Discovery profits skyrocket. Sets rough launch date for its new retail bank

I certainly hope to be [a Discovery bank client by Q3/2018].

Adrian Gore, Discovery

Discovery reported a 19% increase in normalised profit to R4.059 billion for the six months to the end of December 2017.

Insurance premium revenue increased to R17.76 billion from R16.65 billion.

Diluted normalised headline earnings per share grew by 29% to 438.3 cents per share from 338.6 cents previously.

Discovery’s stated ambition is “to be the best insurer in the world”.

It will launch its new retail bank to the public in the third quarter of 2018.

The Money Show’s Bruce Whitfield interviewed Discovery Limited Group CEO Adrian Gore.

Gore discussed the results and touched on South Africa’s political transition.

Listen to the interview in the audio below.

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