Philip Morris Launches Life Insurance Company
Philip Morris launches life insurance company called Reviti. This will be a wholly owned subsidiary of PMI selling life insurance. Additionally, they will offer discounts to current smokers if they quit or switch to an e-cigarette.
People who quit smoking and switch to e-cigarettes will receive around a 2.5% discount. Philip Morris have said that the discount given is determined by scientific data, along with risk reduction.
As we know, E-cigarettes are incredibly popular here in the UK. This is mainly due to Public Health England (PHE) backing e-cigarettes and it's products and accessories. Previously, PHE have also voiced that it is a far less harmful alternative to smoking. Thus, encouraging people to quit smoking and start vaping.
Indeed, in the past it would have been unusual to hear that Philip Morris launches life insurance company. On the other hand, PMI's, CEO Andre Calantzopoulos, has recently made a bold statement saying "One day PMI hopes to stop selling cigarettes altogether".
He goes on to say “Obviously that makes sense for public health and the people who smoke themselves. But it also makes sense for our shareholders because financially, as these products are not cigarettes, they benefit from lower excise taxes and better margins. So it’s a win-win for everybody". Infact, he finally says "That’s why we all move in this direction, and the faster we move out of cigarettes the better for all of us".
Philip Morris International is an American tobacco manufacturing company. Their most well known cigarette is Marlboro.
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