Prudential nets £155m from sale of protection business

Prudential has been paid £155m for the sale of its 25% stake in PruHealth and PruProtect to South African insurance group Discovery.

The deal sees the total value of the protection businesses put at around £620m, and represents Discovery's aim to establish a second home market in the UK. PruHealth and PruProtect will be rebranded and consolidated under a single insurance brand, Vitality. The business will offer two insurance lines, VitalityHealth in the private medical insurance market, and VitalityLife in the long-term protection market. Prudential UK, Europe and Africa chief executive Jackie Hunt said: "Prudential is proud to have built a successful UK health and protection business in partnership with Disc...