British healthcare group Bupa has agreed to sell Bupa Health Assurance (BHA), its protection and risk business, to Resolution for £165m.
As part of the agreement, all employees at Bupa Group Risk and Bupa Individual Protection will transfer to Friends Provident, part of Resolution.
The decision to sell BHA is part of Bupa’s strategy to primarily focus on its healthcare businesses, including its health insurance products and services in the UK.
In addition to the proposed sale of BHA, and in the context of Bupa’s general review of its distribution arrangements, Friends Provident and Bupa have agreed to work together to explore ways in which Friends Provident can introduce the Bupa private medical insurance product to its distribution channels and markets and Bupa can introduce the Friends Provident insurance products to its distribution channels and markets.
Bupa Health & Wellbeing managing director Natalie-Jane Macdonald said, the sale will allow Bupa Individual Protection and Bupa Group Risk to benefit from belonging to a company with a strong focus on both protection and risk. Importantly, this decision also allows Bupa to concentrate on healthcare products and services.