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“ Across the world,our people have pulledtogether to achieveextraordinary things,truly living our values.”In March 2021, Joy Linton leaves Bupato take up a new CFO role in her nativeAustralia. Joy has been key to Bupa’scontinued financial strength, including ournavigation through COVID-19, and leavesthe organisation in excellent financial shape.Martin Potkins became Interim CFO, subjectto regulatory approval, in December 2020.He knows Bupa well, having previouslybeen Group Corporate Controller, andbrings substantial external experienceand finance expertise.I am delighted that Clare Thompson, ourSenior Independent Director and AuditCommittee Chair, has agreed to extend herterm until 2022, which will provide valuablecontinuity for the Board.Under Iñaki’s leadership, the teamare committed to delivering strongperformance, transforming Bupa to meetthe demands of the new era. The Board andI would like to thank all our people workingacross our organisation for everything theydo to serve our customers. Health could notbe more relevant to the world right now,and Bupa has a vital role to play.Our Strategic Report from pages 1-41 wasreviewed and approved by the Boardof Directors on 3 March 2021.By order of the Board.Roger DavisChairman2020PeopleEngagement score84,00079Health insurance customers17.9mProvision customers13.6mAged care residents20,000( 1 vs 2019 and 1 point away fromour external benchmark – top 10% oforganisations globally)Support80%of employees said that they felt supportedby Bupa in our employee surveys, the thirdhighest scoring question out of 2011. 74% of 71,291 employees responded.Bupa Annual Report 202005

Strategic Report Governance Financial StatementsGroup CEO’sreviewThe COVID-19pandemic has changedour world on everylevel. The past yearsaw a seismic shiftin priorities andaccelerated social andtechnological change.“ We must deliver forcustomers and playour part in society.Our focus is on growth,transformation andsustainability. We mustgrow the business oftoday. We must innovateand become the businessof tomorrow. And wemust act on the climatecrisis – healthy peopleand healthy businessesneed a healthy planet.”I am incredibly proud of how our teamresponded in 2020 and thank all our peopleacross the world for their amazing hardwork and commitment, as well as theircontribution to wider society during thisdifficult period. COVID-19 is having a terribleimpact across the world at a very humanlevel. I want to recognise all those whoselives were lost to the virus. Our thoughtsare with their families and loved ones.The pandemic has also changed our worldon every level. The past year saw a seismicshift in priorities and accelerated social andtechnological change. Health has beenelevated in the minds of individuals, families,organisations and governments. COVID-19and its impacts have accelerateddigitalisation exponentially and permanently.This has coincided with significant shifts insocial and political dynamics, includingincreasing expectations of businesses.Having been at Bupa for over 15 years,most recently as CEO of Europe and LatinAmerica, I am honoured to serve as GroupCEO from the start of 2021. On behalf ofthe organisation, I would also like to thankEvelyn Bourke for leading Bupa as ourGroup CEO for many years but, in particular,through a very difficult 2020.It is an important time for Bupa. Wemust deliver for customers and play ourpart in society. Our focus is on growth,transformation and sustainability. We mustgrow the business of today. We mustinnovate and become the business oftomorrow. And we must act on the climatecrisis – healthy people and healthybusinesses need a healthy planet.Our 2020 Full Year results reflect volatileand, in some lines of business, challengingtrading conditions from the pandemicacross our markets. Despite this, thebenefits of the diversified nature of Bupa,both in terms of health business line andgeography, are demonstrated in theseresults with revenue at 12.1bn flat at CERon 2019 and underlying profit marginallydown at 388m.06Bupa Annual Report 2020Over 2020, we responded to the fastchanging environment acting responsibly,as part of national efforts to address thepandemic, and with the interests of ourcustomers and employees alwaysprioritised. The actions we took to supportcustomers and our people, our operationalresponse to COVID-19, and the pandemic’simpact by business line were as follows: Insurance: Throughout the pandemicwe accelerated investment in telehealthand digital healthcare services, so thatcustomers could continue to accesshealthcare remotely. We took a rangeof targeted actions in our markets tosupport our customers. These included:a pledge to pass back any exceptionalfinancial benefit arising from COVID-19 toUK PMI customers; removing pandemicexclusions for COVID-19; delayingapproved premium increases in Australiaand Chile; providing free access to Bluadigital consultations in Spain; andsupporting those experiencing financialhardship. Claims were reduced by therestrictions on access to healthcarefacilities, in particular, hospitalisationfor elective surgery, giving some benefitto profit in the year. Although theserestrictions have largely been lifted,postponed claims will return and thequantum and timing of claims rebound in2021 remains uncertain. There is potentialfor volatility in insurance profits in thecoming year, although this will be largelymitigated in Australian Health Insuranceand in the UK PMI business by reservesheld at year end. Health provision: Our hospitals in Spain,Poland and Chile treated thousands ofCOVID-19 patients as part of the nationalresponses. In Spain, we doubled thenumber of ICU beds and constructed twofield hospitals. In the UK, the CromwellHospital treated cancer and cardiologypatients on behalf of the NHS. Otherbusinesses, particularly dental and clinics,were largely closed during the initial

