Profits up and new business down for Vitality

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Vitality has seen a 16% rise in profits to £42.8m for its life and health insurance businesses, while combined new business sales declined 2% to £105m in the 12 months to June 2015.

Across the businesses there are now 867,000 customers, an increase of 15% on 12 months earlier, when Discovery acquired the remaining stake from Prudential.

Overall premiums/ revenue rose 11% to £533m during the first 12 months as Vitality.

Between June and September 2015 the majority of life business (55%) included Vitality Optimiser which combines Vitality benefits with the policy.

The insurer will launch another round of ad campaigns in September 2015, again featuring the talking dog voiced by Ade Edmonson.

Herschel Mayers, CEO at VitalityLife said: "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."

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."

Further reading:

Vitality promises ‘more clarity' on app

Royal London protection business up 43%

Discovery launches Vitality partnership in USA

 

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