Clean bill of health for Discovery’s finances

2014-09-03 11:57

There’s no economic downturn in private healthcare, judging from Discovery’s financial results.

It increased its headline earnings by 24% in the year to June – a period in which new business grew by 15%.

Discovery Health, which has 2.9 million members, continued to attract new business and its operating profit increased by 10% to R1.8 billion while its net annual surplus is projected at R1.3 billion.

Discovery Life’s operating profit grew by 23% to R2.6 billion. At Discovery Invest, which has assets under management of R42 billion, operating profit was up by 50%.

Discovery Insure, now the fastest-growing short-term insurer in South Africa, recorded a 73% growth in new business.

Similar excellent results were experienced at PruHealth and PruProtect in the United Kingdom, where Discovery is replicating its South African business model.

In China, Ping An Health “entrenched its position as the largest and fastest-growing health insurer in China”.

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