Insurance Group Discovery Limited reported a 10% drop in interim profit for the six months ended 31 December. It fell to R1.875 billion from R2.078 billion for the previous half-year period.
Discovery founder and group CEO Adrian Gore says, their group earnings were negatively impacted by exchange rate volatility but Covid-19 provisions resilient.
Exchange rate volatility caused normalised headline earnings to decrease 1% to R2,284 million says Group CEO Adrian Gore.
“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” – Discovery founder and CEO
“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.”
Adrian was speaking to Arabile Gumede on The Money Show, Talk Radio 702.