Bupa Asia Pacific, Australia’s largest confidentially owned health insurer, has deliver outstanding results for 2010. The company reported a 26 percent rise in after-tax profits as a result of marked increase in premium revenue coupled with a recovery in investment income.
Bupa Asia Pacific was recognized in 2008 as a $2.4 billion (US$2.63 billion) amalgamation between Bupa Australia and MBF Australia Limited. The acquisition of MBF made Bupa the largest private provider of health insurance in the country. Today Bupa Asia Pacific covers over 3.2 million members in Australia, across an array of brands including, MBF, Blink Optical, HBA and communal Community.
According to Bupa’s most recent accounts filed with the Australian Securities & Investments Commission (ASIC), pay for the company increased $48 million (US$52.5m) to a total of $228 million (US$249.4m) for the year ending December 31. Revenue earned from health insurance underwriting rose by over $280 million (US$306m) to $4.24 billion (US$4.6b), a 7 percent increase for the year. These results followed an increase in claims made by Bupa policyholders, costing the company $3.65 billion (US$ 3.9b), a 5.6 percent increase on 2009’s expenses.
In 2010, Bupa Asia Pacific sold MBF’s preceding life insurance and wealth organization business operations to Clear view Wealth Limited, a financial services group, for $204 million. Bupa then acquired Peak Health Management and eye-care business, Health Eyewear, for around $10 million (US$11m) in total. The accounts further reveal that Bupa Asia Pacific paid $211 million (US$230.8m) in dividends to its parent company, down from $332 million (US$363m) in 2009, the first year following the MBF merger.
Bupa experienced a $31 million (US$34m) rebound in investment income throughout the year, rising up to $119 million (US$130m), which after mixed costs and expenses, gave the insurer a pre-tax profit of $331.5 million (US$362.6m) for 2010, $90 million (US$98.5m) ahead of 2009’s total. The company filed $97.5 million (US$106.6m) in tax together with a $5 million (US$5.5m) loss from discontinued operations, all of which totaled cumulative earnings of $228 million (US$249.4m).
Bupa’s accounts, along with those of its rival Australian insurers, have benefit from the recent substantial (almost 6 percent in 2009) industry-wide increase in the accepted cost of health insurance in the country. According to the accounts, about $17 million (US$18.6) of the rise in Bupa’s profits can be credited to the increase in premium revenue. Last month the company was permitted by the government to further raise their premiums again. Their projected average premium increase of 5.14 percent, however, remains the lowest of the principal health funds in Australia.
Private health insurance reporting is not mandatory for Australians. The Australian healthcare system features in cooperation state and private-run institutions. Medicare was established in 1983 to provide Australians with free universal coverage for medical treatment in addition to a scalable reimbursement system for outpatient services. The Pharmaceutical Benefits Scheme is also prepared to support financially medical prescriptions. Australia apportions around 8.5% of its GDP towards healthcare, on par with other OECD countries. The Medicare system remains principally funded through general returns. Those above a certain income who remain exclusively on Medicare are liable for a Medicare Levy Surcharge, which is assessed at 1% of taxable income.
The Australian Government has introduced incentives and insurance rebate to give confidence more people to obtain private health coverage to ease both the financial and structural burden that the large numbers of aging patients are placing on the public healthcare system. The measures introduced in the past decade have had their desired effect with more Australians investing in their own health then ever before. The insurance industry has grown significantly as a result.
Bupa has been a successful player in the Australian insurance market for many years. The British based company has in fact seen its successful business in the Asia-Pacific region take on a more prominent role in the company’s overall growth strategy. Bupa is pregnant demanding conditions to carry on in its traditional established markets in the UK and the USA. Operations are expected to grow in the emerging economies, particularly in the populous Asian, Middle Eastern and Latin America regions, where there has been an increasing demand for quality health insurance coupled with a growing middle class that can afford such services.
