DISCOVERY said it was working with joint-venture partner AIA Group to expand their AIA Vitality offering in the Asia-Pacific region beyond Singapore by the first half of next year.
Discovery has seen an opportunity to use Vitality as a tool to encourage healthy lifestyles in the Asia-Pacific region, which is becoming vulnerable to the effects of chronic lifestyle diseases.
AIA Group and Discovery launched AIA Vitality in July this year. AIA Vitality offers protection products designed to deliver better health and lower premium rates for AIA’s customers.
The roll-out started in Singapore this year. “We are busy working and looking at putting AIA Vitality in other markets, hopefully in the first six months of next year,” Discovery financial director Ricky Farber said at the company’s annual general meeting on Tuesday.
He said there were opportunities to expand AIA Vitality to the other 16 markets where AIA Group was active.
He said India would be difficult as AIA owned only 26% in its Indian business with Tata AIA Life Insurance Company.
This leaves AIA Vitality with opportunities in countries such as Indonesia and Malaysia.
Discovery already has a presence in China. In Singapore AIA Vitality has partnered with Emirates, Air Asia, Adidas and retailer Cold Storage. As far as its two-year-old short-term insurance business, Discovery Insure, was concerned, Mr Farber said the business needed another two years before it turned profitable.
Discovery acquired Hollard’s 25% interest in Discovery Insure for R352m. Discovery Insure is now fully held by Discovery. Mr Farber said Discovery would increase synergies with its other divisions like Discovery Life, without any competition overhang.
Discovery paid CEO Adrian Gore a total of R12.8m in the year ended June. The package included a basic salary of R3.8m, a performance bonus of R5.1m and a phantom scheme bonus of R3m.
Mr Farber was paid a total package of R12.2m.
Other top earners were Neville Koopowitz, the CEO of PruHealth in the UK, and Herschelle Mayers, Discovery Life and Invest CEO. Mr Koopowitz was paid a package of R22.5m, followed by Mr Mayers, with R21m.
Discovery to expand Vitality in Asia
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