Performance 2020lockdown periods, which affectedperformance. As restrictions eased,we reopened services with operationalsafety measures in place. Activity startedto recover towards normal levels in thesecond half of the year, althoughcontinued to be impacted by locallockdowns.Revenue1 12.1bn-2% AER 2019: 12.3bn0% CER 2019: 12.1bnStatutory profit/(loss)before taxation 410mAER 2019: (78)mUnderlying profit2 388m-7% AER 2019: 416m-4% CER 2019: 404m1. Revenues from associate businesses are excludedfrom reported figures. Customer numbers andeconomic share of post-tax profits from our associatebusinesses are included.2. Underlying profit is a non-GAAP financial measure.This means it is not comparable to other companies.Underlying profit reflects our trading performanceand excludes a number of items included in statutoryprofit before taxation, to facilitate year-on-yearcomparison. These items include impairment ofintangible assets and goodwill arising on businesscombinations, as well as market movements such asgains or losses on foreign exchange, on return-seekingassets, on property revaluations and other materialitems not considered part of trading performance.A reconciliation to statutory profit before taxation canbe found in the notes to the condensed consolidatedfinancial statements. Aged care: Protecting residents andstaff remains our absolute focus, withcomprehensive safety measuresintroduced and investment in safetyequipment, staff training and support.Across our businesses in Spain, the UK,Australia and New Zealand, our teamssupported and cared for our residents andworked hard to maintain their connectionswith families and loved ones usingtechnology. We introduced temporaryadmissions restrictions to protect ourresidents and our people. We closed theyear with reduced occupancy levels, whichimpacted performance. We incurredhigher operating costs with additional PPEand other pandemic related expenses. InAustralia, we invested to improve clinicalstandards and ended the year with no carehomes under regulatory sanction.For our people, we focused on keepingthem safe and supporting them duringuncertainty. We significantly expandedthe availability of mental wellbeing andresilience services, helplines and support.We enabled our frontline people to continueto work safely by implementing enhancedcleaning regimes in facilities, providingPPE and training on specialist equipment.We facilitated remote working whereverpossible through technology and at thepeak of the first wave of the pandemic, 96%of our people were able to work. Differentworking arrangements were put in placefor the remainder of our people.During 2020, we supported the work ofcommunity partners through a HealthyCommunities Fund and via the BupaFoundations in the UK, Spain and Australia.Our priorities for 2021Our priorities are. Excellence for customers Innovation Digital transformation Sustainability GrowthWe are committed to Continuing to adapt and innovate tomeet the new demandsMany thousands of our people volunteeredto support those affected by the pandemic,including participating in our programmesto support mental health and resilience foryoung people and in schools. We continuedto progress our environmental managementagenda and prepare a new Environmentand Climate Action plan, which we aim topublish this year.We remain financially strong with a stablesolvency capital position. Over the year, wemanaged liquidity prudently and improvedour debt maturity profile raising 650mthrough a senior bond and Tier 2 bond issue.We also redeemed 330m of bonds issuedin 2004. We increased our shareholding inBupa Arabia by 4% to 43.25% as part of ourongoing investment in strengthening ourmarket positions. I would like to thank JoyLinton, our outgoing CFO for her leadershipover her years at Bupa and for her excellenthandover to Martin Potkins our Interim CFO.We have strong foundations for our future.Significant investment in technology, astreamlined organisation structure, and ourdiversified business model helped us end2020 in a strong position and ready to begina new stage of growth for the benefit ofour customers, even though we face somechallenges.OutlookWe are in the early stages of vaccinedeployment in many of our markets butthe pace will vary, and it is clear COVID-19will continue to impact economies, healthsystems and our business lines over themedium term. These impacts will vary bycountry. The quantum and timing of deferredhealth insurance claims in some markets isalso uncertain. We will continue to adapt andinnovate to meet the demands of this newenvironment, continuing to play our part inhelping customers, our people and society.The pandemic has accelerated opportunitiesin our markets. Customers are increasinglyfocused on their health and wellbeing, andboth customers and clinicians are morewilling to use telehealth services –presenting opportunities for healthcarecompanies who can adapt to these trends.We are well-placed to address thesechallenges and opportunities with underlyingfinancial strength, a resilient organisationand a diversified business model. We aredeveloping our new strategy with a focuson excellence for customers, innovation,transformation and sustainability. I amconfident we will end the year withincreased momentum in all these areas. Playing our part in helping customers,our people and society Acting on the climate crisisUnderpinned by Underlying financial strength A resilient organisationIñaki EreñoGroup CEO A diversified business model A robust Risk Management FrameworkBupa Annual Report 202007

