Discovery Limited
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Discovery Limited (Incorporated in the Republic of South Africa) (Registration Number: 1999/007789/06) Company Tax Reference Number: 9652/003/71/7
Discovery Limited (Incorporated in the Republic of South Africa) (Registration number: 1999/007789/06) Company tax reference number: 9652/003/71/7 JSE share code: DSY ISIN: ZAE000022331 JSE share code: DSBP ISIN: ZAE000158564 Unaudited interim results, cash dividend declaration and trading statement for the six months ended 31 December 2015 Normalised profit from operations R3 015 million up 7% New business annualised premium income R8 435 million up 27% Embedded value R56.5 billion up 24% Transfer secretaries Computershare Investor Services Pty Limited (Registration number: 2004/003647/07) Ground Floor, 70 Marshall Street, Johannesburg 2001, PO Box 61051, Marshalltown 2107 Sponsors Rand Merchant Bank (A division of FirstRand Bank Limited) Secretary and registered office MJ Botha 155 West Street, Sandton 2146 PO Box 786722, Sandton 2146 Tel: (011) 529 2888 Fax: (011) 539 8003 Directors MI Hilkowitz (Chairperson), A Gore* (Chief Executive Officer), HL Bosman, Dr BA Brink, SE de Bruyn Sebotsa, JJ Durand(1), SB Epstein (USA), R Farber* (Financial Director), HD Kallner*, F Khanyile(2), NS Koopowitz*, Dr TV Maphai, HP Mayers*, TT Mboweni, Dr A Ntsaluba*, AL Owen (UK), A Pollard*, JM Robertson*, T Slabbert(3), B Swartzberg*, SV Zilwa *Executive 1 Resigned 13 January 2016 2 Appointed 22 October 2015 3 Resigned 22 October 2015 Interim financial results - prepared by L Capon CA(SA) and L van Jaarsveldt CA(SA) - supervised by R Farber CA(SA), FCMA Embedded value statement - prepared by M Curtis FASSA, FIA - supervised by A Rayner FASSA, FIA Commentary 01 | Group Financial Performance The six-month period ended 31 December 2015 saw a robust financial performance, accompanied by significant investment in new initiatives. -
Discovery Audited Results 2021
(R million) EMBEDDED VALUE (R million) UNDER MANAGEMENT GROSS INFLOWS 2017 57 294 2017 115 061 2018 65 624 2018 125 554 2019 71 217 2019 139 062 2020 70 834 2020 154 833 2021 74 645 2021 162 043 (R million) FROM OPERATIONS NORMALISED PROFIT (R million) API CORE NEWBUSINESS 2017 7 048 2017 14 660 2018 8 266 2018 16 137 2019 7 747 2019 18 329 2020 6 069 2020 19 173 2021 6 494 2021 20 951 COMMENTARY Strong operating performance during the pandemic and continued evolution of the Shared-value Insurance model The year ended 30 June 2021 was characterised by a multifaceted focus on the impact of and response to the COVID-19 pandemic, with a notable material impact on the Group’s financial results due to elevated mortality in South Africa (SA). The Group nonetheless delivered a robust operational performance with strong actuarial experience and growth. The growing relevance of its Vitality Shared-value Insurance model, given the increasing importance of health, wellness and resilience, positions the Group for growth in local and global markets. RESILIENT OPERATING PERFORMANCE DURING COVID-19 Normalised profit from operations increased 7% to R6 494 million, notwithstanding a R2.4 billion COVID-19-related impact for Discovery Life (R1.1 billion in prior year). New business annualised premium income (API) increased 11% to R21 325 million (core API 9%), while retention levels across the Group were strong. Normalised headline earnings (NHE) decreased by 9% to R3 406 million. This growth was impacted by R389 million pre-tax mark-to-market foreign currency losses (R578 million pre-tax gains in prior year) arising from a recovery of the rand during the year under review. -
Integrated Report
RMI INTEGRATED REPORT REPORT RMI INTEGRATED 2020 2020 INTEGRATED REPORT ABOUT THIS INTEGRATED REPORT RMI’S ENDURING to create and sustain value for its forecasts but do not represent VALUE CREATION stakeholders, are discussed. an earnings forecast. All forward- Management is not aware of the looking statements are based This integrated report of Rand unavailability of any reliable solely on the views and Merchant Investment Holdings information or any legal considerations of the directors. Limited (RMI) for the year ended prohibitions to disclosing any Those statements have not been 30 June 2020 was prepared for material information. reviewed and reported on by the all its stakeholders. external auditor. This report focuses on reporting The report contains comprehensive material aspects under the control information about RMI’s financial of RMI which can significantly RESPONSIBILITY performance, stakeholders, impact capital resources, financial The board is ultimately responsible governance, material