South African health and life insurance provider Discovery and one of its current joint venture partners, Prudential, have reportedly reached an agreement to collaborate further to create a new UK life insurance company that will offer assurance products.
Under the terms of the deal, the new 50/50 joint venture company, to be known as PruProtection, will be formed from the consolidation of PruHealth, its existing 50/50 joint venture business, and a new life assurance company PruLife, according to iafrica.com.
The new entity will offer rewards to consumers who take steps to improve their health through a wellness program, Vitality, which has been used in South Africa, Reuters reported.
Cited in Reuters, Discovery chief executive Adrian Gore said in a statement that
a pilot life assurance product has been launched in Britain and has already received a positive response.
The transaction is subject to the appropriate regulatory approvals.