Vitality reports £168k loss despite revenue boost to nearly £1bn in 2024

Vitality, the health and life insurance company, has reported a loss before income tax of £168,000 for the financial year ending 30 June, 2024, a stark contrast to last year's profit of £37.9m, despite a significant revenue increase.

The London-based insurer saw its insurance revenue jump by almost £100m, as detailed in newly filed accounts with Companies House, reaching £991.5m up from the previous year’s £894.9m, as reported by City AM.

Nonetheless, the firm has seen a profit before financing and income tax of £29.5m, although this is also lower compared to £64.6m in the previous year. Comprising Vitality Life, Vitality Health Insurance, Vitality Health, Vitality Corporate Services, Better Health Insurance Advice, and the Healthcare joint venture, the group recorded an uplift in both the health and life division's insurance revenues.

Specifically, Vitality Health saw its insurance revenue climb from £634.6m to £698.4m, with new business sales also rising from £109.8m to £117.4m.

Similarly, Vitality Life's insurance revenue went up from £260.4m to £293.1m, with its new business sales growing from £80.3m to £83.1m.

A statement from the group declared: "Both Vitality Health and Vitality Life have seen robust year-on-year growth broadly consistent with lives growth."

It added: "Overall, an increase in new business sales year on year, on track retention levels and dynamic market pricing has led to growth