Vitality Health and Life Insurance

Last updated
Vitality Health Limited
Company type Subsidiary
Industry Insurance
Founded1994 (acquisition of Prime Health by Standard Life)
Headquarters London, UK
Key people
Neville Koopowitz, CEO
ProductsHealth Insurance, Life Insurance
Revenue£989.2 million
Owner Discovery Limited
Number of employees
2561 (across 3 sites London, Bournemouth and Stockport in the United Kingdom
Parent Vitality Corporate Services
Website vitality.co.uk

Vitality is a United Kingdom-based company offering private health insurance and life insurance to the UK market. It has approximately 1.7 million members (June 2023 figures).

Contents

The company is a subsidiary of Discovery Limited, a South Africa-based financial services group listed on the Johannesburg Stock Exchange (JSE). As well as Vitality in the UK, Discovery Group has other subsidiaries in South Africa, the United States, China, Singapore, and Australia. [1]

Shared Value Insurance business model

Vitality uses a business model known as Shared Value Insurance. [2] Shared Value is a concept created by Professor Michael E. Porter and Mark Kramer of Harvard Business School. They describe it as “policies and operating practices that enhance the competitiveness of a company while simultaneously advancing the economic and social conditions in the communities in which it operates. Shared value creation focuses on identifying and expanding the connections between societal and economic progress." [3]

Vitality’s Shared Value business model has been used as a case study within academic courses for institutions such as University of Cambridge, [4] Harvard University and University of Pennsylvania. [5] It has also received coverage in the World Economic Forum, [6] the Clinton Global Initiative, [7] and prominent media forums, such as the Wall Street Journal and The Economist. [8]

The Vitality Programme

The Vitality Programme is a health promotion programme designed to incentivise improved lifestyle habits. Customers are then offered a range of rewards and discounts, designed to encourage long-term adoption.

History

The company was created in 2004 when Discovery and Prudential launched the PruHealth brand in the UK, combining Prudential's UK distribution capability with Discovery's Vitality product that had already been launched to the market in South Africa. [9]

In April 2010, Discovery acquired Standard Life Healthcare, formed in 1994 following the acquisition of Prime Health Limited, and merged it with its PruHealth. [10]

In November 2014, Discovery bought the remaining 25% stake in PruHealth from Prudential, [11] making Discovery the sole owner of the company. Discovery immediately re-branded PruHealth as VitalityHealth, and its sister company PruProtect as VitalityLife, both under the Vitality umbrella brand.

Related Research Articles

<span class="mw-page-title-main">Aviva</span> British insurance company

Aviva plc is a British multinational insurance company headquartered in London, England. It has about 18 million customers across its core markets of the United Kingdom, Ireland and Canada. In the United Kingdom, Aviva is the largest general insurer and a leading life and pensions provider. Aviva is also the second largest general insurer in Canada.

<span class="mw-page-title-main">Prudential plc</span> British multinational life insurance and financial services company

Prudential plc is a British multinational insurance company headquartered in London, England. It was founded in London in May 1848 to provide loans to professional and working people.

<span class="mw-page-title-main">Prudential Financial</span> American life insurance company

Prudential Financial, Inc. is an American Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, retirement planning, investment management, and other products and services to both retail and institutional customers throughout the United States and in over 40 other countries. In 2019, Prudential was the largest insurance provider in the United States with $815.1 billion in total assets.

<span class="mw-page-title-main">Axa</span> French multinational insurance firm

Axa S.A. is a French multinational insurance company headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services as part of its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.

<span class="mw-page-title-main">Ping An Insurance</span> Chinese insurance company

Ping An Insurance known also as Ping An of China, full name Ping An Insurance (Group) Company of China, Ltd. is a Chinese financial services holding company whose subsidiaries provide insurance, banking, asset management, financial services. The company was founded in 1988 and is headquartered in Shenzhen. "Ping An" literally means "safe and well". It is ranked as China’s 5th largest company.

Markel Group Inc. is a group of companies headquartered in Richmond, Virginia, and originally founded in 1930 as an insurance company.

Bharti Enterprises Limited is an Indian multinational conglomerate, headquartered in Delhi. It was founded in 1976 by Sunil Bharti Mittal. Bharti Enterprises owns businesses spanning across telecommunications, manufacturing, insurance, real estate, hospitality, and food. The group's flagship company, Bharti Airtel, is a telecom service provider with operations in more than 18 countries across Asia, Africa and Europe. The company ranks amongst the top two mobile network operators globally by number of subscribers.

Australia's insurance market can be divided into roughly three components: life insurance, general insurance and health insurance. These markets are fairly distinct, with most larger insurers focusing on only one type, although in recent times several of these companies have broadened their scope into more general financial services, and have faced competition from banks and subsidiaries of foreign financial conglomerates. With services such as disability insurance, income protection and even funeral insurance, these insurance giants are stepping in to fill the gap where people may have otherwise been in need of a personal or signature loan from their financial institution.

