Adrian Gore, Discovery chief executive. Picture: SUPPLIED/DISCOVERY
“The group’s planned investments in our strategic initiatives, most notably Discovery Bank, created an expected reduction in group earnings but also generated pleasing growth, reflected in the 13% increase in new business annualised premium income and traction of new initiatives in both the group’s SA and international markets.”
Discovery Health, counting among the group’s established businesses, had excellent results for the period. Operating profit increased by 10% to R3.04m. The group is committed to collaborating constructively with the department of health on the National Health Insurance Bill. Profits in the second half grew by 15% compared with the first half but remained pressured by the economic environment. On key metrics for the year, Discovery Life performed well due to a significant improvement in the claims experience and the ability to reduce the effects of claims volatility.