Discovery results: 'Strong operating performance, well-positioned for growth'
Insurance Group Discovery Limited reported a 10% drop in interim profit for the six months ended 31 December 2020.
It fell to R1.875 billion from R2.078 billion for the previous half-year period.
Exchange rate volatility caused normalised headline earnings to decrease 1% to R2,284 million says Group CEO Adrian Gore.
"Total new business rose 8% to R10 920 million and growth potential for the Group remains high, with its emerging and new businesses contributing strongly to the performance."
Arabile Gumede interviews Gore on The Money Show.
It's a very tragic and difficult environment, but I think there is hope around the vaccine...Adrian Gore, Founder and Group CEO - Discovery Limited
From a business perspective we actually had a very good six months. The operating profit of the Group is up around 19%; our new businesses are coming through strongly; our Covid provisions have proved to be prudent...Adrian Gore, Founder and Group CEO - Discovery Limited
We very prudently hedged all of our exposure so that where capital is needed it's available.Adrian Gore, Founder and Group CEO - Discovery Limited
I think most businesses that survive and thrive will be much stronger coming out of the pandemic.Adrian Gore, Founder and Group CEO - Discovery Limited
Gore says the trends spawned by the pandemic are a crucial factor.
"The focus on health and resilience, the move to digital, the importance of purpose in business - all of this very much fits with our business model."
Listen to the interview below:
This article first appeared on CapeTalk : Discovery results: 'Strong operating performance, well-positioned for growth'
Source : Picture: Abigail Javier/EWN
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