Pruhealth and Pruprotect, two brands that form the protection subsidiary of Prudential that is majority owned by South African insurer Discovery, saw pre-tax operating profits rise 10 per cent over the past year to June, according to latest results.
The firm posted pre-tax earnings of £39.2m, up by 10.4 per cent on the previous 12 months. New business sales were also up by 9.4 per cent to £107.8m.
These figures were published alongside the results for majority owner Discovery, which revealed an increase in its combined UK business of 6.5 per cent to now covering 753,000 customers.
Pruprotect was the subject of debate last month when it announced it had appointed Darrell Stone to a newly created post focusing on the growing number of intermediary firms prepared to commit to the firm’s proposition on a ‘single-tie’ basis.
Phil Jeynes, head of account development at Pruprotect, said the increase in single-tied firms was due to its “unique range” of products and Vitality healthy living programme, a view echoed by Master Adviser partner Roy McLoughlin.
However, Alan Lakey, partner at Highclere Financial Services, told FTAdviser that while the firm does has a unique proposition with no basis for direct comparison, he questioned why any adviser would want to cut off potential access to other alternatives.
Neville Koopowitz, chief executive of Pruhealth, said: “Our health and protection businesses are built on innovation, quality and value, resulting in continued strong performances.
“Over the last two years we have invested heavily in systems to support better business efficiency, sales and portfolio management and claims management.”
Mr Koopowitz said that during the last 12 months, the brands have focused on increasing levels of take-up and engagement through Vitality product development. In particular, he cited Pruprotect’s launch of its ‘Vitality Optimiser’ product, which has seen nearly 40 per cent take-up.