Saga is a British company focused on serving the needs of those aged 50 and over. It has 2.7 million customers. The company operates sites on the Kent and Sussex coast: Enbrook Park and Priory Square. It is listed on the London Stock Exchange.

<span class="mw-page-title-main">Bupa</span> Company that offers health insurance and healthcare services.

The British United Provident Association Limited, trading as Bupa, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.

Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.

<span class="mw-page-title-main">LifeStyles Condoms</span> Australian condoms brand by Ansell Limited

LifeStyles Condoms is a brand of condoms made by the former Australian company Ansell Limited, previously known as Pacific Dunlop Limited. In 2017, Ansell sold their condom business to a Chinese consortium for over US$600 million. Lifestyles HealthCare and all other Ansell affiliated condom brands: Skyn, Blowtex, LifeStyles, Manix/Mates, Unimil, Jissbon.

<span class="mw-page-title-main">Heirs Holdings</span> African Holding Company

Heirs Holdings is a family-owned investment holding company headquartered in Lagos, Nigeria with investment interests in various sectors in Africa.

<span class="mw-page-title-main">KB Financial Group</span> Korean financial services company

KB Financial Group Inc. is a financial holding company headquartered in Seoul, South Korea. The Group and its subsidiaries provide a broad range of banking and financial services. It is one of the domestic systemically important banks (D-SIBs) identified by the Financial Services Commission.

<span class="mw-page-title-main">Rand Merchant Investment Holdings</span>

Rand Merchant InvestmentHoldings, also referred to as RMI Holdings, is a listed financial services investment holding company that holds various insurance brands in South Africa, Australia, China, Mauritius, New Zealand, Republic of Ireland, Singapore, the United Kingdom and the United States of America.

<span class="mw-page-title-main">Discovery Limited</span> South African-based financial services group

Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.

ICICI Prudential Life Insurance Company Limited is an Indian life insurance company in India. Established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited, ICICI Prudential Life is engaged in life insurance and asset management business. In 2016, the company became the first insurance company in India to be listed in the domestic stock exchanges.

<span class="mw-page-title-main">FWD Group</span> Insurance company based in Hong Kong

FWD Group is a multinational insurance company based in Hong Kong. Founded in 2013 as the insurance arm of Pacific Century Group, FWD Group sells life and medical insurance, general insurance and employee benefits in Asia. The company had USD$50.9 billion in assets under management in 2020 and in 2021 was managing US$63 billion in assets. On March 13, 2023, FWD Group refiled its Main Board listing application with The Stock Exchange of Hong Kong. The initial filing was made on February 28, 2022. In 2023, FWD celebrated its 10th anniversary, and currently operates in Hong Kong, Japan, Macau, Singapore, Thailand, Philippines, Indonesia, Vietnam, Malaysia and Cambodia.

<span class="mw-page-title-main">Corebridge Financial</span> American financial services company

Corebridge Financial is an American multinational financial services company. It provides annuities, life insurance, asset management, retirement solutions, and other services. Corebridge was formed after AIG performed a spin-off on the company via an IPO in 2022.

References

  1. ↑ "About us". www.discovery.co.za. Retrieved 2023-12-05.
  2. ↑ Gwala, Ephraim. "Vitality | Shared Value Insurance". vitality.international. Retrieved 2023-12-08.
  3. ↑ "The Ecosystem of Shared Value" (PDF). Harvard Business Review. October 2016.
  4. ↑ "Creating Shared Value (CSV) Operationalising CSV Beyond the Firm" (PDF). University of Cambridge. March 2018.
  5. ↑ "Shared values that are lost in translation". Financial Times. 2014-04-23. Retrieved 2023-12-08.
  6. ↑ Insight: Ideas for Change - Michael Porter - Creating Shared Value , retrieved 2023-12-08
  7. ↑ Foundation, Clinton (2018-07-10). "How the Clinton Global Initiative Changed the World by Changing Corporate Philanthropy". Medium. Retrieved 2023-12-08.
  8. ↑ Guest, S. A. P. "SAP BrandVoice: How Shared Value Insurance Is Transforming People's Lives And The Industry". Forbes. Retrieved 2023-12-08.
  9. ↑ "Discovery acquires remaining stake in Prudential Health Holdings". www.covermagazine.co.uk. 2014-11-10. Retrieved 2023-12-08.
  10. ↑ "Standard Life sells healthcare division to Discovery Holdings". Evening Standard. 2012-04-11. Retrieved 2023-12-08.
  11. ↑ Staff, Verdict (2014-11-10). "Discovery acquires remaining 25% stake of Prudential Health Holdings". Life Insurance International. Retrieved 2023-12-08.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.