A positive election outcome towards the end of the reporting period, following the formation of the Government of National Unity (GNU), resulted in a significant shift in confidence, with some immediate relief in market indicators, Adrian Gore, the founder and CEO of Discovery, said, delivering the groups annual results to end June 2024.
At a group level, Discovery delivered increases in normalised operating profit (up 17% to R11.6 billion), headline earnings (up 7% to R7.2bn), normalised headline earnings (up 15% to R7.3bn), and core new business annual premium income (up 18% to R26.67bn).
Gore said: The full-year reporting period continued to be characterised by complexities in the macroeconomic environment, including heightened consumer pressure due to cumulative interest rate increases, constrained economic growth and political uncertainties on many fronts. Within this context, Discovery remained focused on delivering strong growth in earnings, value, cash generation and capital resilience.
Gore said the group had entered a new distinct phase of capitalising on its long-term investment and growth strategy, and was now well positioned for sustained growth through two powerful and focused structures: Discovery SA and Vitality Limited.
Read Discovery results in Business Report print tomorrow in The Star, Mercury and Cape Times.
