order to assess whether a full valuation is required to assess for impairments or reversal of impairments.	7
Property valuations	The Group has a significant portfolio of care home, hospital and office properties. These are subject to periodic and at least triennial valuations performed by external independent valuers, with directors' valuations performed in intervening years. In addition, the Group has a significant portfolio of investment properties, primarily retirement villages in New Zealand. These properties are revalued annually. Sources of estimation uncertainty Significant assumptions for freehold properties are normalised earnings, average occupancy and capitalisation rates, whereas for investment property significant assumptions are discount and capital growth rates. Accounting judgements In valuing care home property, a judgement is made on the highest and best use of the property. In the majority of cases this leads to the property being valued as part of a group of assets making up a going concern business using market-based assumptions. The business is valued on a fair maintainable trade basis with the fair value thus calculated being allocated to plant and equipment where applicable at net book value (as a proxy for fair value), with the residual value being allocated to the property.	8, 9
Insurance contracts	Sources of estimation uncertainty Best estimate of claims provisioning Estimates included in the insurance contract liabilities include expected claims payments and expenses required to settle existing insurance contract obligations. The key assumptions used in the calculation of the liability for incurred claims (LFIC) include claims development, claims costs inflation, medical trends and seasonality. Uncertainty exists particularly in relation to estimating the frequency and severity of incurred claims for the most recent months prior to the period end. Accounting judgements Premium allocation approach (PAA) The Group exercises judgement in determining whether the PAA eligibility criteria are met at initial recognition. For a small number of insurance contracts, which have a coverage period that is greater than 12 months, the Group elects to apply the PAA, if at the inception of the contract the Group reasonably expects that it will provide a liability for remaining coverage (LFRC) that would not differ materially from the General Measurement Model (GMM).	13

1.4   Changes in accounting policies

Except for the changes detailed below, the interim financial statements have been prepared on the basis of the accounting policies set out in the annual financial statements for the year ended 31 December 2025.

(a) Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7

The Group has adopted Amendments to the Classification and Measurement of Financial Instruments-Amendments to IFRS 9 and IFRS 7 from 1 January 2026. The amendments clarify the date on which a financial asset or financial liability is derecognised. For financial liabilities settled through an electronic payment system, an accounting policy option is available to derecognise the liability before cash is delivered on the settlement date if specified criteria are met. The amendments also provide clarifications on the classification for certain financial assets, such as those with environmental, social and corporate governance and similar features, and amend certain disclosure requirements.

The Group elected to apply the accounting policy option to derecognise financial liabilities settled using an electronic payment system before the settlement date. For financial liabilities settled by cheque, the liability will not be derecognised until payment is settled. As a result of adopting these amendments, the Group has retrospectively reclassified uncleared cheque payments, resulting in an increase in both cash and cash equivalents and trade and other payables of £7m at 1 January 2025, £5m at 31 December 2025, and £4m at 30 June 2025. There was no further impact on these financial statements as a result of adopting the amendments.

(b) Contracts Referencing Nature-dependent Electricity-Amendments to IFRS 9 and IFRS 7

The Group has adopted these amendments from 1 January 2026. The amendments provide requirements for contracts such as power purchase agreements ('PPAs') that expose an entity to variability arising from natural conditions, such as weather, that impact the generation of electricity. For such contracts, the amendments clarify the application of the IFRS 9 'own use' scope exemption, allow a variable portion to be designated as part of a hedging relationship, and add additional disclosure requirements.

Additional disclosures required by these amendments will be made in the annual financial statements for the year ended 31 December 2026. There was no further impact on these financial statements and the Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting the amendments,

(c) Other

A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.

1.5   Forthcoming financial reporting requirements

(a) IFRS 18 Presentation and Disclosure in Financial Statements

In April 2024 the International Accounting Standards Board (IASB) issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will supersede IAS 1 Presentation of Financial Statements, providing general presentation requirements for financial statements prepared in line with IFRS accounting standards. In 2026 the IFRS Interpretations Committee published several Agenda Decisions related to IFRS 18.

The standard requires new subtotals in the income statement, including operating profit. Entities must provide disclosures about management-defined performance measures. The standard also provides additional guidance on the aggregation and disaggregation of data in financial statements.

IFRS 18 is effective for the Group from 1 January 2027. The detailed application of this standard is currently being evaluated by the Group. The standard is expected to impact presentation and disclosure, but have no impact on recognition and measurement. The Agenda Decisions published in 2026 are not expected to have any impact on decisions already taken as part of the Group's implementation of IFRS 18.

(b) IFRS 20 Regulatory Assets and Regulatory Liabilities

In May 2026 the IASB issued IFRS 20 Regulatory Assets and Regulatory Liabilities. IFRS 20 will supersede IFRS 14 Regulatory Deferral Accounts.

The standard applies to companies subject to rate regulation under which compensation for regulatory goods or services supplied during the period is charged to customers through regulated rates in a different period, creating a timing difference. IFRS 20 specifies how to account for the assets, liabilities, income and expense arising from these timing differences. Regulated insurance premiums are not in scope and the standard is mainly expected to affect companies in industries such as utilities, energy and transportation.

IFRS 20 is effective from 1 January 2029, subject to endorsement in the UK, which has not yet taken place. The impact of this standard is currently being evaluated by the Group.

1.6   Foreign exchange

The following significant exchange rates applied during the period:

	Average rate				Closing rate
	30 June 2026	31 December 2025	30 June 2025		30 June 2026	31 December 2025	30 June 2025
Australian dollar	1.92	2.04	2.05		1.92	2.02	2.09
Brazilian real	6.93	7.37	7.47		6.85	7.38	7.45
Chilean peso	1,201.85	1,254.03	1,239.33		1,223.99	1,212.19	1,277.32
Danish krone	8.62	8.71	8.86		8.67	8.56	8.69
Egyptian pound	67.97	64.95	65.49		65.25	64.17	68.06
Euro	1.15	1.17	1.19		1.16	1.15	1.16
Hong Kong dollar	10.52	10.28	10.12		10.40	10.48	10.77
Indian rupee	125.14	114.95	111.71		125.37	121.03	117.59
Mexican peso	23.50	25.30	25.88		23.18	24.25	25.73
New Zealand dollar	2.29	2.27	2.24		2.33	2.34	2.25
Polish zloty	4.89	4.95	5.02		4.99	4.84	4.95
Saudi riyal	5.05	4.95	4.87		4.98	5.05	5.15
Turkish lira¹	61.83	57.79	54.62		61.83	57.79	54.62
US dollar	1.35	1.32	1.30		1.33	1.35	1.37

1.	Closing rate of Turkish lira applied to average rate due to the application of IAS 29.

Türkiye is a hyperinflationary economy and IAS 29 Financial Reporting in Hyperinflationary Economies has been applied from June 2022 onwards. As a consequence, the results and balances for the Group's Turkish operations have been adjusted for changes in the general purchasing power of the Turkish lira. In order to make this adjustment the Group refers to the CPI index published by the Turkish Statistical Institute. The value of CPI at 30 June 2026 was 4,137.71 (HY 2025: 3,131.96; FY 2025:  3,513.93) and the movement in CPI for the period ended 30 June 2026 was 624 (HY 2025: 447; FY 2025: 829), an increase of 17.8% (HY 2025: 16.7%; FY 2025: 30.9%).

A loss of £19m (HY 2025: £13m; FY 2025: £30m) arising from the devaluation of net monetary assets has been recognised within net financial income in the Condensed Consolidated Income Statement. This includes the impact of indexing amounts in the Condensed Consolidated Income Statement for the application of IAS 29, reducing profit before taxation by £17m for the period (HY 2025: £15m; FY 2025: £25m).

For segmental reporting purposes, the net impact of applying hyperinflationary accounting has been excluded from underlying profit and included within realised and unrealised FX gain/loss as this is how the Group measures the performance of the business.

All Turkish lira amounts are translated to the Group's presentation currency of sterling, using the closing exchange rate in effect on 30 June 2026 of 61.83 (HY 2025: 54.62; FY 2025: 57.79). The impact of this adjustment is recorded within other foreign exchange translation differences in the Condensed Consolidated Statement of Comprehensive Income and within the foreign exchange translation reserve in the Condensed Consolidated Statement of Financial Position. The Group recognises the remaining exchange difference arising on consolidation within other foreign exchange translation differences through other comprehensive income in the foreign exchange translation reserve.

2   Operating segments

The Group operates in three Market Units, Bupa Asia Pacific; Europe and Latin America; and Bupa Global, India and UK. Management monitors the operating results of the Market Units separately to assess performance and make decisions about the allocation of resources. Other businesses represents the Group's associate investment, Bupa Arabia. 

