Prudential, Vitality Global expand partnership in Latin America

Rhea-AI Summary

Prudential Financial and Vitality Global have entered a 10-year expanded partnership to enhance wellness in Latin America. Building on their successful collaboration since 2020 in Brazil and Argentina, this agreement aims to democratize access to wellness solutions, promoting healthier lifestyles. Prudential's Total Wellness offering will utilize Vitality’s model, enabling participants to earn rewards for achieving activity goals through a digital platform. The initiative aims to support customers' physical, mental, and financial health, thus improving productivity across emerging markets.

Positive

• Expanded partnership with Vitality Global for 10 years to enhance wellness services.
• Successful previous collaboration in Brazil and Argentina leads to broader strategy implementation.
• Total Wellness offering promotes physical, mental, and financial well-being, potentially improving market share.

Negative

• None.

Building on success in Argentina and Brazil, Prudential Financial and Vitality Global are making holistic wellness achievable for more Latin Americans.

NEWARK, N.J.--(BUSINESS WIRE)-- Prudential Financial, Inc. (NYSE: PRU) and Vitality Global, a leading health and well-being company offering smart InsurTech with the goal to build a healthier world, have entered a 10-year, expanded partnership. Under this agreement, Prudential will leverage Vitality’s model to promote healthier lifestyles to complement its Total Wellness offering throughout Latin America.

Federico Spagnoli, Vice President, International Wellness Solutions, Prudential International Insurance (Photo: Business Wire)

This new agreement expands on the successful partnership the two firms launched in 2020 to offer health and wellness services in Brazil and Argentina through the Vitality program. This collaboration supports Prudential’s broader strategy of expanding access to a suite of physical, mental and financial wellness solutions across emerging markets in Latin America and beyond.

“Based on the outstanding results of our joint offering in Brazil and Argentina and aligned with our mission to democratize access to Wellness, I am proud that our expanded partnership with Vitality will allow Prudential to help more people to live longer and better lives,” said Federico Spagnoli, vice president, International Wellness Solutions at Prudential International Insurance. “This collaboration will enable our growth in emerging markets by delivering the differentiated products customers need and want.”

Prudential’s Total Wellness offering allows insurers and employers to provide customers and employees tools and resources to promote their physical, mental and financial health, leading to better productivity and performance.

Using a smartphone and/or fitness tracker, participants can easily access a diverse range of activities and track their progress. By meeting their weekly activity goals, members can earn rewards that are redeemable for a variety of goods and services, such as movie tickets, coffee, and other merchandise. Additionally, there is a monthly reward program where participants can earn a free wearable device if they meet their monthly activity goals. For insurance customers, an annual discount on insurance premiums is available based on their Vitality status. This powerful wellness ecosystem offers an easy and effective way to encourage healthy behaviors and promote a more active lifestyle.

“Together with Prudential, the opportunity we have to impact a continent’s health is hugely exciting for us,” said Barry Swartzberg, CEO of Vitality Global. “Our expansion across Latin America will enable us to enhance the lives of tens of millions of people in the coming years. A common trend across the region is a strong demand for digital care and wellness solutions — which we will help provide.”

ABOUT PRUDENTIAL

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of Dec. 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com.

ABOUT VITALITY GLOBAL

Vitality Global is a leading health and well-being company offering smart InsurTech with the goal to build a healthier world. Vitality Global is responsible for Discovery’s expansion of Shared-Value Insurance beyond South Africa and the United Kingdom. Through partnerships with forward-thinking insurers and employers, Vitality Global unlocks shared-value insurance — with a growing membership base of 30 million people across 40 markets. Visit vitalityglobal.com.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005835/en/

MEDIA

For Prudential

Mei-Tai Yee

+1 973-715-2953

mei-tai.yee@prudential.com

For Vitality Global

Felicity Hudson

+27 71 680 0234

felicityh@discovery.co.za

Source: Prudential Financial, Inc.

FAQ

What is the new partnership between Prudential Financial and Vitality Global about?

The partnership focuses on expanding wellness solutions in Latin America, promoting healthier lifestyles through Prudential's Total Wellness offering.

How long will the Prudential and Vitality partnership last?

The partnership is established for 10 years.

What regions are affected by the Prudential and Vitality partnership?

The partnership primarily targets Brazil and Argentina, with plans to expand across Latin America.

What are the benefits of Prudential’s Total Wellness offering?

It provides tools to promote physical, mental, and financial health, leading to improved productivity.

What rewards can participants earn through the wellness program?

Participants can earn rewards for meeting activity goals, including discounts on insurance premiums and a range of merchandise.