Discovery has been named one of the world’s most valuable insurance brands – with the ability to make a lot more money in the future
- Brand Finance has named Discovery the world’s 94th most valuable insurance brand.
- Discovery and Old Mutual are the only African insurers named in the report.
- London-headquartered Brand Finance determines the values of company brands through marketing investment, overall profit, and business performance.
- For more stories, go to Business Insider SA.
Discovery is the world’s 94th most valuable insurance brand, according to a new report – and the second "strongest" insurance brand in the world, measured by its ability to make money in the future.
Brand Finance’s Insurance 100 report, released this week, praised Discovery, South Africa’s largest private health insurer, for its Vitality rewards programme.
Discovery and Old Mutual ,in the 97th position, are the only African companies named in the report.
Also read: 60% of Discovery Vitality members are overweight - and they will now get personalised weight-loss plans and fitness goals
London-based Brand Finance calculates the value of company brands by measuring marketing investment, a brand’s contribution to a company’s overall profit, and companywide business performance.
The "strength" of a brand is determined by estimating the likely future revenues attributable to the brand.
Ping An in China was named the world’s most valuable brand, valued at $50,5 billion, followed by Allianz in Germany valued at $23.1 billion, China Life in China at $21.8 billion, Axa in France at $15.6 billion, and AIA in Hong Kong at $15.5 billion.
Ping An was also the world’s "strongest brand", followed by Discovery, China Life, Life Insurance Corporation in India, and Geico in the United States.
Discovery has a long-standing relationship with Ping An, owning 25% of Ping An Health and providing the Vitality rewards programme to its roughly 4.3 million clients.
Discovery also offers its Vitality programme to Hong Kong’s AIA, the largest public listed Asian life insurance group.
Brand Finance said insurance brands are typically not well-respected in most markets.
In terms of overall reputation only banks and telecoms services brands score significantly lower, while the hotel and automotive industries are more respected.
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