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Discovery results: 'Strong operating performance, well-positioned for growth'

25 February 2021 7:27 PM
Tags:
The Money Show
Adrian Gore
Discovery
Discovery Health
Discovery Limited
half-year earnings
Arabile Gumede
financial results

Earnings were negatively impacted by exchange rate volatility but Covid-19 provisions resilient, says Group CEO Adrian Gore.

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."

RELATED: Hard lockdown was a brave move, on balance - Discovery CEO

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'




25 February 2021 7:27 PM
Tags:
The Money Show
Adrian Gore
Discovery
Discovery Health
Discovery Limited
half-year earnings
Arabile Gumede
financial results

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