Tobacco Company Starts Life Insurance Firm
Philip Morris International (PMI), the tobacco company that sells Marlboro cigarettes, is launching a wholly owned subsidiary, Reviti, that will initially sell life insurance in the United Kingdom before expanding into more markets overseas.
The company said people who quit smoking for at least a year will receive an average 50% discount. People who switch to e-cigarettes will receive an average 2.5% discount on premiums, while those who switch to Philip Morris’ heated tobacco product iQOS for three months will receive an average 25% discount. Reviti said it is determining the discounts based on scientific data related to the products and customer health risk.
Philip Morris International is separate from Philip Morris USA and does not sell products in the U.S. CEO Andre Calantzopoulos told CNBC in an interview that the company wants to eventually stop selling cigarettes altogether.