issues, risks performance or could lead to for this report. and opportunities and how these significant reputational damage or influence RMI’s strategy. We show negatively impact RMI’s position The company secretary and how we create value and how we as a responsible corporate citizen. financial manager, Schalk Human will ensure that our value creation MCom (Acc) CA(SA), prepared this is enduring. The group is proud of report; the chief executive officer its heritage, steeped in strong ASSURANCE and financial director, Herman ethics. We therefore also outline Assurance was received from Bosman LLM CFA, supervised how our value creation is RMI’s external auditor, the preparation; and management underpinned by sound and PricewaterhouseCoopers Inc. -
Final Results June 2020
for the year ended 30 June 2020 (R million) Gross inflowsundermanagement (R million) Embedded value 2016 53 080 2016 104 409 2017 57 294 2017 115 061 2018 65 624 2018 125 554 2019 71 217 2019 139 062 2020 70 834 2020 154 833 (R million) Normalised profitfromoperations (R million) Core newbusinessAPI 2016 6 407 2016 13 303 2017 7 048 2017 14 660 2018 8 266 2018 16 137 2019 7 747 2019 18 329 2020 6 069 2020 19 173 The full-year period to 30 June 2020 was uniquely complex, with the COVID-19 pandemic creating considerable economic uncertainty, market volatility and societal need, against an already challenging economic backdrop. Discovery’s response was focused on three areas: protecting its people, protecting and supporting its clients, and supporting country efforts in South Africa – underpinned by a disciplined strategy to maintain Group financial strength and resilience. Commentary FINANCIAL PERFORMANCE Performance over the period was framed by the following key issues: Operating performance was resilient For the full year ended 30 June 2020, core new business was up 5% to R19 173 million, normalised operating profit was up 9% to R8 409 million (before providing for future COVID-19-related impacts, decreasing by 22% after the provision to R6 069 million) and normalised headline earnings decreased by 26% to R3 747 million. Normalised headline earnings per share (diluted) decreased by 27% to 566.7 cents and headline earnings per share (diluted) decreased by 94% to 44.7 cents. The following table summarises the position: % change Metrics over -
15866 1 RMI AR 17 About RMI (1-9)
INTEGRATED REPORT 2017 About this report RMI’S VALUE CREATION STORY FORWARD-LOOKING STATEMENTS This integrated report of Rand Merchant Investment Certain statements in this integrated report may Holdings Limited (RMI) for the year ended be regarded as forward-looking statements 30 June 2017 was prepared for all its stakeholders, or forecasts but do not represent an earnings including existing and potential shareholders. forecast. All forward-looking statements are based It contains comprehensive information about RMI’s solely on the views and considerations of the financial performance, stakeholders, governance, directors. Those statements have not been material issues, risks and opportunities and how reviewed and reported on by the external auditor. these influence RMI’s strategy. We show how we create value and how we will ensure that RESPONSIBILITY our value creation is sustainable. The board is ultimately responsible for this report. The company secretary and financial manager, Schalk THE CURRENT CONTEXT Human MCom(Acc) CA (SA), prepared this report; This year, particular emphasis was placed on RMI’s the chief executive and financial director, Herman ability to create value over time. Bosman LLM CFA, supervised the preparation; and management convened and contracted the relevant The macroeconomic environment within which the skills and experience to undertake the reporting group operates is currently under the extra pressure process and provided management oversight. of political uncertainty and the resultant downgrading The board, after consultation with the audit and risk of the sovereign risk ratings. This time of turmoil committee and applying its collective mind to the emphasises the need for strong, honest and proactive preparation and presentation of the report, concluded leadership, underpinned by sound and ethical values. -
Integrated Annual Report 2015 Our Core Purpose and Ambition
