Dear All,
The following has been taken from the eDiscoverer, dated the 2nd of September 2010 (discoverys’ ezine):
“Strong results for Discovery in a significant year of investment for future growth
Discovery today announced its annual results to analysts and media in Sandton, Johannesburg.
The results for the financial year 1 July 2009 to 30 June 2010 indicated strong performance from the group with operating profit increasing by 36% to R2.5 billion and new business up 32% to record levels. Gross inflows under management crossed the R40 billion mark for the first time and Discovery Invest posted its maiden profit.
Discovery’s established businesses continued to grow beyond expectation with substantial investment in innovation and infrastructure to support future growth. At the same time, we also implemented important strategies to position the group’s international businesses so as to capitalise on market opportunities.
Here’s an overview of our performance:
- Discovery Health: New business up 48% and operating profit increase by 12% while lapse rates are at 4.1%
- Discovery Life: Core operating profit up 15%, lapses improved with strong mortality results
- Discovery Invest: Maiden profit of R7 million and assets under management at R11 billion
- Discovery Vitality and DiscoveryCard: Continuing investment in research and development of the science behind Vitality. DiscoveryCard’s market share also increased to 8%.
In the UK market PruHealth stabilised new business, expense and lapse experience and finalised the acquisition of Standard Life Healthcare. PruProtect continues to gain traction averaging 300 applications per day and launched the Health Cover Optimiser. During the year we also announced our acquisition of a 20% stake in Ping An Health in China and with the relocation of a team, this partnership is taking shape.
As always, our excellent results are made possible by the outstanding people that make up the Discovery team coupled with your support as financial advisers. From everyone at Discovery, thank you for entrusting us to look after your clients’ needs and for your contribution and commitment to deliver the best financial advice and service to your clients. We look forward to continue working with you.
Discovery’s results presentation is available at www.discovery.co.za“
SO, it appears that Discovery is still going from strength to strength…which ultimately gives me pleasure in knowing that the company that i recommend is still doing strongly and a good choice for all those looking for cover.
Regards
Kenny Williamson
And Remember, it Pays to have Cover!