Insurance Company Mentioned
Bupa
British United Provident Association (BUPA) was recognized more than 60 years ago in the UK and is now has ten million clientele in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, position of work health services and health assessments. As a provident friendship Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Bupa Asia Pacific was recognized in 2008 as a $2.4 billion (US$2.63 billion) amalgamation between Bupa Australia and MBF Australia Limited. The acquisition of MBF made Bupa the largest private provider of health insurance in the country. Today Bupa Asia Pacific covers over 3.2 million members in Australia, across an array of brands including, MBF, Blink Optical, HBA and communal Community.
According to Bupa’s most recent accounts filed with the Australian Securities & Investments Commission (ASIC), pay for the company increased $48 million (US$52.5m) to a total of $228 million (US$249.4m) for the year ending December 31. Revenue earned from health insurance underwriting rose by over $280 million (US$306m) to $4.24 billion (US$4.6b), a 7 percent increase for the year. These results followed an increase in claims made by Bupa policyholders, costing the company $3.65 billion (US$ 3.9b), a 5.6 percent increase on 2009’s expenses.
In 2010, Bupa Asia Pacific sold MBF’s preceding life insurance and wealth organization business operations to Clear view Wealth Limited, a financial services group, for $204 million. Bupa then acquired Peak Health Management and eye-care business, Health Eyewear, for around $10 million (US$11m) in total. The accounts further reveal that Bupa Asia Pacific paid $211 million (US$230.8m) in dividends to its parent company, down from $332 million (US$363m) in 2009, the first year following the MBF merger.
Bupa experienced a $31 million (US$34m) rebound in investment income throughout the year, rising up to $119 million (US$130m), which after mixed costs and expenses, gave the insurer a pre-tax profit of $331.5 million (US$362.6m) for 2010, $90 million (US$98.5m) ahead of 2009’s total. The company filed $97.5 million (US$106.6m) in tax together with a $5 million (US$5.5m) loss from discontinued operations, all of which totaled cumulative earnings of $228 million (US$249.4m).
Bupa’s accounts, along with those of its rival Australian insurers, have benefit from the recent substantial (almost 6 percent in 2009) industry-wide increase in the accepted cost of health insurance in the country. According to the accounts, about $17 million (US$18.6) of the rise in Bupa’s profits can be credited to the increase in premium revenue. Last month the company was permitted by the government to further raise their premiums again. Their projected average premium increase of 5.14 percent, however, remains the lowest of the principal health funds in Australia.
Private health insurance reporting is not mandatory for Australians. The Australian healthcare system features in cooperation state and private-run institutions. Medicare was established in 1983 to provide Australians with free universal coverage for medical treatment in addition to a scalable reimbursement system for outpatient services. The Pharmaceutical Benefits Scheme is also prepared to support financially medical prescriptions. Australia apportions around 8.5% of its GDP towards healthcare, on par with other OECD countries. The Medicare system remains principally funded through general returns. Those above a certain income who remain exclusively on Medicare are liable for a Medicare Levy Surcharge, which is assessed at 1% of taxable income.
The Australian Government has introduced incentives and insurance rebate to give confidence more people to obtain private health coverage to ease both the financial and structural burden that the large numbers of aging patients are placing on the public healthcare system. The measures introduced in the past decade have had their desired effect with more Australians investing in their own health then ever before. The insurance industry has grown significantly as a result.
Bupa has been a successful player in the Australian insurance market for many years. The British based company has in fact seen its successful business in the Asia-Pacific region take on a more prominent role in the company’s overall growth strategy. Bupa is pregnant demanding conditions to carry on in its traditional established markets in the UK and the USA. Operations are expected to grow in the emerging economies, particularly in the populous Asian, Middle Eastern and Latin America regions, where there has been an increasing demand for quality health insurance coupled with a growing middle class that can afford such services.
Insurance Company Mentioned
Bupa
British United Provident Association (BUPA) was recognized more than 60 years ago in the UK and is now has ten million clientele in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, position of work health services and health assessments. As a provident friendship Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
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