Reportable Segments	Services and Products
Bupa Asia Pacific	Bupa Health Insurance: Health insurance, international health cover in Australia. Bupa Health Services: Health provision business, comprising dental, optical, audiology, medical assessment services, health centres and healthcare for the Australian Defence Force. Bupa Villages and Aged Care Australia: Nursing, residential, respite care and residential villages. Bupa Villages and Aged Care New Zealand: Nursing, residential, respite care and residential villages. Bupa Hong Kong: Domestic health insurance, primary healthcare and day care clinics including diagnostics.
Europe and Latin America	Sanitas Seguros: Health insurance and related products in Spain and Portugal. Sanitas Dental: Insurance and dental services through clinics and third-party networks in Spain, and the management and operation of a dental clinic in Portugal. Sanitas Hospitales: Management and operation of hospitals, rehabilitation centres and health clinics in Spain and health clinics in Peru. Sanitas Mayores: Nursing, residential and respite care in care homes and day centres in Spain. LUX MED: Medical subscriptions, health insurance, and the management and operation of diagnostics, health clinics and hospitals in Poland. Bupa Acıbadem Sigorta: Domestic health insurance, related products and dental services through clinics in Türkiye. Bupa Chile: Domestic health funding and the management and operation of health clinics and hospitals in Chile. Care Plus: Domestic health insurance, dental services through clinics and a vaccination centre in Brazil. Bupa Mexico: Health insurance and the management and operation of a hospital in Mexico. Bupa Global Latin America: International health insurance.
Bupa Global, India and UK	Bupa UK Insurance: Domestic health insurance, and administration services for Bupa health trusts. Bupa Dental Care UK: Dental services and related products. Bupa Care Services: Nursing, residential, respite care and care villages. Bupa Health Services: Clinical services, health assessment related products and management and operation of three private hospitals. Bupa Global: International health insurance to individuals, small businesses and corporate customers. Niva Bupa (India): Health insurance and related products in India. Associate: Highway to Health, Inc. (United States of America) (operating as Blue Cross Blue Shield Global Solutions).
Other businesses	Associate: Bupa Arabia (Kingdom of Saudi Arabia).

A key performance measure of operating segments utilised by the Group is underlying profit. Underlying profit is used to distinguish business performance from other constituents of the IFRS reported profit before taxation not directly related to the trading performance of the business.

Underlying profit

The following items are excluded from underlying profit:

-	Impairment of intangible assets and goodwill arising on business combinations - these impairments are considered to be one-off and not reflective of the in-year trading performance of the business.
-	Short-term fluctuations on investment return - underlying profit is based on an expected long-term investment return over the period for return-seeking financial assets. Any variance between the total investment return (including realised and unrealised gains) and the expected return over the period is disclosed separately outside underlying profit, in short-term fluctuations. These fluctuations are not considered to be directly related to underlying trading performance.
-	Net gains/losses on disposal of businesses and transaction costs on business combinations - gains/losses on disposal of businesses that are material and one-off in nature to the reportable segment are not considered part of the continuing business. Transaction costs that relate to material acquisitions or disposals are not related to the ongoing trading performance of the business.
-	Net property revaluation gains/losses - short-term fluctuations which do not reflect underlying trading performance. This includes deficit on the revaluation of freehold properties and property impairment losses.
-	Realised and unrealised foreign exchange gains/losses - fluctuations outside of management control, which do not reflect underlying trading performance. This includes the net impact of applying hyperinflationary accounting.
-	Other Market Unit/Group non-underlying items - includes items that are considered material to the reportable segment or Group and are not reflective of ongoing trading performance. This includes items such as restructuring costs and profit or loss amounts related to changes to strategic investments.

The total underlying profit of the reportable segments is reconciled below to the profit before taxation expense in the Condensed Consolidated Income Statement.

	Bupa Asia Pacific	Europe and Latin America	Bupa Global, India and UK	Other businesses	Group Functions	Adjustments¹	Total
For six months ended 30 June 2026	£m	£m	£m	£m	£m	£m	£m
Revenues
Insurance revenue	2,602	2,179	2,310	-	-	20	7,111
Inter-Market Unit revenue	(39)	(1)	40	-	-	-	-
Insurance revenue for reportable segments	2,563	2,178	2,350	-	-	20	7,111
Care, health and other customer contract revenue	837	1,202	717	-	-	1	2,757
Other revenue	33	7	1	6	-	-	47
Non-insurance revenue for reportable segments	870	1,209	718	6	-	1	2,804
Total revenue for reportable segments	3,433	3,387	3,068	6	-	21	9,915
Segmental result
Underlying profit	268	262	155	52	6	-	743
Borrowing costs	-	-	(1)	-	(39)	-	(40)
Group investment funding	-	-	-	-	(20)	-	(20)
Consolidated underlying profit before taxation expense	268	262	154	52	(53)	-	683
Non-underlying items:
Short-term fluctuation on investment returns	1	-	(4)	-	(1)	-	(4)
Net gain on disposal of businesses and transaction costs on business combinations	1	-	2	-	-	-	3
Realised and unrealised FX gain/(loss)	1	(5)	(2)	-	(1)	(17)	(24)
Other non-underlying items	(3)	-	(1)	-	-	-	(4)
Total non-underlying items							(29)
Consolidated profit before taxation expense							654

1.	Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies for Türkiye.

	Bupa Asia Pacific	Europe and Latin America	Bupa Global, India and UK	Other businesses	Group Functions	Adjustments¹	Total
For six months ended 30 June 2025	£m	£m	£m	£m	£m	£m	£m
Revenues
Insurance revenue	2,348	1,886	2,106	-	-	14	6,354
Inter-Market Unit revenue	(36)	-	36	-	-	-	-
Insurance revenue for reportable segments	2,312	1,886	2,142	-	-	14	6,354
Care, health and other customer contract revenue	747	1,012	664	-	-	-	2,423
Other revenue	26	13	1	5	-	-	45
Non-insurance revenue for reportable segments	773	1,025	665	5	-	-	2,468
Total revenue for reportable segments	3,085	2,911	2,807	5	-	14	8,822
Segmental result
Underlying profit	242	203	124	45	8	-	622
Borrowing costs	-	-	(1)	-	(38)	-	(39)
Group investment funding	-	-	-	-	(23)	-	(23)
Consolidated underlying profit before taxation expense	242	203	123	45	(53)	-	560
Non-underlying items:
Short-term fluctuation on investment returns	-	(1)	4	-	-	-	3
Net (loss)/gain on disposal of businesses and transaction costs on business combinations	(1)	28	(1)	(1)	-	-	25
Realised and unrealised FX (loss)/gain	-	(5)	1	-	20	(15)	1
Other non-underlying items	(5)	-	(2)	-	-	-	(7)
Total non-underlying items							22
Consolidated profit before taxation expense							582

1.	Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies for Türkiye.

	Bupa Asia Pacific	Europe and Latin America	Bupa Global, India and UK	Other businesses	Group Functions	Adjustments¹	Total
For year ended 31 December 2025	£m	£m	£m	£m	£m	£m	£m
Revenues
Insurance revenue	4,789	3,914	4,347	-	-	52	13,102
Inter-Market Unit revenue	(73)	-	73	-	-	-	-
Insurance revenue for reportable segments	4,716	3,914	4,420	-	-	52	13,102
Care, health and other customer contract revenue	1,541	2,075	1,334	-	-	-	4,950
Other revenue	59	27	2	10	-	4	102
Non-insurance revenue for reportable segments	1,600	2,102	1,336	10	-	4	5,052
Total revenue for reportable segments	6,316	6,016	5,756	10	-	56	18,154
Segmental result
Underlying profit	459	461	324	84	9	-	1,337
Borrowing costs	-	-	(3)	-	(74)	-	(77)
Group investment funding	-	-	-	-	(80)	-	(80)
Consolidated underlying profit before taxation expense	459	461	321	84	(145)	-	1,180
Non-underlying items:
Impairments of intangible assets and goodwill arising on business combinations	-	(8)	-	-	-	-	(8)
Short-term fluctuation on investment returns	-	(1)	6	-	-	-	5
Net (loss)/gain on disposal of businesses and transaction costs on business combinations	(4)	28	(7)	(1)	-	-	16
Net property revaluation (loss)/gain	(5)	-	1	-	-	-	(4)
Realised and unrealised FX (loss)/gain	(1)	(4)	(5)	-	16	(25)	(19)
Other non-underlying items	(13)	(3)	(7)	-	-	-	(23)
Total non-underlying items							(33)
Consolidated profit before taxation expense							1,147

1.	Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies for Türkiye.

