Only Finance.com® - Pru in life insurance team-up

Life Insurance - Pru in life insurance team-up - 24/09/2007

Insurance giant Prudential has announced a joint venture with South African firm Discovery in the hope of expanding still further into the life insurance markets.

The venture, named Pru Protection Holdings, will incorporate Pru Health - a previous link-up between the two insurance companies.

News of the team-up comes ahead of this week's launch of Prudential's new life insurance and income protection policies.

It is thought that points-based discounts on premiums will be offered on the 25 new products for customers who exhibit signs of a healthy lifestyle such as a gym subscription, giving up smoking and eating healthily.

Discovery has already helped to pioneer the points-based approach in South Africa, the Times reports.

Head of Pru Protection Shaun Matisonn commented: "We believe we can revolutionise this market. Some parts of the protection industry have been stagnant, but we are aiming to revive it by bringing innovation and the chance for people to be rewarded for being healthier."

The launch of the new products could signal a re-focusing of Prudential's insurance interests, as the firm had been concentrating more on selling pension plans and investment bonds in recent years.

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