Prudential Health, the holding company of PruHealth and PruProtect, will be renamed Vitality. It will consist of two insurance lines, VitalityHealth and VitalityLife. The re-branding was done in order to bring about brand equity throughout the Vitality brand.
"Taking full ownership of our UK operations signals the significance of the UK market to Discovery and is key to our strategy to replicate Discovery’s shared-value insurance model in this market," said Adrian Gore, Discovery group chief executive.
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[DATA DSY:Discovery] says that the change in ownership should not have any operational impact on the business or members.
The company's UK operations are valued at 620 million pounds and cover over 800,000 lives. Its health and life arms both fall into the top five in the market and bring in annual premiums of approximately 480 million pounds and annualised new business in excess of 110 million pounds.
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"Discovery’s increased investment in the UK has always been part of our longer-term strategy. It will afford us the opportunity to realise our vision to further entrench our insurance model and to be recognised as the best protection provider in the UK."
Discovery hopes that, in the next five years, the new joint venture will bring in 1 billion pounds of earned premiums and 200 million pounds of new business.