3   Non-insurance revenues

Non-insurance revenue has been analysed at Business Unit level, reflecting the nature of services provided that is reported internally to management.

	Care, health and other customer contract revenue	Other revenue	Total non-insurance revenues
For six months ended 30 June 2026	£m	£m	£m
Bupa Health Insurance	4	1	5
Bupa Health Services	403	2	405
Bupa Villages and Aged Care Australia	243	20	263
Bupa Villages and Aged Care New Zealand	73	10	83
Bupa Hong Kong	114	-	114
Bupa Asia Pacific	837	33	870
Sanitas Seguros	12	-	12
Sanitas Dental	92	4	96
Sanitas Hospitales	64	-	64
Sanitas Mayores	99	-	99
LUX MED	639	-	639
Bupa Acıbadem Sigorta	13	1	14
Bupa Chile	270	-	270
Care Plus	5	-	5
Bupa Mexico	9	1	10
Bupa Global Latin America	-	1	1
Europe and Latin America	1,203	7	1,210
Bupa UK Insurance	20	-	20
Bupa Dental Care UK	265	-	265
Bupa Care Services	259	-	259
Bupa Health Services	173	1	174
Bupa Global, India and UK	717	1	718
Other	-	6	6
Other businesses	-	6	6
Consolidated non-insurance revenues	2,757	47	2,804

	Care, health and other customer contract revenue	Other revenue	Total non-insurance revenues
For six months ended 30 June 2025	£m	£m	£m
Bupa Health Insurance	4	-	4
Bupa Health Services	342	-	342
Bupa Villages and Aged Care Australia	214	16	230
Bupa Villages and Aged Care New Zealand	70	10	80
Bupa Hong Kong	117	-	117
Bupa Asia Pacific	747	26	773
Sanitas Seguros	9	-	9
Sanitas Dental	82	3	85
Sanitas Hospitales	44	-	44
Sanitas Mayores	88	-	88
LUX MED	543	-	543
Bupa Acıbadem Sigorta	-	8	8
Bupa Chile	227	-	227
Care Plus	4	-	4
Bupa Mexico	8	1	9
Bupa Global Latin America	7	1	8
Europe and Latin America	1,012	13	1,025
Bupa UK Insurance	18	-	18
Bupa Dental Care UK	259	-	259
Bupa Care Services	255	-	255
Bupa Health Services	132	1	133
Bupa Global, India and UK	664	1	665
Other	-	5	5
Other businesses	-	5	5
Consolidated non-insurance revenues	2,423	45	2,468

	Care, health and other customer contract revenue	Other revenue	Total non-insurance revenues
For year ended 31 December 2025	£m	£m	£m
Bupa Health Insurance	8	6	14
Bupa Health Services	714	1	715
Bupa Villages and Aged Care Australia	442	33	475
Bupa Villages and Aged Care New Zealand	143	19	162
Bupa Hong Kong	234	-	234
Bupa Asia Pacific	1,541	59	1,600
Sanitas Seguros	19	-	19
Sanitas Dental	162	6	168
Sanitas Hospitales	62	1	63
Sanitas Mayores	182	-	182
LUX MED	1,134	-	1,134
Bupa Acıbadem Sigorta	-	15	15
Bupa Chile	473	-	473
Care Plus	9	1	10
Bupa Mexico	17	3	20
Bupa Global Latin America	17	1	18
Europe and Latin America	2,075	27	2,102
Bupa UK Insurance	36	-	36
Bupa Dental Care UK	516	-	516
Bupa Care Services	516	-	516
Bupa Health Services	266	2	268
Bupa Global, India and UK	1,334	2	1,336
Other	-	10	10
Other businesses	-	10	10
Adjustments	-	4	4
Consolidated non-insurance revenues	4,950	102	5,052

4   Other income and charges

	For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	£m	£m	£m
Sundry income	3	-	1
Net gain on disposal and restructuring of businesses	2	26	22
Loss on revaluation of property	-	-	(4)
Research and development tax credit	-	-	1
Net gain/(loss) on disposal of property, plant and equipment	7	-	(2)
Surplus on fair value of investment property	11	12	24
Total other income and charges	23	38	42

5   Financial income and expense

Financial income

	For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	£m	£m	£m
Interest income:
Investments at fair value through profit or loss	36	36	79
Investments at fair value through other comprehensive income	71	49	111
Investments at amortised cost	149	163	312
Net realised gain/(loss):
Net realised gain on investments at fair value through profit or loss	1	29	34
Net realised gain on financial investments held at amortised cost	-	-	1
Net realised loss on financial investments at fair value through other comprehensive income	(1)	-	(2)
Net movement in fair value:
Investments at fair value through profit or loss	(3)	(19)	(16)
Net foreign exchange translation loss	(5)	(1)	(3)
Total financial income	248	257	516

Financial expense

	For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	£m	£m	£m
Interest expense on financial liabilities at amortised cost	44	42	89
Finance charges in respect of leases and restoration provisions	33	26	56
Other financial expense	33	26	59
Total financial expense	110	94	204

Other financial expense for the six months ended 30 June 2026 includes £19m (HY 2025: £14m; FY 2025: £31m) of imputed financial expenses in relation to interest-free refundable accommodation deposits received by the Group in respect of payment for aged care units in Bupa Villages and Aged Care Australia.

5.1   Net financial expense from insurance contracts issued

The Group's insurance financial expense of £60m (HY 2025: £51m; FY 2025: £105m) arises from the impact of unwinding discount rates and any change in discount rates from the beginning of the year, which causes movement in the overall insurance contract liability. Discounting of insurance contracts is only applied by exception (see Note 13).

The net financial expense from insurance contracts issued includes £60m of interest expense (HY 2025: £51m interest expense; FY 2025: £105m interest expense).

There is an option to disaggregate any insurance financial income or expense between other comprehensive income and the income statement. Bupa has elected to recognise all insurance financial expense within the Consolidated Income Statement.

6   Taxation expense

The Group's effective taxation rate for the period was 23% (HY 2025: 27%; FY 2025: 25%), which is in line with the current UK corporation taxation rate of 25%.

The Group operates in the UK where a 15% global minimum tax rate for multinational enterprises has been implemented since 1 January 2024.

In accordance with IAS 12, the Group has applied a mandatory temporary relief from deferred tax accounting for the impacts of the top-up tax, and instead accounts for it as a current tax when it is incurred. The current tax charge with respect to the top-up tax for the period was £1m (HY 2025: £nil; FY 2025: £1m). The Group is continuing to monitor the development of Pillar Two rules and guidance from tax authorities.

7   Goodwill and intangible assets

	Goodwill	Computer software	Brands/trademarks	Customer relationships	Other¹	Total
At 30 June 2026	£m	£m	£m	£m	£m	£m
Net book value at beginning of period	2,438	449	88	152	58	3,185
Arising on business combinations	3	(3)	-	-	-	-
Additions	-	99	-	-	1	100
Disposals	-	(1)	-	-	(1)	(2)
Amortisation	-	(56)	(4)	(14)	(4)	(78)
Foreign exchange	39	4	(1)	(2)	3	43
Net book value at end of period	2,480	492	83	136	57	3,248

	Goodwill	Computer software	Brands/trademarks	Customer relationships	Other¹	Total
At 31 December 2025	£m	£m	£m	£m	£m	£m
Net book value at beginning of period	2,428	373	93	184	67	3,145
Arising on business combinations	55	4	3	3	-	65
Additions	-	168	-	-	-	168
Disposals	(4)	-	-	-	-	(4)
Amortisation	-	(97)	(8)	(32)	(10)	(147)
Impairment loss	(2)	(7)	(3)	(1)	(2)	(15)
Other	-	4	-	-	-	4
Foreign exchange	(39)	4	3	(2)	3	(31)
Net book value at end of period	2,438	449	88	152	58	3,185

	Goodwill	Computer software	Brands/trademarks	Customer relationships	Other¹	Total
At 30 June 2025	£m	£m	£m	£m	£m	£m
Net book value at beginning of period	2,428	373	93	184	67	3,145
Arising on business combinations	25	1	-	1	-	27
Additions	-	65	-	-	1	66
Amortisation	-	(45)	(4)	(15)	(4)	(68)
Other	-	2	-	-	-	2
Foreign exchange	(76)	(5)	(2)	(3)	1	(85)
Net book value at end of period	2,377	391	87	167	65	3,087

1.	Predominantly comprises distribution networks and licences to operate care homes.

Goodwill and intangible assets of £3,248m (HY 2025: £3,087m; FY 2025: £3,185m) include £254m (HY 2025: £299m; FY 2025: £275m) attributable to other intangible assets arising on business combinations comprising of brands/trademarks, customer relationships and other in the above table.

