Discovery: Time to win over the cynics
The firm is no longer viewed with the reverence it once was. CEO Adrian Gore faces a long slog to win over the cynics
27 February 2020 - 05:00
Discovery has been the feeblest performer in SA’s life assurance sector over the past year. It is down 33%, even worse than the hapless Old Mutual.
Since its record high of R190, Discovery’s decline looks precipitous: the share peaked in September 2018, but by this week it had slid to below R100 — a slump of around 47%. While its interim results to December 2019 show that many parts of the business remain robust, Discovery is burning through cash as it struggles to bring its new business ventures, like banking, to anything resembling scale...
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