Market applauds a ‘robust’ set of results from Discovery
Health and life insurance group Discovery increased diluted and undiluted headline earnings per share (HEPS) for the year to end-June by 20% to 683.1c, the group announced on Monday. Management described the results as robust, with a final dividend of 98c per ordinary share declared, payable on October 9. An interim dividend of 88c per share was paid on March 20. The market applauded the results, with Discovery shares up 4.13% at R147.87 at 9.35am on the JSE. The stock is up about 28% this year. Discovery said the group’s core new business annualised premium income (API) of increased 16% to R16.9bn, and normalised profit from operations rose 10% to R7bn. Discovery Health’s normalised operating profit increased 11% to R2.5bn and new business annualised premium income was up 18% to R6.1bn. New business annualised premium income at Discovery Life increased 17% to R2.175bn, and earnings rose 10% to R3.588bn, despite the impact of higher than expected claims. Operating profit at Discover...
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