Computer software assets with a net book value of £492m (HY 2025: £391m; FY 2025: £449m) include £418m (HY2025 restated¹: £331m; FY 2025: £381m) attributable to capitalised internal development costs. The cost attributable to these assets is £1,152m (HY 2025 restated¹: £980m; FY 2025: £1,062m). £90m of costs (HY 2025: £56m; FY 2025: £143m) were capitalised in the period.

1.	HY 2025 computer software categorisation has been updated to reclassify certain assets as internally generated rather than externally acquired, increasing its net book value by £69m (historical cost by £388m).

Goodwill by CGU is as follows:

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Bupa Asia Pacific
Bupa Australia Health Insurance	797	755	729
Bupa Health Services Australia	305	287	270
Hong Kong	117	116	113
Europe and Latin America
LUX MED	307	315	300
Sanitas Seguros	74	74	75
Sanitas Mayores	23	23	21
Bupa Acıbadem Sigorta	72	65	61
Care Plus	36	34	34
Bupa Mexico	10	10	9
Bupa Global, India and UK
Niva Bupa	450	467	480
Bupa Dental Care UK	193	193	193
Bupa Global	68	68	68
Bupa Health Services	28	31	24
Total	2,480	2,438	2,377

Impairment testing of goodwill and indefinite life intangible assets

Goodwill and intangible assets with an indefinite useful life are tested at least annually for impairment in accordance with IAS 36 Impairment of Assets and IAS 38 Intangible Assets. As at 30 June 2026, all CGUs and intangible assets were reviewed for indicators of impairment. Where impairment indicators were identified an impairment test was carried out by comparing the net carrying value with the recoverable amount, using value in use calculations based on the latest cash flow forecasts for CGUs as at 30 June 2026. No impairments have been identified as at 30 June 2026 (HY 2025: £nil; FY 2025: £2m impairment on goodwill).

Management continues to closely monitor the headroom on Bupa Dental Care UK, following the impairments recognised in 2022, to ascertain whether any further impairments, or reversals to impairment of intangible assets or property, plant and equipment should be recognised. Headroom increased at 30 June 2026 to £79m (HY 2025: £77m; FY 2025: £74m), due to an increase in value in use driven by positive cashflow progression offset by an increase in the discount rate. Sensitivities of the headroom to changes in key assumptions are included in the table below.

	Headroom	Discount rate	Terminal growth rate	Reduction in headroom from 1% increase in discount rate	Reduction in headroom from 0.5% reduction in terminal growth rate	Reduction in headroom from 10% reduction in cash flows
	£m	%	%	£m	£m	£m
Bupa Dental Care UK	79	12.3	2.1	(36)	(14)	(33)

8   Property, plant and equipment

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Net book value at beginning of period	4,144	3,711	3,711
Assets arising on business combinations	25	99	17
Additions	226	536	197
Transfer to assets held for sale	(6)	(13)	(14)
Disposals	(7)	(16)	(11)
Revaluations	-	66	4
Remeasurements	41	64	26
Depreciation charge for the period	(192)	(341)	(164)
Impairment loss	-	(4)	-
Other	(10)	(11)	(8)
Foreign exchange	27	53	(4)
Net book value at end of period	4,248	4,144	3,754

Property, plant and equipment are the physical assets or rights to use leased assets, which are utilised by the Group to carry out business activities and generate revenues and profits. The majority of assets held relate to care homes, hospital properties, equipment and office buildings. Leased right-of-use assets relate primarily to property leases.

Freehold properties are initially measured at cost and subsequently at revalued amount less accumulated depreciation and impairment losses. These properties are subject to external valuations at least every three years. In years where a full external valuation is not completed, a directors' valuation is conducted based on significant underlying assumptions such as cash flows and other market variables. An internal review of the significant underlying assumptions is conducted during interim periods. Consideration is also given to whether there are any factors which indicate a full out-of-cycle external revaluation is required. No external valuations were performed as at 30 June 2026.

Care homes, clinics and hospital freehold property valuations are either determined based on a capitalisation of earnings approach where each facility's normalised earnings are calculated based on what a reasonably efficient operator could be expected to achieve then divided by an appropriate capitalisation rate to determine a value in use, or based on discounted future cash flow projections where the discount rate is determined according to the time value of money, the level of risk of the industry and the corresponding premium risk. All other properties are valued by external valuers, based on observable market values of similar properties.

An internal review of the significant underlying assumptions underpinning the property valuations as at 30 June 2026 resulted in no uplifts or write-downs in respect of owned property (HY 2025: uplifts of £4m and no write-downs, FY 2025: uplifts of £66m, with a net revaluation gain of £70m recognised in the property revaluation reserve and a revaluation loss of £4m debited to the Consolidated Income Statement within other income and charges).

Impairment testing of tangible assets

Right-of-use assets have been reviewed for indicators of impairment as at 30 June 2026. Where impairment indicators are identified an impairment test is carried out by comparing the net carrying value with the recoverable amount, using the higher of fair value or the value in use based on the latest cash flow forecasts for CGUs.

No impairments have been identified as at 30 June 2026 (HY 2025: £nil; FY 2025: £4m).

9   Investment property

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
At beginning of period	781	756	756
Additions	12	35	12
Transfer from/(to) assets held for sale	3	(3)	-
Disposals	-	(2)	-
Reclassification from property, plant and equipment	-	2	-
Increase in fair value	11	24	12
Foreign exchange	5	(31)	(6)
At end of period	812	781	774

Investment properties are physical assets that are not occupied by the Group and are leased to third parties to generate rental income.

Investment properties are initially measured at cost and subsequently at fair value, determined individually, on a basis appropriate to the purpose for which the property is intended and consistent with market transactions for similar properties in the same location. Where no active market exists, as is the case for retirement villages where each village is unique due to building configuration and location, these properties are valued using discounted cash flow projections. Investment property is revalued externally at least annually, with any gain or loss arising from a change in fair value recognised in the Condensed Consolidated Income Statement within other income and charges.

The carrying value of investment properties primarily consists of the Group's portfolio of retirement villages in New Zealand of £740m (HY 2025: £706m, FY 2025: £712m) and Australia of £57m (HY 2025: £53m, FY 2025: £55m). At 30 June 2026 the properties were valued by management using internally prepared discounted cash flow projections, supported by the terms of any existing lease and other contracts. Discount rates are used to reflect current market assessments of the uncertainty in the amount or timing of the cash flows.

10   Post-employment benefits

The Group operates several funded defined benefit and defined contribution pension schemes for the benefit of employees, in addition to unfunded schemes.

The defined benefit pension schemes provide benefits based on final pensionable salary. The Group's net obligation in respect of the defined benefit pension is calculated separately for each scheme and represents the present value of the defined benefit obligation less the fair value of any scheme assets. The discount rate used is the yield at the reporting date on high-quality corporate bonds denominated in the currency in which the benefit will be paid, and taking account of the maturities of the defined benefit obligations. When the calculation results in a benefit to the Group, the recognised asset is limited to the present value of any future refunds from the scheme or reductions in future contributions to the scheme.

Amount recognised in the Condensed Consolidated Income Statement

The total amount charged to the Condensed Consolidated Income Statement amounted to £nil (HY 2025: £nil; FY 2025: £2m).

Amount recognised directly in other comprehensive income

The amounts (credited)/charged directly to equity are:

	For six months ended 30 June 2026	For six months ended 30 June 2025	For year ended 31 December 2025
	£m	£m	£m
Actual return less expected return on assets	-	-	(2)
Loss arising from changes to experience assumptions	-	-	1
Total remeasurement gain credited directly to equity	-	-	(1)

Assets and liabilities of schemes

The assets and liabilities in respect of the defined benefit pension schemes are as follows:

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Present value of funded obligations	(55)	(54)	(53)
Fair value of scheme assets	54	52	49
Net liabilities of funded schemes	(1)	(2)	(4)
Present value of unfunded obligations	(1)	(2)	(1)
Net recognised liabilities	(2)	(4)	(5)
Represented on the Condensed Consolidated Statement of Financial Position:
Net liabilities	(4)	(6)	(7)
Net assets	2	2	2
Net recognised liabilities	(2)	(4)	(5)

11   Restricted assets

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Non-current restricted assets	29	29	32
Current restricted assets	158	138	132
Total restricted assets	187	167	164

Restricted assets are amounts held in respect of specific obligations and potential liabilities and may be used only to discharge those obligations and potential liabilities if and when they crystallise. The non-current restricted assets balance of £29m (HY 2025: £32m; FY 2025: £29m) consists of cash deposits held to secure a charge over certain Bupa Group unfunded pension scheme obligations. Included in current restricted assets is £155m (HY 2025: £130m; FY 2025: £135m) in respect of claims funds held on behalf of corporate customers.

