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The PMI stated that it determined the amount of reduction to be granted to users of alternative products based on scientific data and the potential of a product to reduce risks. PMI sells a number of cigarette alternatives, although it places a much larger bet on iQOS, a device that heats tobacco instead of burning it.
Electronic cigarettes are extremely popular in the UK, thanks in part to a public health agency in the country that has adopted the products as a less harmful alternative and encourages consumers to switch providers. By offering users better life insurance discounts to switch to iQOS, this could push more people to try it.
One day, PMI hopes to stop selling cigarettes completely, said CEO Andre Calantzopoulos on CNBC on Tuesday.
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"This obviously makes sense for public health and smokers, but also for our shareholders because, financially, as these products are not cigarettes, they benefit from reduced excise taxes and better margins, which is benefit to both parties, everyone, "he said. "That's why we're all going in that direction, and the sooner we get out of the cigarette, the better it will be for us."
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