Strategic Report Governance Financial StatementsBusiness modelWhat we doHealth insurance72%of revenue17.9mInsurance customersworldwide Our main business is healthinsurance for individual andcorporate customers, and smalland medium-sized enterprises(SMEs). We have a strong domestichealth insurance presence via ourbusinesses in the UK, Australia,Spain, Chile, Hong Kong SAR,Turkey, Brazil and Mexico, andour associate businesses inSaudi Arabia and India. We offer additional healthfunding products, such assubscriptions and cash plans.Health provision20%of revenue390health clinics13.6m Health clinics: Services includehealth assessments, GPservices, fertility services, andphysiotherapy. We also haveoutpatient and speciality clinics. Digital provision: We offer digitalprovision services includingdigital GP services, care triageand consultation, mental healthcoaching and support, andchronic care management. We also deliver third-partyadministration services inselected markets. We also offerinternational private medicalinsurance (IPMI) throughour Bupa Global businesses,for international customerswanting access to qualityhealthcare, wherever andwhenever they need it. We provide dental insurance inAustralia, the UK, Spain, Chile,Poland, Hong Kong SAR, Braziland through Bupa Global. Hospitals: We run hospitalsin Spain, Chile and Polandand one in the UK. Dental: We have around 1,000dental centres across the UK,Ireland, Australia, Spain, Chile,New Zealand, Poland, Braziland Hong Kong SAR.provision customers worldwide1,000dental centres22hospitalsAged care8%of revenue20,000residents in our care homes08Bupa Annual Report 2020 Our aged care portfoliocomprises care homes,retirement villages, day centresand homecare. Aged care services in Australia,New Zealand, the UK and Spain.

CustomersPeoplePartnersSocietyWho we create value for See pages 12-15 for moreabout our customers See pages 16-19 for moreabout our people See pages 25-28 for moreabout our partners includinghealthcare providers,clinicians, brokersand distributors. See pages 20-24 for moreon Environmental, Socialand Governance.Bupa Annual Report 202009