12   Financial investments

The Group generates cash from its underwriting, trading and financing activities and invests the surplus cash in financial investments. These include government bonds, corporate bonds, pooled investment funds and deposits with credit institutions.

Recognition, measurement and classification

All financial investments are initially recognised at fair value, which includes transaction costs for financial investments not classified at fair value through profit or loss. Financial investments are recorded using trade date accounting at initial recognition.

Financial investments are derecognised when the rights to receive cash flows from the financial investments have expired or where the Group has transferred substantially all risks and rewards of ownership.

The Group has classified its financial investments into the following categories: at fair value through profit or loss, at fair value through other comprehensive income (FVOCI) and at amortised cost.

Impairment

Under IFRS 9, impairment provisions for expected credit losses (ECL) are recognised for financial investments measured at amortised cost and FVOCI. An allowance for either a 12-month or lifetime ECL is required, depending on whether there has been a significant increase in credit risk since initial recognition. For trade receivables, lifetime ECL is always applied. An assumption can be made that the credit risk on a financial instrument has not increased significantly since initial recognition if the financial instrument is determined to have low credit risk at the reporting date (e.g. it is investment grade). The Group applies a 12-month ECL allowance to all assets other than trade receivables, as no significant increases in credit risk since initial recognition have been identified.

The measurement of ECL should reflect a probability-weighted outcome, the time value of money and the best available forward-looking information.

Financial investments are analysed as follows:

	At 30 June 2026		At 31 December 2025		At 30 June 2025
	Carrying value	Fair value	Carrying value	Fair value	Carrying value	Fair value
	£m	£m	£m	£m	£m	£m
Fair value through profit or loss
Corporate debt securities and secured loans	456	456	435	435	410	410
Government debt securities	50	50	50	50	32	32
Pooled investment funds	580	580	471	471	449	449
Deposits with credit institutions	4	4	4	4	6	6
Equities	8	8	8	8	7	7
Fair value through other comprehensive income
Corporate debt securities and secured loans	1,625	1,625	1,497	1,497	1,058	1,058
Government debt securities	489	489	464	464	334	334
Amortised cost
Corporate debt securities and secured loans	904	905	858	860	1,099	1,103
Government debt securities	460	465	413	418	533	539
Deposits with credit institutions	1,413	1,416	1,162	1,164	1,030	1,031
Total financial investments	5,989	5,998	5,362	5,371	4,958	4,969
Non-current	2,605	2,611	2,378	2,385	2,105	2,109
Current	3,384	3,387	2,984	2,986	2,853	2,860

Fair value of financial investments

An asset's fair value is the price at which an orderly transaction to sell or transfer the asset would take place between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of the market participant that holds the asset). The objective of a fair value measurement is to estimate this price.

The fair values of quoted investments in active markets are based on current bid prices. The fair values of unlisted securities and quoted investments for which there is no active market are established by using valuation techniques supported by market transactions and observable market data provided by independent third parties. These may include reference to the current fair value of other investments that are substantially the same and discounted cash flow analysis.

The fair values of financial investments are determined using different valuation inputs categorised into a three-level hierarchy. The different levels are defined by reference to the lowest level input that is significant to the fair value measurement, as follows:

•	Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
•	Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Most of the level 2 financial assets have been valued using quoted prices for similar assets.
•	Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

An analysis of financial investment fair values by hierarchy level is as follows:

	Level 1	Level 2	Level 3	Total
	£m	£m	£m	£m
At 30 June 2026
Fair value through profit or loss
Corporate debt securities and secured loans	63	393	-	456
Government debt securities	11	39	-	50
Pooled investment funds	206	351	23	580
Deposits with credit institutions	4	-	-	4
Equities	1	-	7	8
Fair value through other comprehensive income
Corporate debt securities and secured loans	751	874	-	1,625
Government debt securities	478	11	-	489
Amortised cost
Corporate debt securities and secured loans	384	520	1	905
Government debt securities	420	45	-	465
Deposits with credit institutions	-	1,416	-	1,416
Total financial investments	2,318	3,649	31	5,998

	Level 1	Level 2	Level 3	Total
	£m	£m	£m	£m
At 31 December 2025
Fair value through profit or loss
Corporate debt securities and secured loans	58	377	-	435
Government debt securities	11	39	-	50
Pooled investment funds	148	300	23	471
Deposits with credit institutions	4	-	-	4
Equities	1	-	7	8
Fair value through other comprehensive income
Corporate debt securities and secured loans	643	854	-	1,497
Government debt securities	452	12	-	464
Amortised cost
Corporate debt securities and secured loans	381	478	1	860
Government debt securities	378	40	-	418
Deposits with credit institutions	-	1,164	-	1,164
Total financial investments	2,076	3,264	31	5,371

	Level 1	Level 2	Level 3	Total
	£m	£m	£m	£m
At 30 June 2025
Fair value through profit or loss
Corporate debt securities and secured loans	17	392	1	410
Government debt securities	10	22	-	32
Pooled investment funds	75	351	23	449
Deposits with credit institutions	6	-	-	6
Equities	1	-	6	7
Fair value through other comprehensive income
Corporate debt securities and secured loans	493	565	-	1,058
Government debt securities	283	51	-	334
Amortised cost
Corporate debt securities and secured loans	432	670	1	1,103
Government debt securities	393	146	-	539
Deposits with credit institutions	34	997	-	1,031
Total financial investments	1,744	3,194	31	4,969

Transfers between fair value hierarchy levels

The Group's policy is to determine whether transfers have occurred between fair value hierarchy levels at the end of a reporting period. Classification is reassessed based on the lowest level input that is significant to the fair value measurement as a whole.

There were no transfers between fair value hierarchy levels in the period (HY 2025: £nil; FY 2025: £nil).

The Group currently holds Level 3 financial investments totalling £31m (HY 2025: £31m; FY 2025: £31m). The majority of Level 3 investments are unlisted equities and pooled investment funds valued at recent subscription values and conversion prices, which are considered to be unobservable inputs.

The table below shows movement in the Level 3 assets measured at fair value:

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Balance at beginning of period	31	58	58
Additions	-	2	3
Net decrease in fair value¹,²	(1)	(29)	(27)
Foreign exchange	1	-	(3)
Balance at end of period	31	31	31

1.	All gains and losses are recognised in financial income and financial expense in the Condensed Consolidated Income Statement. HY 2025 and FY 2025 include dividend and return of capital from George Health Enterprises Pty Ltd.
2.	The 30 June 2025 movement has been updated to reflect the George Health Enterprises Pty Ltd. transaction as a decrease in fair value, consistent with 31 December 2025.

13   Insurance and reinsurance contracts

Insurance contracts are contracts under which the Group accepts significant insurance risk from a policyholder by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder.

Unit of account

A portfolio of insurance contracts is defined as insurance contracts subject to similar risks and managed together. The Group defines portfolios as insurance Business Units at a minimum, as the Group essentially sells one health insurance product line where cash flows are generally expected to respond similarly in direction and timing to changes in assumptions and as the Group manages the insurance business at geographical Business Unit level. There may be further disaggregation if there are business lines which are managed separately and have different risk profiles.

PAA eligibility

The Group applies the PAA for the measurement of the majority of insurance contracts. The majority of the Group's contracts automatically qualify as the coverage period of each contract in the group is one year or less. As a result, the Group has taken the available policy choice to apply the PAA to these contracts. The Group also has a small number of policy groups with a coverage period of greater than one year. For these groups of contracts, the Group assesses whether the measurement of the LFRC under the PAA is expected to differ materially from that under the GMM. This requires the use of GMM and materiality thresholds determined by management for these policies, as well as the selection of reasonably expected scenarios against which eligibility is assessed. As a result of this assessment, these remaining contracts are also eligible to use the PAA measurement model.

