PruProtect and PruHealth increase pre-tax profit by £39.2m

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Discovery has released its results for the year ending June 2014, showing a pre-tax operating profit of £39.2m earned by its UK businesses PruProtect and PruHealth.

The results said that this figure had increased by 10% compared to the year ending June 2013.

Combined PruHealth and PruProtect pre-tax operating profit contributed 12.6% of overall profit for South African insurer Discovery - the major stakeholder of the two UK firms. This represented an increase from 11.6% in 2013.

New business sales also increased by 9.4% to £107.8m representing an overall new business contribution of 17.5% for Discovery (up from 14.7% during the previous period.)

Additionally, Discovery reported that overall premiums/revenue jumped by 14% to £480.5m from PruHealth and PruProtect.

The results also showed that combined UK business now covers 753,000 customers - an increase of 6.5% from the previous year.

Neville Koopowitz, CEO of PruHealth with Vitality said: "Over the last two years we have invested heavily in systems to support better business efficiency, sales and portfolio management and claims management.

"Vitality is the core mechanism that underpins all our products and it is paying dividends. It provides value for everyone, including considerable cost savings to members through significant discounts on a wide range of health and wellbeing-related products and services. It also delivers good loss and lapse ratios for our insurance products."

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