Discovery have released the following annual results:
Presenting the Group’s annual financial results to shareholders this week, Discovery Chief Executive, Adrian Gore explained: “Discovery has made significant progress during the past year towards meeting our stated targets, with the conviction of achieving our 2018 Ambition.”
The results showed an acceleration in new business growth, combined with strong operating profit gains, notwithstanding the Group’s substantial undertaking of significant new initiatives, including the global expansion of the Vitality Shared-Value Insurance model.
Key highlights of the robust performance include:
- Normalised profit from operations up 10% to R7 048 million
- Core new business annualised premium income up 16% to R16 993 million
- Gross inflows under management up 10% to R115 061 million.
Discovery Health and Discovery Health Medical Scheme delivered excellent results. Discovery Life’s market share increased to 29.7% in the retail affluent segment. Discovery Invest assets under administration grew to R69.5 billion, and Discovery Insure achieved a cumulative profit in the second half. Significant progress has also been made in developing the infrastructure, processes, regulatory engagement and the value proposition towards Discovery’s intent to enter banking.
The UK businesses performed strongly, despite the challenging economic landscape.
Vitality Group, driving expansion of Vitality Shared-Value Insurance globally, launched the model in six new markets, bringing the number of countries with a Vitality Shared-Value Insurance offering to 16. myOwn, a new Australian health insurer and joint venture between Discovery, AIA Australia, and GMHBA Ltd, launched in July 2017. In China, Ping An Health membership was up by 428% to 3.7 million and projections for revenue growth remain high. “We foresee continued strong performance from businesses and are well positioned for growth,” Gore said.
Excerpt taken from Discovery’s eDiscoverer (21.09.2017)