CREATING SHARED VALUE Integrated Annual Report 2015 Our core purpose and ambition Our core purpose is to Discovery is a shared value Our unique approach has make people healthier insurance company whose underpinned our success purpose and ambition globally, with substantial and enhance and protect are achieved through a new business growth and their lives. pioneering business model an impressive increase in that incentivises people to be normalised operating profi t healthier, and enhances and and headline earnings. Our ambition is to protects their lives. Today, Discovery covers over be the best insurance 5.1 million clients, and Our shared value insurance organisation in the world generates in excess of model delivers better health R37. 8billion of annual revenue. and a powerful force for and value for clients, superior social good. actuarial dynamics for the In this report we explain insurer, and a healthier society. what shared value insurance means for us, for our strategy and for the way in which we evaluate our performance. Our main clients are large-, medium-, and small-sized employers for health insurance, as well as individuals who buy health, life and short-term insurance and savings and investment products from us. Through our scalable business model, we are exporting Discovery’s intellectual property from our home market of South Africa to other industries and markets, including the United Kingdom, United States, China, Singapore, Hong Kong, Australia and Europe. INTEGRATED ANNUAL REPORT 2015 Our values Our values frame our decisions and form the foundation of everything we do. It is brought alive by our people, in how we think and through our actions. -
For the Year Ended 30 June 2020
for the year ended 30 June 2020 (R million) Gross inflowsundermanagement (R million) Embedded value 2016 53 080 2016 104 409 2017 57 294 2017 115 061 2018 65 624 2018 125 554 2019 71 217 2019 139 062 2020 70 834 2020 154 833 (R million) Normalised profitfromoperations (R million) Core newbusinessAPI 2016 6 407 2016 13 303 2017 7 048 2017 14 660 2018 8 266 2018 16 137 2019 7 747 2019 18 329 2020 6 069 2020 19 173 The full-year period to 30 June 2020 was uniquely complex, with the COVID-19 pandemic creating considerable economic uncertainty, market volatility and societal need, against an already challenging economic backdrop. Discovery’s response was focused on three areas: protecting its people, protecting and supporting its clients, and supporting country efforts in South Africa – underpinned by a disciplined strategy to maintain Group financial strength and resilience. Commentary FINANCIAL PERFORMANCE Performance over the period was framed by the following key issues: Operating performance was resilient For the full year ended 30 June 2020, core new business was up 5% to R19 173 million, normalised operating profit was up 9% to R8 409 million (before providing for future COVID-19-related impacts, decreasing by 22% after the provision to R6 069 million) and normalised headline earnings decreased by 26% to R3 747 million. Normalised headline earnings per share (diluted) decreased by 27% to 566.7 cents and headline earnings per share (diluted) decreased by 94% to 44.7 cents. The following table summarises the position: % change Metrics over -
15206 1.RMI IAR 2016 Front 1-61 REPRO 5).Indd
ANNUAL INTEGRATED REPORT 2016 SCOPE AND BOUNDARIES OF THIS REPORT SCOPE AND BOUNDARIES OF THIS REPORT ESTABLISHING MATERIALITY We are pleased to present our sixth annual integrated report, We define material issues as those which have the potential to which covers the year ended 30 June 2016. This report is mainly substantially impact our ability to create and sustain value for our aimed at providers of financial capital, being both our current and stakeholders. potential shareholders. In addition, we aim to inform all stakeholders The process we adopted to determine the issues material to our of our ability to create value over time. business and our stakeholders is aligned with our organisational Rand Merchant Investment Holdings Limited (RMI) is a listed decision-making processes and strategies. By applying the investment holding company with various investments in principle of materiality, we determined which issues could influence subsidiaries and associates. RMI consolidates entities where it the decisions, actions and performance of the group. exercises control over the financial and operating policies We describe our most material issues as our key priorities (subsidiaries) and equity accounts entities where it exercises and refer to pages 8 to 19 of this report, in which we significant influence (associates). describe the circumstances in which we operate, the key resources and relationships on which we depend, This report contains comprehensive information on our financial the key risks and opportunities we face and how our key performance, stakeholders, governance, material issues, risks and priorities can affect our ability to create and sustain opportunities and how these influence our strategic objectives.