Measurement

Liability for remaining coverage

On initial recognition of each group of insurance contracts, the carrying amount of the LFRC is based on the premiums received less any directly attributable acquisition costs not expensed as incurred. In subsequent periods, the LFRC is increased for any additional premiums received and the release of any insurance acquisition cash flows and decreased for the recognition of insurance revenue that is generally released on a straight-line basis over the coverage period. The Group's default policy is not to adjust the LFRC to reflect the time value of money and the effect of financial risk, as the Group expects on initial recognition of each group of contracts that the time between providing each part of the services and the related premium due date is typically no more than one year. However, discounting may be applied in exceptional circumstances as described below in the Discounting section.

Insurance acquisition cash flows

The Group's policy is to expense acquisition costs as they are incurred where the coverage period of each contract in the group is no more than one year. For the remaining contracts with a longer coverage period, insurance acquisition costs are allocated to the relevant group of insurance contracts and reduce the LFRC. The allocated acquisition costs are amortised consistently with the pattern of insurance revenue recognition.

Onerous contracts

If facts and circumstances indicate that a group of contracts is onerous, detailed testing is performed by comparing the carrying amount of the LFRC to the estimated fulfilment cash flows, which include an assessment of the risk adjustment using a confidence level approach. If the carrying amount of the LFRC is less than the estimated fulfilment cash flows, a loss component is recognised. The loss component increases the LFRC and an increase in loss component is recognised as an expense in the Condensed Consolidated Income Statement. Subsequently, the loss component is reassessed, with any movements in the loss component adjusting the LFRC and being recognised within the Condensed Consolidated Income Statement.

Liability for incurred claims

The LFIC represents the estimated liability arising from claims episodes in current and preceding financial years which have not yet given rise to claims paid. A claims episode is an insured medical service that the Group has an obligation to fund which could be consultation fees, diagnostic investigations, hospitalisation or treatment costs. The liability includes an allowance for claims management and handling expenses.

The Group recognises the LFIC of a group of insurance contracts as the present value of the expected cash flows required to settle the obligation with an adjustment for non-financial risk. The Group does not adjust the future cash flows either for the time value of money or for the effect of financial risk for portfolios in which incurred claims are expected to be paid within one year of occurrence except in exceptional circumstances, as described below in the Discounting section.

The LFIC across the Group is set in line with the Group's Claims Reserving standards, at a level to achieve an appropriate probability of sufficiency and is estimated based on current information. The ultimate liability may vary as a result of subsequent information and events. Adjustments to claims estimates for prior years are included in the Condensed Consolidated Income Statement in the financial year in which the change is made. The methods used and estimates made for the LFIC are reviewed regularly.

Risk adjustment

The risk adjustment reflects the compensation the Group requires for bearing the uncertainty about the amount and timing of the cash flows from non-financial risk as the Group fulfils insurance contracts. The Group has estimated the risk adjustment using a confidence level approach at the 85th percentile (HY 2025 and FY 2025: 85th percentile) which is in line with the Group's risk appetite for claims reserving risks, and any movements in the risk adjustment are recognised in full within the insurance service result.

Insurance service expenses

Judgement is exercised in determining which expenses are directly attributable to insurance contracts, and therefore included within insurance service expenses. The Group classifies the majority of expenses incurred by insurance entities within insurance service expenses, except for those not directly attributable to insurance contracts.

Discounting

Discounting is optional for the LFRC carrying amount if the time between providing each part of the coverage and the related premium due date is one year or less and for the LFIC if claims are expected to be paid in one year or less from the date the claims are incurred. The Group does not apply discounting to the majority of policies. However, Bupa Acıbadem Sigorta has applied discounting to both the LFRC and LFIC due to the high interest rate and high inflation environment in Türkiye. Bupa Global has also applied discounting to the LFIC for certain groups of insurance contracts as a material proportion of claims are expected to be settled more than one year after being incurred.

Where discounting is applied, the Group policy is to use either the PRA published discount rates, European Insurance and Occupational Pensions Authority (EIOPA) specified discount rates or discount rates derived from Bloomberg published data. Discount rates are calculated based on a bottom-up approach.

Reinsurance contracts held

For reinsurance contracts held, the Group applies the PAA for the majority of reinsurance contracts as the coverage period is one year or less. The Group assesses the remaining contracts and applies the PAA as the resulting measurement would not differ materially from the result of applying the requirements in the GMM for reinsurance contracts held.

The Group measures the asset for remaining coverage (AFRC) on initial recognition of a group of reinsurance contracts held as the amount of ceded premiums paid. Subsequently the remaining coverage is increased for ceded premiums paid and decreased for amounts of ceded premiums recognised as reinsurance expenses for the services received in the period. The Group releases ceded reinsurance premiums on a passage of time basis over the coverage period. The Group does not adjust the AFRC for the time value of money or for the effect of financial risk as the time between providing the coverage and the related underlying premium is one year or less.

The carrying amount of a group of reinsurance contracts held also includes the asset for incurred claims (AFIC) comprising the fulfilment cash flows related to the past service allocated to the group. The Group does not adjust the AFIC for the time value of money or effect of financial risk as recoveries are expected to be paid within one year of occurrence.

The estimates for future cash flows of a group of reinsurance contracts held should allow for the risk of non-performance by reinsurers, which is the probability weighted expected value of the effect of reinsurance counterparty failure to fulfil the contractual obligations. Bupa's policy is to set the non-performance risk to zero as there are restrictions in place on the credit quality and amount of reinsurance ceded to individual counterparties and Bupa uses reinsurance only to a limited extent to mitigate insurance risks.

Investment components

The Group does not recognise any other material investment components or separate components from insurance contracts.

13.1   Insurance contracts roll forward

	Liability for remaining coverage		Liability for incurred claims		Total
For six months ended 30 June 2026	Excluding loss component £m	Loss component £m	Estimates of present value of future cash flows £m¹	Risk adjustment £m	£m
Insurance contract liabilities at beginning of period	1,804	61	1,425	39	3,329
Insurance revenue	(7,111)	-	-	-	(7,111)
Insurance service expenses	46	(29)	6,616	4	6,637
Incurred claims and other expenses	-	-	6,721	44	6,765
Amortisation of insurance acquisition cash flows	46	-	-	-	46
Losses on onerous contracts and (reversals) of those losses	-	(29)	-	-	(29)
Changes to liabilities for incurred claims relating to past service	-	-	(105)	(40)	(145)
Insurance service result	(7,065)	(29)	6,616	4	(474)
Foreign exchange	(1)	-	8	1	8
Net finance expense from insurance contracts issued	33	4	23	-	60
Total changes in statement of comprehensive income	(7,033)	(25)	6,647	5	(406)
Other movements¹	-	-	(91)	-	(91)
Non-distinct investment components	(22)	-	22	-	-
Cash flows
Premiums received	7,570	-	-	-	7,570
Claims and other expenses paid	-	-	(6,397)	-	(6,397)
Insurance acquisition cash flows	(65)	-	-	-	(65)
Total cash flows	7,505	-	(6,397)	-	1,108
Insurance contract liabilities at end of period	2,254	36	1,606	44	3,940

1.	Other movements include £91m of amortisation and depreciation expenses included within insurance service expense that are non-cash items that do not form part of the insurance contract liabilities balance.

	Liability for remaining coverage		Liability for incurred claims		Total
For year ended 31 December 2025	Excluding loss component £m	Loss component £m	Estimates of present value of future cash flows £m¹	Risk adjustment £m	£m
Insurance contract liabilities at beginning of year	1,656	40	1,335	33	3,064
Insurance revenue	(13,102)	-	-	-	(13,102)
Insurance service expenses	74	22	12,170	6	12,272
Incurred claims and other expenses	-	-	12,300	39	12,339
Amortisation of insurance acquisition cash flows	74	-	-	-	74
Losses on onerous contracts and (reversals) of those losses	-	22	-	-	22
Changes to liabilities for incurred claims relating to past service	-	-	(130)	(33)	(163)
Insurance service result	(13,028)	22	12,170	6	(830)
Foreign exchange	(82)	(5)	(31)	-	(118)
Net finance expense from insurance contracts issued	59	4	42	-	105
Total changes in statement of comprehensive income	(13,051)	21	12,181	6	(843)
Other movements¹	-	-	(159)	-	(159)
Non-distinct investment components	(29)	-	29	-	-
Cash flows
Premiums received	13,357	-	-	-	13,357
Claims and other expenses paid	-	-	(11,961)	-	(11,961)
Insurance acquisition cash flows	(129)	-	-	-	(129)
Total cash flows	13,228	-	(11,961)	-	1,267
Insurance contract liabilities at end of year	1,804	61	1,425	39	3,329

1.	Other movements include £159m of amortisation and depreciation expenses included within insurance service expense that are non-cash items that do not form part of the insurance contract liabilities balance.

