Insurer Discovery posts 9% drop in interim profit on higher rates, choppy market

The logo of South Africa's Discovery group in seen on its headquarters in Sandton, Johannesburg, South Africa, February 20, 2020. REUTERS/Mike Hutchingsreported a 9% drop in interim profit on Thursday, hurt by higher interest rates and macroeconomic volatility.

It posted headline earnings per share , which strip out one-off items, of 453.6 cents for the half year that ended Dec. 31, as against 499.1 cents a year earlier. Normalised HEPS, which Discovery considers a more accurate measure of its profit and which also excludes exceptional items, was 570.2 cents, up 30% from year ago.

Discovery is one of South Africa's top health insurers and also has operations in the United Kingdom. Of late, it has diversified into other insurance products and financial services. The company invested a fifth of its operating profit into its key new businesses Vitality, a global wellness initiative, and Discovery Bank, forcing it to keep dividends suspended.

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