Vitality, the health and life insurer formerly known as PruHealth and PruProtect, has just released its latest figures, announcing a 11% profits rise in the first half of the 2014/2015 financial year.
Pre-tax operating profits came in at £24.4m with strong growth from both VitalityHealth and VitalityLife brands. VitalityLife had its best ever three-month period, with £15m of new business in Q4 2014. The company confirmed that over 800,000 lives are now insured through Vitality
The results statement said: “The continued growth follows Vitality’s successful re-brand last November, and has been driven by the emphasis on shared-value insurance that benefits the customer, insurer and society as a whole. As well as launching completely first to market products such as LifestyleCare Cover and VitalityGP, Vitality has also introduced new active reward partners – Starbucks and British Airways, further helping their customers save money every day.
“VitalityLife, the life insurance arm of the business, has seen 46% of new business now being written with Vitality Optimiser. Launched in 2013, Vitality Optimiser is a new category of insurance which offers a range of rewards and incentives from partners including Virgin Active, Cineworld, Vue and Eurostar to help people benefit from their engagement in healthier lifestyles through lower insurance premiums and tangible rewards.”
CEO of VitalityLife Herschel Mayers said: “To deliver our best quarter on record whilst significant corporate changes were taking place is a fantastic testament to the quality of both our team and product offering.
“We are confident that with products designed around customer’s needs, such as LifestyleCare Cover (a new product designed to help cover the cost of care in later life), we have the perfect springboard for further growth in 2015 and beyond.”
CEO of VitalityHealth Neville Koopowitz said: “Our aim is to grow our share of the Private Medical Insurance market, but also to drive the industry forward and we’ve made a significant breakthrough in making Private Medical Insurance more relevant to more people by launching products such as VitalityGP (which goes live imminently). Offering products that customers want and that help change behaviour has helped us achieve our objective of being a shared-value insurer.”