Discovery Limited, a South African financial services group led by businessman Adrian Gore, has reported a double-digit growth in profit at the end of its 2022 fiscal year as it navigated geopolitical tensions and macroeconomic volatility caused by the COVID-19 pandemic, the Russia-Ukraine conflict, and supply-side constraints.
According to figures contained in its recently published financial reports, Discovery’s profit at the end of its 2022 fiscal year, which ended on June 30, increased by 70.1 percent, from R3.22 billion ($184.8 million) the previous year to R5.48 billion ($314.6 million).
The strong financial performance can be attributed to robust growth from Discovery’s South African and UK business composites, as well as persistence in exceeding expectations in all its business segments during the period under review, as net insurance premium revenue increased to more than R50 billion ($2.89 billion) from less than R48 billion ($2.77 billion) in 2021.
While commenting on the financial performance, Gore, Discovery’s CEO, said the group delivered a strong operating performance from its established operations and remained resilient in a challenging macroeconomic environment.
He explained that the organization’s drive for growth was manifested through Discovery Bank and the continuing evolution of its global healthcare model, most notably with the establishment of Amplify Health.
As a result of the strong financial performance, Discovery’s total assets increased significantly from R246.7 billion ($14.24 billion) to R271.2 billion ($15.66 billion), while retained earnings increased from R33.55 billion ($2.05 billion) to R38.97 billion ($2.25 billion).
Discovery is one of South Africa’s largest and most diverse global financial services firms, specializing in long- and short-term insurance, asset management, savings, investment, and employee benefits.
A well-known businessman who founded the financial services firm as a medical insurer in 1992, Gore owns a sizable 7.48-percent stake in the Sandton-based company.
As of press time on Sept. 8, shares in the group were worth R112.06 ($6.43), 1.36 percent more than their opening price on the Johannesburg Stock Exchange, giving the company a R74.9-billion ($4.3-billion) valuation.
Meanwhile, Gore’s shareholding in Discovery is presently valued at R5.6 billion ($320 million), making him one of the richest investors on the Johannesburg Stock Exchange.
