Adrian Gore-linked Discovery Life Pays 593 Million In Claims

Discovery Life paid out R11.5 billion 593 million in benefits, with wellness incentives and living benefits surpassing traditional death claims for the first time.

Over 60 of payouts in 2024 went to living clients, including R3.1 billion 159.45 million for income protection and R2.4 billion 123.43 million in rewards.

Early-stage cancer claims surged 62, with improved outcomes driven by increased screenings for breast, prostate, and colorectal cancers.

Discovery Life, a key unit within Discovery Group, the Johannesburg-based financial services company led by South African businessman Adrian Gore, has unveiled its 2024 claims report, revealing a notable shift in the insurance landscape. The company paid out R11.5 billion 593 million in benefits, with wellness incentives and living benefits surpassing traditional death claims for the first time.

This payout is a milestone for Discoverys shared-value insurance model, which encourages healthy behaviors by offering financial incentives, alongside strong life and disability coverage. Of the total payout, R5.5 billion 282.89 million went to living benefits and Shared-value rewards, far exceeding the R3.4 billion 174.86 million paid in life cover claims.

Discovery Life's approach focuses on wellness, longevity, and protection, continuing to innovate within the insurance industry. In 2024, over 60 percent of the payouts were directed to living clients, reflecting the companys shift toward behavior-linked insurance. This includes R3.1 billion 159.45 million in income protection, disability, and severe illness benefits, as well as R2.4 billion 123.43 million in Shared-value rewards, driven by the Vitality program.

Clients participating in Vitality experienced a 57 percent lower mortality rate and 47 percent lower disability risks, which unlocks long-term rewards. This reduced risk allows us to return tangible rewards, said Deputy CEO Gareth Friedlander, noting that Cash Conversions alone exceeded R1 billion 51.43 million for the first time.

While cancer remains the leading cause of death and disability, early detection has led to improved outcomes. Claims for early-stage cancer have risen 62 percent since 2020, driven by increased screening for breast, prostate, and colorectal cancers.