Vitality: Profit on the up at health and life insurance giant
Health and life insurer Vitality returned to profit growth during the first six months of its current financial year, it has been revealed.
The company, which is UK’s third-largest health insurer behind Bupa and Axa, has posted a normalised profit from £40m for the final six months of 2024.
Its UK health division reported a profit of £25.9m, up from the £22.5m it achieved during the same period in 2023.
The arm’s insurance revenue also jumped from £340m to £394m.
Vitality’s life insurance division’s profit also rose from £13m to £14.1m.
Its premium income rose from £197m to £217m while its insurance revenue grew from £145.3m to £162.4m.
Neville Koopowitz, CEO at Vitality, said: “Our interim results reflect a successful six months for Vitality in terms of growth and retention.
“We consistently find our products resonate with people – there not only at their time of need, but also providing tangible support and incentives to help them live healthier lives, firmly embedding preventative health within their everyday.
“We are very well positioned for further growth and are committed to constantly evolving our products and services, with a strong focus on embracing and investing in AI, to give people more personalised health support and cover.”
The half-year results come after Vitality slipped into the red despite its revenue surging by almost £100m during its latest full financial year,
The UK operation includes Vitality Life, Vitality Health Insurance, Vitality Health, Vitality Corporate Services, Better Health Insurance Advice and the joint venture Healthcare.
Last month, it was announced that customers are to be offered discounted weight loss treatments through the group in a UK first.
The group is to offer discounts of up to 20 per cent for medications such as Wegovy and Mounjaro to its 1.9 million members.
The offer is to be based on their body mass index (BMI) and weight-related health conditions, Vitality said.