FINANCIAL RESULTS
Discovery’s emerging businesses pay off
Discovery saw all of its emerging businesses turn profitable for the full year to June as the group positions itself as a global financial services player. The emerging businesses, which comprise Discovery Insure, the global Vitality business and Chinese-based insurance provider Ping An, contributed operating earnings of R158m. The group’s total operating earnings increased 17% to R8.2bn. Discovery was launched 25 years ago by Adrian Gore as a new entrant in SA’s medical scheme industry and has since mushroomed into a significant financial services business in SA, adding Discovery Life, Invest and Vitality to become a company with a market capitalisation of R110bn. “The progression of the group across the board was good. Every business was positive and every business performed in line with expectations or beat them. All of our emerging businesses are profitable and present a much bigger opportunity than what we thought,” said Gore, Discovery’s CEO. He described one of the highlights...
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