In the fiscal year ending June 2023, Discovery reported a 24% increase in normalized operating profit, reaching R11.66 billion. This growth was driven by robust operating revenue, premium income and asset management. Despite challenging economic conditions, the company achieved a 12% increase in core new business annualized premium income (API), amounting to R22.8 billion. Discovery Life was the largest contributor in SA, with profit increasing 19% to R4.8 billion. Discovery Health increased profit by 7%, to just less than R3.9 billion, while profit at Discovery Invest increased by 30% to nearly R1.6 billion. Discovery Bank, however, reported a loss of R767 million. Nevertheless, the bank experienced substantial growth, with the number of clients increasing by 49% to over 700 000, the number of accounts surging by 58.8% to 1.6 million and retail deposits increasing by 36% to R14.3 billion.
