| Type | Subsidiary |
|---|---|
| Industry | Insurance |
| Founded | 1994 (acquisition of Prime Health by Standard Life) |
| Headquarters | London, UK |
Key people | Neville Koopowitz, CEO |
| Products | Health 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 | www |
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).
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]
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.
In April 2010, as part of Standard Life's decision to focus on its core pension and investment business, Discovery acquired Standard Life Healthcare (which had been formed in 1994 upon the acquisition of Prime Health Limited) and merged it with its PruHealth division.[2]
In November 2014, Discovery purchased the remaining 25% stake in PruHealth from Prudential, thus making Discovery a sole owner of the company. Immediately after purchase, Discovery re-branded PruHealth to a new trade mark called VitalityHealth, and its sister company PruProtect rebranded to VitalityLife, both under the Vitality umbrella brand. An intensive advertisement campaign launched in print, digital and outdoor media was commissioned.
Discovery Limited and the work of Vitality Group International have been featured as a Harvard Business School case study.[3][4][5]
References
- ↑ "About us". www.discovery.co.za. Retrieved 2023-12-05.
- ↑ "Standard Life Healthcare sold to Discovery". Health Insurance Daily. 1 April 2010. Retrieved 9 May 2015.
- ↑ Porter, Michael E.; Kramer, Mark R.; Sesia, Aldo (4 December 2014). "Discovery Limited" – via www.hbs.edu.
{{cite journal}}: Cite journal requires|journal=(help) - ↑ Omarjee, Lameez. "Discovery gets global recognition for its Vitality model". Fin24.
- ↑ "The Vitality Group: Paying for Self-Care ^ 310071". HBR Store.