[LISTEN] How Discovery Vitality made R603m profit from unused member perks

Business Insider's reporting that Discovery Vitality’s profits increased by 13-times over to 603-million rand, because Vitality members failed to use their perks.

Business Insider Associate Editor Phillip De Wet explains how the major profit made this year was a strange once-off occurrence.

Discovery has something called Discovery card that was actually operated by FNB, that card is now moving into the Discovery Bank. So Discovery Vitality through a transaction selling off its interest in that card, made about a R500 million profit so a great deal of this massive profit was from that once off piece of accounting.

Phillip De Wet, Business Insider Associate Editor

What we saw was a broad set of accounts specific to vitality but it does not go into the detail of how exactly this profit was made.

Phillip De Wet, Business Insider Associate Editor

Click on the link below to hear more from De Wet...


Recommended

by NEWSROOM AI
Read More
#ZondoCommission: Mzwanele Manyi defends his tenure as  GCIS head

#ZondoCommission: Mzwanele Manyi defends his tenure as GCIS head

Former GCIS head Mzwanele Manyi has accused the state capture commission's lawyers of unfair treatment.

  Bob Hewitt sexual assault survivor says revisiting the case will be traumatic

Bob Hewitt sexual assault survivor says revisiting the case will be traumatic

The convicted rapist and former tennis star is applying for sentence conversion after serving just a third of his jail term.

The Clintons and Caster Semenya to grace the Discovery leadership Summit

The Clintons and Caster Semenya to grace the Discovery leadership Summit

Founder & CEO at Discovery Limited Adrian Gore explains why they are having the Leadership Summit this year.

Hillary and Bill Clinton, Caster Semenya at Joburg's Discovery Leadership Summit

Hillary and Bill Clinton, Caster Semenya at Joburg's Discovery Leadership Summit

The Money Show’s Bruce Whitfield interviews Jim O'Neill, a former chairperson at Goldman Sachs Asset Management.

Man jumps from 6th floor of Discovery building in Sandton

Man jumps from 6th floor of Discovery building in Sandton

A caller shares their eyewitness account of the incident at the Discovery building in Sandton.

Discovery Vitality rewards have changed, find out what they offer now

Discovery Vitality rewards have changed, find out what they offer now

Head of Vitality Wellness Dr Craig Nossel explains the new Discovery Vitaly rewards.

Popular articles
Thandeka Gqubule prepared to fight EFF to the end

Thandeka Gqubule prepared to fight EFF to the end

SABC Journalist and part of the SABC 8 Thandeka Gqubule says she has not had any communication from the EFF.

[LISTEN] 'If you accuse, you must present some sort of preliminary evidence'

[LISTEN] 'If you accuse, you must present some sort of preliminary evidence'

Laywer Tebogo Malatji gives an update on Wednesday's meeting between Minster Pravin Gordhan and PP Busisiwe Mkhwebane.

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

Discovery Bank takes on Capitec Bank, TymeDigital (Patrice Motsepe), Bank Zero

South Africa has a brand-new bank! The Money Show’s Bruce Whitfield interviews Adrian Gore, Discovery Group CEO.

De Vos: Mkhwebane went against Public Protector's Act in subpoenaing Gordhan

De Vos: Mkhwebane went against Public Protector's Act in subpoenaing Gordhan

Prof Pierre de Vos says that Advocate Busisiwe Mkwhebane's pursuit of Pravin Gordhan is legally flawed.

Callers debate Mashaba arresting a man wheeling cow heads in Joburg CBD

Callers debate Mashaba arresting a man wheeling cow heads in Joburg CBD

Mashaba posted a picture of a man pushing a trolly full of cow heads saying that he had him arrested for an "illegal act".

[WATCH] Pupils dance to music made from a street pole in a true Mzansi way

[WATCH] Pupils dance to music made from a street pole in a true Mzansi way

Tech guru Jonathan Khabazela Fairbairn explores some most popular videos being shared on social media.

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

SA is falling in love with Telkom Mobile (6.5m users, 50% up on 6 months ago)

The Money Show’s Bruce Whitfield interviews Telkom Group CEO Sipho Maseko.

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

Self-driving Merc returns to Chapman’s Peak to beat the bends in stirring new ad

The Money Show’s Bruce Whitfield interviews branding and advertising expert Andy Rice about Merc's stirring new ad.

#DataMustFall! Meet Rain CEO Willem Roos... he is making it happen

#DataMustFall! Meet Rain CEO Willem Roos... he is making it happen

The Money Show’s Bruce Whitfield interviews Rain CEO Willem Roos for his weekly “ShapeShifter” feature.