Strategic Report Governance Financial StatementsExternal contextGlobal macro trendsMacroeconomic contextChanging social attitudesClimate actionThe pandemic has triggered aslowdown in economic growth in allmajor economies, which is likely toresult in a global economic contraction.Changing social attitudes, such asincreasing focus on addressinginequalities and an emphasis on goodcorporate citizenship, continue to shapeconsumer behaviours – and have beenreinforced by the COVID-19 pandemic.The climate crisis remains a criticalpriority, and the pandemic has placedsharper focus on climate action andreinforced societal expectations ofbusinesses.Consumer spending has slowed, and publicsector budgets have been put undersignificant pressure, presenting fundingchallenges within health systems.As a global business, we have felt theimpact of this across our markets. However,our industry and diversified business modelbenefit from a high degree of resilience.We actively monitor and respond to theeconomic climate in which our businessesoperate.Consumers are seeking to engage withcompanies that demonstrate socialresponsibility and companies must workharder to build trust and prove their “sociallicence to operate”.Our corporate values align with this andwe recognise the important role thatcompanies play in shaping societies.We are committed to strengtheningour focus on sustainability and the widerESG agenda.The pandemic has highlighted the potentialfor meaningful action when science,business and policy communities cometogether, and has reinforced expectationsof the role of companies.The public is also paying more attentionto the health impacts of climate change,particularly the relationship between airquality and respiratory illness, and greaterappreciation for green spaces.We are defining the next level of detail forour Environment and Climate Action Plan,particularly our focus on the health impactsof climate change.Healthcare trendsHealth cost pressuresConsumer behavioursRegulatory environmentBefore the pandemic, demand forhealthcare continued to grow dueto rising incidence of chronic disease,and growing patterns of healthcareconsumption.Consumer behaviours are developingin response to affordability challenges,evolving views of health, and increasingdigital developments.Governments and regulators are placinga greater focus on health systems due toconcerns over quality, affordability andaccessibility of care.The pandemic has accelerated the needfor digitalisation in health as consumers(and clinicians) are demanding care inremote and digital settings.Healthcare providers are facing greaterscrutiny of the quality of care delivered,while insurers are facing pressures overthe value and the affordability of healthinsurance.The impact of COVID-19 is expected toincrease demand further on health systems,as consumers become more healthconscious and as backlogs in care andtreatment must be addressed.Medical cost inflation also remains high dueto high-cost treatments and technologiesand worker scarcities, resulting in persistentaffordability challenges.We are working to optimise the efficiencyand effectiveness of care received by ourcustomers and to increase digitalisationacross our business, to deliver continuedaccess to affordable and high-qualityhealthcare.10Bupa Annual Report 2020This year, we have responded by enhancingour telehealth services and remote carecapabilities. Going forward, digital serviceswill be a crucial part of our customer offer,and we will build on the progress madein 2020 to further strengthen our digitalcapabilities and propositions.We also continue to develop newpropositions that are personalised andcustomer-centric, to remain competitiveand relevant for current and futurecustomers.This year, COVID-19 has led to changes inregulatory approach and action in manymarkets, as regulators have sought toenable greater flexibility and efficiencyin healthcare systems.We have welcomed these changes andhave responded by introducing greateragility in our businesses and deployingdigital and telehealth services, rapidlyand at scale. We continue to monitor ourmarkets and work alongside governmentand regulatory agencies where appropriate,to ensure the long-term sustainability ofthe industry on behalf of our customers.

Financialperformance1RevenueRevenue was broadly flat as a result ofgrowth in our Australia and New Zealandand Europe and Latin America MarketUnits, offset by a decline in Bupa Globaland UK.Revenue( bn)11.9We use our key financial metrics tofocus on in-year performance and longerterm sustainability. These metrics includerevenue, statutory profit before taxation,underlying profit, net cash generated fromoperating activities and Solvency II capitalcoverage ratio.See Financial review on pages 33-35.Statutory profit before taxation was 410m compared to a 78m loss in 2019,largely as a result of non-recurringgoodwill impairments in 2019 of 443m.Statutory profit/(loss)before taxation( m)12.312.1502410-2% AER2019: 12.3bn0% CER2019: 12.1bnAER2019: (78)m(78)2018201920202018Underlying profit2Group underlying profit declinedmarginally by 4% to 388m (2019: 404mat CER). Overall, our insurance profits haveincreased, however this was more thanoffset by losses in provision and aged care,reflecting the significant disruption toservices from lockdowns, governmentrestrictions and additional costs fromCOVID-19.Underlying profit( m)RevenueStatutory profit/(loss)before taxation2019Net cash generated fromoperating activitiesWe generated cash from operatingactivities of 1,343m, up 646m, largelyreflecting the delay in claims outflows inthe insurance businesses.Net cash generated fromoperating activities( m)1,343613 12.1bn2020416388-7% AER2019: 416m-4% CER2019: 404m808AER2019: 697m697Statutory profit/(loss) before t

of clinics, dental centres and optical stores. It also includes residential aged care services in Australia and New Zealand. 39% of revenue . 3.9m Health insurance customers. 1.4m Healthcare provision customers. 5,800 Aged care residents Australia. 3,500 Aged care residents . New Zealand Australia. Bupa Health Insurance