Discovery's profits jump as it carves out additional SA market share.
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South Africa's largest medical scheme administrator Discovery says profits surged by about three-quarters in its year to end-June, boosted as the firm's key markets exited the emergency phase of Covid-19, while relatively lower prices also helped it carve out some additional market share.
Headline earnings jumped 74% to R5.2 billion in the group's year to end-June, slightly above pre-pandemic levels, with the insurer reporting a tripling of normalised profits in its Discovery Life business to R4 billion, amid healthy new business growth, while provisions also proved sufficient to cover R3.7 billion paid out in Covid-19 claims.
Headline earnings jumped 74% to R5.2 billion in the group's year to end-June, slightly above pre-pandemic levels, with the insurer reporting a tripling of normalised profits in its Discovery Life business to R4 billion, amid healthy new business growth, while provisions also proved sufficient to cover R3.7 billion paid out in Covid-19 claims.