	Liability for remaining coverage		Liability for incurred claims		Total
For six months ended 30 June 2025	Excluding loss component £m	Loss component £m	Estimates of present value of future cash flows £m¹	Risk adjustment £m	£m
Insurance contract liabilities at beginning of period	1,656	40	1,335	33	3,064
Insurance revenue	(6,354)	-	-	-	(6,354)
Insurance service expenses	28	(7)	5,984	4	6,009
Incurred claims and other expenses	-	-	6,124	36	6,160
Amortisation of insurance acquisition cash flows	28	-	-	-	28
Losses on onerous contracts and (reversals) of those losses	-	(7)	-	-	(7)
Changes to liabilities for incurred claims relating to past service	-	-	(140)	(32)	(172)
Insurance service result	(6,326)	(7)	5,984	4	(345)
Foreign exchange	(88)	(5)	(50)	(1)	(144)
Net finance expense from insurance contracts issued	27	3	21	-	51
Total changes in statement of comprehensive income	(6,387)	(9)	5,955	3	(438)
Other movements¹	-	-	(79)	-	(79)
Non-distinct investment components	(14)	-	14	-	-
Cash flows
Premiums received	6,849	-	-	-	6,849
Claims and other expenses paid	-	-	(5,789)	-	(5,789)
Insurance acquisition cash flows	(59)	-	-	-	(59)
Total cash flows	6,790	-	(5,789)	-	1,001
Insurance contract liabilities at end of period	2,045	31	1,436	36	3,548

1.	Other movements include £79m of amortisation and depreciation expenses included within insurance service expense that are non-cash items that do not form part of the insurance contract liabilities balance.

13.2   Reinsurance contracts roll forward

For six months ended 30 June 2026	Asset for remaining coverage £m	Amount recoverable on incurred claims £m	Total £m
Reinsurance contract assets at beginning of period	(36)	166	130
Allocation of reinsurance premiums	(207)	-	(207)
Amounts recoverable from reinsurers for incurred claims:
Amounts recoverable for incurred claims and other expenses	-	174	174
Changes to amounts recoverable for incurred claims relating to past service	-	(4)	(4)
Net expense from reinsurance contracts held	(207)	170	(37)
Foreign exchange	1	(2)	(1)
Cash flows
Premiums paid	224	-	224
Recoveries from reinsurance	-	(165)	(165)
Total cash flows	224	(165)	59
Reinsurance contract assets at end of period	(18)	169	151

A risk adjustment is estimated on the amount recoverable on incurred claims using a confidence level approach at the 85th percentile (HY 2025 and FY 2025: 85th percentile). As this only totals £1m, this has not been separately presented.

For year ended 31 December 2025	Asset for remaining coverage £m	Amount recoverable on incurred claims £m	Total £m
Reinsurance contract assets at beginning of year	(26)	116	90
Allocation of reinsurance premiums	(357)	-	(357)
Amounts recoverable from reinsurers for incurred claims:
Amounts recoverable for incurred claims and other expenses	-	328	328
Changes to amounts recoverable for incurred claims relating to past service	-	(3)	(3)
Net expense from reinsurance contracts held	(357)	325	(32)
Foreign exchange	(1)	(7)	(8)
Cash flows
Premiums paid	348	-	348
Recoveries from reinsurance	-	(268)	(268)
Total cash flows	348	(268)	80
Reinsurance contract assets at end of year	(36)	166	130

For six months ended 30 June 2025	Asset for remaining coverage £m	Amount recoverable on incurred claims £m	Total £m
Reinsurance contract assets at beginning of period	(26)	116	90
Allocation of reinsurance premiums	(164)	-	(164)
Amounts recoverable from reinsurers for incurred claims:
Amounts recoverable for incurred claims and other expenses	-	148	148
Changes to amounts recoverable for incurred claims relating to past service	-	(1)	(1)
Net expense from reinsurance contracts held	(164)	147	(17)
Foreign exchange	(2)	(5)	(7)
Cash flows
Premiums paid	189	-	189
Recoveries from reinsurance	-	(140)	(140)
Total cash flows	189	(140)	49
Reinsurance contract assets at end of period	(3)	118	115

14   Assets and liabilities held for sale

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Assets held for sale
Property, plant and equipment	13	16	24
Investment property	-	3	-
Inventories	1	-	-
Total assets held for sale	14	19	24
Liabilities associated with assets held for sale
Lease liabilities	(6)	-	-
Provisions for liabilities and charges	-	(2)	-
Total liabilities held for sale	(6)	(2)	-
Net assets held for sale	8	17	24

Net assets held for sale as at 30 June 2026 comprise one care home within Bupa Care Services and two care homes within Bupa Villages and Aged Care New Zealand.

An impairment loss of £nil (HY 2025: £nil; FY 2025: £1m) has been recognised within other income and charges (see Note 4) in the Condensed Consolidated Income Statement resulting from write-downs on the classification of assets as held for sale in the period.

Net assets held for sale as at 31 December 2025 predominantly comprised a number of care homes within Bupa Care Services, and care home and retirement villages within Bupa Villages and aged Care New Zealand. As at 30 June 2025, net assets held for sale comprised a number of care homes within Bupa Care Services.

15   Cash and cash equivalents

	At 30 June 2026	At 31 December 2025  restated¹	At 30 June 2025  restated¹
	£m	£m	£m
Cash at bank and in hand	1,059	968	1,229
Short-term deposits	938	1,048	1,074
Total cash and cash equivalents¹	1,997	2,016	2,303

1.	Amounts have been restated for the adoption of Amendments to the Classification and Measurement of Financial Instruments. See Note 1.4(a).

Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments (including money market funds) with original maturities of three months or less, which are subject to an insignificant risk of change in value.

Bank overdrafts of £15m (HY 2025: £1m; FY 2025: £60m) that are repayable on demand are reported within other interest-bearing liabilities (see Note 16) in the Condensed Consolidated Statement of Financial Position. Demand deposits with restrictions on use set by a third party that fundamentally change their nature are reported within restricted assets (see Note 11) in the Condensed Consolidated Statement of Financial Position. Both of these are considered components of cash and cash equivalents for the purpose of the Condensed Consolidated Statement of Cash Flows.

16   Borrowings

	At 30 June 2026	At 31 December 2025	At 30 June 2025
	£m	£m	£m
Subordinated liabilities
Subordinated unguaranteed bonds	872	872	770
Total subordinated liabilities	872	872	770
Other interest-bearing liabilities
Senior unsecured bonds	636	630	741
Fair value adjustment in respect of hedged interest rate risk	3	2	(6)
Bank loans and overdrafts	33	86	27
Other debt	-	5	5
Total other interest-bearing liabilities	672	723	767
Total borrowings	1,544	1,595	1,537
Non-current	1,196	1,504	1,506
Current	348	91	31

Bank loans and overdrafts

Bank loans and overdrafts of £33m (HY 2025: £27m; FY 2025: £86m) include a portfolio of loans held in Bupa Chile totalling £16m (HY 2025: £26m; FY 2025: £26m) and bank overdrafts in Bupa Insurance Services Limited totalling £15m (HY 2025: £1m; FY 2025: £60m). In June 2026, Grupo Bupa Sanitas S.L. renewed its €30m bank facility until May 2027. The facility was undrawn at 30 June 2026 (HY 2025: undrawn; FY 2025: undrawn). Bank loans and overdrafts bear interest at commercial rates linked to SONIA for sterling or equivalent for other currencies.

The Group maintains a £900m revolving credit facility in the name of the Company, which matures in December 2028. The facility was undrawn at 30 June 2026 (HY 2025: undrawn; FY 2025: undrawn).

Fair value of financial liabilities

The fair value of a financial liability is defined as the amount for which the liability could be exchanged in an arm's-length transaction between informed and willing parties. Fair values of subordinated liabilities and senior unsecured bonds are calculated based on quoted prices where available. The fair values of quoted liabilities in active markets are based on current offer prices. The fair values of financial liabilities for which there is no active market are established using valuation techniques. These may include reference to the current fair value of other instruments that are substantially the same, discounted cash flow analysis, discounting using similar duration treasuries and applying an instrument-specific spread.

Financial liabilities are categorised into a three-level hierarchy. A description of the different levels is detailed in Note 12.

