View more on these topics

Prudential sells 25% stake in PruProtect and PruHealth

Prudential Assurance Group has sold its 25 per cent stake in PruHealth and PruProtect to Discovery Group Europe for a cash fee of £155m.

In a statement to the London Stock Exchange this morning, Prudential says the transaction “will enable Prudential UK to realise its investment [in the PruHealth and PruProtect joint venture] at attractive terms while providing full strategic optionality to re-enter the market in due course”.

Prudential UK, Europe & Africa chief executive Jackie Hunt says: “Prudential is proud to have built a successful UK health and protection business in partnership with Discovery over the past 10 years. This success has enabled us to divest our stake in PruHealth and PruProtect on attractive terms for our shareholders.

“The transaction will also give us the strategic and commercial flexibility to consider operating freely in the UK protection market in due course. This would be fully in line with our stated strategy of developing the UK business and leveraging the group’s global expertise in risk-focused products.”

The PruHealth proposition was launched as a joint venture between Discovery and Prudential in October 2004, while PruProtect was launched in September 2007.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Lets hope that this will then lead to the products being administered and run from the UK with UK call centres staffed by people who know what they are talking about. I won’t hold my breath.

  2. Interested Observer 10th November 2014 at 3:42 pm

    What exciting news. I’ve been a fan of what PruProtect offers for some time, and have been hoping other providers follow. Perhaps Prudential might pick up the batton. @Harry Katz – most of your comments I find to be spot on, but this is a little harsh in my experience.

  3. Hi Harry, long time no speak. If you want UK face to face support, you only have to ask. Debbie

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com