Leading insurance company Prudential has announced it is scaling back its position in the protection sector.
In the annual results they say: “We will participate in the health market through our existing joint venture with Discovery, which will be expanded to include our new Flexible Protection Plan. The joint venture will be led by Discovery.”
The Flexible Protection Plan will be incorporated into the 50:50 Discovery joint venture later this year. Flexible Protection Plan offers critical illness, disability, life and special cover for children.
It is likely that the company will cease offering some life, income protection and critical illness products; but details have not yet been decided, yet alone released.
PruHealth grew at a rate of 15% per month in 2006 and hopes to double customer numbers to 200,000 by 2008.