Discovery poured more than R500m into new initiatives over the year to June, as its emerging businesses — Discovery Insure, Ping An Health and Vitality Group — grew at a rapid rate. Despite uncertainty in its two largest markets, SA and the UK, the group spent 8% of its R7bn operating profit (R577m) on initiatives, including its bank in SA and VitalityInvest in the UK. This compared with R823m spent in 2016. Discovery plans to have its long-awaited retail bank operational by the second quarter of 2018. The emerging businesses had stronger growth potential than initially thought, CEO Adrian Gore said on Monday. Discovery, which Gore founded 25 years ago during a politically volatile time in SA and in a market dominated by incumbents, has grown to become SA’s third-largest life insurer by market value. Discovery Health Medical Scheme is by far the biggest medical aid scheme with 2.76-million members. "I’m a firm believer that in difficult times is when you should build; in difficult t...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.