The group said that normalised profit from operations is expected to increase by between 43% and 48%, while normalised headline earnings are expected to increase by between 65% and 75%, positively impacted by mark-to-market foreign currency gains.
Aside from the easing of the pandemic on its business, Discovery said that the emergence of considerable geo-political polarisation and macro-economic volatility caused by the conflict in Ukraine and supply side constraints, manifested in higher inflation,Discovery Health – 3% to 8%SA Composite – 38% to 43%Discovery said that its composite performed strongly with normalised operating profit expected to increase by between 38% and 43%, while new business increased by 15%, compared with the...
“The results were driven by a strong recovery from Discovery Life, and robust performances from Discovery Health and Discovery Invest. Discovery Insure was severely impacted by adverse weather, notably the particularly severe flooding in KwaZulu- Natal, combined with considerable supply-side inflation related to the cost of repairing motor vehicles,” the group said.
New initiatives progressed well, it said, notably with the strong performance of Discovery Bank and the clear focus on the build-out of Amplify Health, the group’s joint venture with AIA. As a result, Discovery said it expects HEPS to be between 70% and 80% higher when it publishes its full-year 2022 financial results on 7 September 2022.