For the 2025 financial year, Bupa APAC reported revenue of $12.9 billion, up 6% from the prior year. The company attributed the result to an additional 400,000 customers, an expanded provider network and higher occupancy in its aged care operations. Underlying profit rose 10% to $947 million. Across its insurance and health services businesses in Australia, New Zealand, and Hong Kong, Bupa said it provided healthcare to more than 11 million people in 2025, compared with 10.6 million in 2024. Bupa APAC CEO Nick Stone linked the performance to the group’s reinvestment approach. “We know the future of health is all about greater access, affordability, prevention, and personalisation with a balance between virtual and physical health services, and a relentless focus on the customer,” Stone said.
In the Australian private health insurance market, Bupa said it has increased its market share over the past three years. As at the December 2025 quarter, the company reported a market share of 25.6%. “In 2025, we provided our Australian customers more than 277,000 ‘no out-of-pocket’ experiences during hospital stays and saved our customers more than $10 million using Blua’s 24/7 virtual doctor service, Blua Doctors. In Australia, we know that cost of living challenges are impacting many of our customers, and with cost pressures increasing across the health care sector, our focus remains on helping people access affordable, high-quality care in the private system,” Stone said.
Stone added: “We are also working hard to support our private hospital partners and help them navigate challenges across the system and play our part in keeping private health care sustainable.” In 2025, Bupa paid $6.65 billion in hospital and extras benefits to Australian customers, up from $6.28 billion a year earlier. Under its Members First Ultimate dental initiative, customers claimed 100% back (up to annual limits) on more than 439,000 general dental fillings, which the company said translated into more than $18.8 million in savings.
Bupa continued to widen its health services footprint in Australia. The group added 27 medical centres during 2025, bringing its network to 33, and increased its Mindplace mental health clinics to 10 locations. Across 20 healthcare programs, Bupa said it worked with more than 20,000 customers. “In 2025, we accelerated our focus on preventative health to meet patient demand including growing our medical centre and Mindplace mental health network, alongside our digital health platform, Blua. This is about providing better choice to meet the changing health and wellbeing needs of our community,” Stone said. According to the company, 69% of consultations on the Blua telehealth platform were resolved at the first appointment. Stone said Bupa has sought to limit cost increases in order to moderate premium movements and to reinvest in products and services. He added that spending on primary care and digital tools such as Blua is a key part of Bupa’s connected care strategy.
In New Zealand, Bupa reported a 95% occupancy rate in its aged care business, which it described as the highest level in seven years. The company invested more than $15 million in retirement village and aged care developments at Whitby and Riverstone and continued capital works across its broader care portfolio. In Australia, Bupa is committing $500 million to renew older care homes as part of a multi-year program. The company also reported industry recognition for initiatives including Nurse Practitioner‑led wellness hubs, intergenerational programs, and palliative care models.
In Hong Kong, Bupa secured two new major government contracts and continued to open clinics and develop what it calls a connected care model, intended to link in-person clinical services with digital channels. Outside its core insurance and clinical activities, Bupa acquired 250 hectares of land at Mt Eccles in Australia to establish a nature regeneration and decarbonisation project under its Better World strategy. Looking to future activity, Stone said: “Bupa will continue to make investments and grow the footprint of our medical centres, mental health, dental, and optical clinics. Our clinics are open to all, both Bupa customers and non-Bupa customers, to make healthcare more accessible for more people in our community. Combining our physical care presence with digital tools like Blua means more Australians can now access primary, preventative, mental health, and urgent care when they need it, including out of hours, wherever they live.”
Bupa APAC’s disclosure comes as several other Asia-Pacific insurers release their full-year 2025 results, giving additional context on operating trends across health, life, and general insurance. Zurich Insurance Group reported that its Asia-Pacific operations delivered gross written premiums of about $7.5 billion in 2025, split between life premiums of $3.2 billion and property and casualty premiums of $4.3 billion, and noted a higher business operating profit for the region year on year.
QBE Insurance Group, in its results for the year ended Dec. 31, 2025, reported statutory net profit after tax of $2.16 billion, an increase of about 21% from 2024. The company said the Australia Pacific division – which writes commercial, specialty, and personal lines across Australia, New Zealand, and the Pacific – remained a significant contributor to group earnings. Insurance Australia Group (IAG) announced full-year 2025 insurance profit of about A$1.7 billion and an insurance margin in the mid-teens, which it partly attributed to lower claims experience in its New Zealand business. In the health segment, nib holdings’ FY25 result showed group revenue of $3.6 billion and net profit after tax of $198.6 million. The group reported membership growth across its Australian residents’ health insurance portfolio and its international students and workers businesses, with close to 2 million people covered across Australia and New Zealand.
New Zealand-based Tower Insurance reported what it described as a record FY25 outcome for the year ended Sept. 30, 2025, with underlying net profit after tax of $107.2 million and reported profit of $83.7 million. The insurer cited lower large-event costs and a reduced business-as-usual claims ratio. Taken together, these disclosures indicate that several major Asia-Pacific insurers reported higher earnings for 2025, while at the same time directing capital toward distribution, digital platforms, and risk management in response to inflationary claims trends, catastrophe exposure, and affordability pressures in key markets.