An analysis of borrowings by fair value classification is as follows:

	Level 1	Level 2	Level 3	Total
At 30 June 2026	£m	£m	£m	£m
Subordinated liabilities	811	21	-	832
Senior unsecured bonds	645	-	-	645
Bank loans and overdrafts	15	18	-	33
Total fair value	1,471	39	-	1,510

	Level 1	Level 2	Level 3	Total
At 31 December 2025	£m	£m	£m	£m
Subordinated liabilities	819	21	-	840
Senior unsecured bonds	654	-	-	654
Other debt	-	-	5	5
Bank loans and overdrafts	60	27	-	87
Total fair value	1,533	48	5	1,586

	Level 1	Level 2	Level 3	Total
At 30 June 2025	£m	£m	£m	£m
Subordinated liabilities	702	22	-	724
Senior unsecured bonds	750	-	-	750
Other debt	-	-	5	5
Bank loans and overdrafts	-	27	-	27
Total fair value	1,452	49	5	1,506

The Group does not have any material Level 3 financial liabilities except for other debt (£nil as at 30 June 2026; HY 2025: £5m; FY 2025: £5m).

17   Restricted Tier 1 (RT1) notes

On 24 September 2021, the Company issued £300m of RT1 notes with a fixed coupon of 4.000% paid semi-annually in arrears. Transaction costs of £3m were recognised in respect of the issue. The total coupon paid during the period was £6m (HY 2025: £6m; FY 2025: £12m).

The RT1 notes are perpetual with no fixed maturity or redemption date. The notes have a first call date of 24 March 2032 and interest is payable at the sole and absolute discretion of the Company, with cancelled interest providing no rights to the holder of the notes nor being considered a default. The RT1 notes are therefore treated as equity. The notes are convertible to share capital of the Company on the occurrence of certain trigger events.

18   Business combinations and disposals

(a) 2026 acquisitions

During the period, the Group acquired 95% of Ortus Yazılım A.S., 100% shares of Lagos de Rivas, S.L. and 100% of TMS Disanstyka for total consideration of £4m. Goodwill of £2m and net assets of £2m were recognised on acquisition.

In June 2026, the Group also acquired CarePoint Darwin Medical Clinic for consideration of £3m. Goodwill of £3m was recognised on acquisition.

Following the purchase price allocation in respect of prior year acquisitions relating to New Victoria Hospital and King Edward VII's Hospital in the UK and Medical Magnus in Poland, there was an adjustment to goodwill and net assets. Goodwill decreased by £2m and net assets increased by £2m.

Included in the Condensed Consolidated Income Statement is revenue of £3m and profit before taxation of £1m in relation to those businesses acquired in the period.

If the acquisition date of the businesses acquired during the period had been 1 January 2026, the Group would have reported revenue of £9,916m and profit before taxation of £654m for the period ended 30 June 2026.

(b) 2026 disposals

During the period, the Group disposed of 2 care homes in the UK for consideration of £13m.

19   Commitments and contingencies

Capital commitments

Capital expenditure for the Group contracted at 30 June 2026 but for which no provision has been made in the Condensed Consolidated Financial Statements amounted to £62m (HY 2025: £41m; FY 2025: £63m). Of this, £53m (HY 2025: £39m; FY 2025: £59m) relates to aged care development project commitments in Australia and the extension of Cromwell Hospital and property development commitments in the UK; specifically £35m (HY 2025: £29m; FY 2025: £38m) in relation to property, plant and equipment and £18m (HY 2025: £10m; FY 2025: £21m) in relation to investment property. £9m (HY 2025: £2m, FY 2025: £4m) relates to computer software and digital project commitments in Australia, the UK and India.

Contingent assets

The Group currently has no contingent assets.

Contingent liabilities

The Group has contingent liabilities arising in the ordinary course of business. These include losses which might arise from litigation, consumer matters, other disputes, regulatory compliance (including data protection and competition matters) and interpretation of law (including employment law and tax law). It is not considered that the ultimate outcome of any contingent liabilities could have a significant adverse impact on the financial condition of the Group.

Bupa Finance plc

Statement of Directors' responsibilities for the six months ended 30 June 2026

We confirm that to the best of our knowledge:

•	The condensed set of financial statements have been prepared in accordance with UK-adopted International Accounting Standard 34 Interim Financial Reporting and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority.
•	The interim management report includes a fair review of the information voluntarily provided in accordance with the requirements of:

(a)   DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the financial year.

(b)   DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related parties' transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the Group during that period; and any changes in the related parties transactions described in the last annual report that could have a material effect on the financial position of the Group during the first six months of the current financial year.

During the period 1 January 2026 to 30 June 2026 and to the date of this statement, the Board of Directors of Bupa Finance plc remained as listed in the Company's 2025 Annual Report with the following exceptions: Gareth Evans resigned as a Director on 30 June 2026; and Mike Lunn was appointed as a Director on 1 July 2026.

By order of the Board

James Lenton                                                        Clare Binmore

Director                                                                  Director

5 August 2026

Independent review report to Bupa Finance plc

Report on the condensed consolidated interim financial statements

Our conclusion

We have reviewed Bupa Finance plc's condensed consolidated interim financial statements (the "interim financial statements") in the Condensed Consolidated Half Year Financial Statements of Bupa Finance plc for the 6 month period ended 30 June 2026 (the "period").

Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority as if the company were required to comply with these rules.

The interim financial statements comprise:

·          the Condensed Consolidated Statement of Financial Position as at 30 June 2026;

·          the Condensed Consolidated Income Statement for the period then ended;

·          the Condensed Consolidated Statement of Comprehensive Income for the period then ended;

·          the Condensed Consolidated Statement of Cash Flows for the period then ended;

·          the Condensed Consolidated Statement of Changes in Equity for the period then ended; and

·          the explanatory notes to the interim financial statements.

The interim financial statements included in the Condensed Consolidated Half Year Financial Statements of Bupa Finance plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority as if the company were required to comply with these rules.

Basis for conclusion

We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.

A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We have read the other information contained in the Condensed Consolidated Half Year Financial Statements and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements.

Conclusions relating to going concern

Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410. However, future events or conditions may cause the group to cease to continue as a going concern.

Responsibilities for the interim financial statements and the review

Our responsibilities and those of the directors

The Condensed Consolidated Half Year Financial Statements, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the Condensed Consolidated Half Year Financial Statements in accordance with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority as if the company were required to comply with these rules. In preparing the Condensed Consolidated Half Year Financial Statements, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Our responsibility is to express a conclusion on the interim financial statements in the Condensed Consolidated Half Year Financial Statements based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report.

Use of this report

This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority as if the company were required to comply with these rules and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers LLP

Chartered Accountants

London

5 August 2026

---

[1] We launched our 3x100 Strategy at the start of 2025 which guides and focuses Bupa's Market Units and Business Units on the same key priorities. For further information, see the Group CEO's Review on page four.

[2] Combined Operating Ratio (COR) for our fully consolidated businesses is calculated based on "Insurance service expense" plus "Net expense from reinsurance contracts held" divided by "Insurance revenue" as shown in the Consolidated Income Statement.

[3] The HY25 comparative customer number has been updated for our new definition which was refreshed at FY25 to align with our 3x100 Strategy. Customers (which includes 100% of the customers of our Associate Businesses) are defined as the number of Bupa products or services that an individual chooses to access, whether funded personally, by their employer or other affinity - where they have the option to choose a non-Bupa alternative. The difference between the previous and current definition is not materially different in total.

[4] Revenue calculated based on the aggregation of 'insurance revenue' and 'total non-insurance revenue' as shown in the Consolidated Income Statement. For Constant exchange rate (CER), financials are the retranslation of the prior year Actual Exchange Rates (AER) financials based on the current financial year's average rate.

[5] Underlying profit is a Non-GAAP financial measure. A reconciliation to statutory profit before taxation can be found in the notes

to the financial statements.

[6]  Includes six pre-existing Harmonia centres in Poland established before 2025.

[7] As reported at full year 2025 which includes a full 12 month of provision customers served.

[8] Refers to Bupa Arabia and My Clinic.

[9]Impact of applying IAS 29 Financial Reporting in Hyperinflationary Economies for Türkiye.

[10] Closing Occupancy

[11] Türkiye has been classified as a hyperinflationary economy since 2022, leading to the application of IAS 29

[12] The HY26 Solvency II capital coverage ratio is an estimate and unaudited. Bupa Group holds capital to cover its Solvency Capital Requirement (SCR), calculated on a Standard Formula basis, considering all our risks, including those related to non-insurance businesses. We include a Group Specific Parameter (GSP) in respect of the insurance risk parameter in the Standard Formula, reflecting the Group's loss experience.

[13] Bupa performs an analysis of the relative sensitivity of our solvency coverage ratio to changes in market conditions and underwriting performance. Each sensitivity is an independent stress of a single risk and before any management actions.

 

END