S.Africa’s Discovery forecasts jump in half-yearly profit

The logo of South Africa's Discovery group in seen on its headquarters in Sandton
FILE PHOTO: The logo of South Africa's Discovery group in seen on its headquarters in Sandton, Johannesburg, South Africa, February 20, 2020. REUTERS/Mike Hutchings

February 18, 2022

(Reuters) – South African insurer Discovery forecast on Friday a higher half-yearly profit, supported by new clients at its health insurance business and adequate provisions to cushion the impact of coronavirus-related claims.

The company said its headline earnings, the main profit measure in South Africa, were expected to have grown 70%-80% in the six months ended Dec. 31.

Discovery said it paid out 3.4 billion rand ($227.4 million) in COVID-19 claims during the period.

($1 = 14.9496 rand)

(Reporting by Amna Karimi in Bengaluru; Editing by Sherry Jacob-Phillips)