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Vitality posts 16% profit rise

  • 18/09/2015
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Vitality posts 16% profit rise
Health and life insurance company Vitality has announced a 16% rise in its pre-tax operating profit, increasing to 42.8m for the year ending June 2015.

Following a rebrand of what was formally PruHealth and PruProtect in November, Vitality now covers 867,000 customers across its combined two UK busineesses, VitalityHealth and VitalityLife, an increase of 15%.

Overall revenue at the firm is up by 11% to £533m, but combined new business sales have fallen by 2% to £105m.

The group has launched a number of new products since rebranding, including the Vitality Optimiser which integrates life insurance and Vitality benefits and accounted for 55% of new business from June to September 2015.

Neville Koopowitz, CEO at VitalityHealth, said: “The past year has seen us develop innovative products, such as Vitality GP, bring on partners that can offer more compelling rewards to our members, and raise awareness of our brand with consumers and advisers alike. All of these activities have resulted in a significant increase in engagement and I look forward to building on this success over the next 12 months.”

Herschel Mayers, CEO at VitalityLife, added: “I’m delighted with these results. VitalityLife is now the second largest life insurance provider in the IFA space, an incredible achievement considering we only launched in 2007. With 55% of new business including the Vitality Optimiser, we are proving that we provide better outcomes for customers and truly deliver a new category of life insurance.”

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