Discovery Group has reported a robust financial performance for the year ending in June. It showcased the Discovery Group’s strong growth with a 30% increase in headline earnings to R9.6 billion. A key milestone in the results was Discovery Bank achieving its first profitable period in the second half of the year. This was a significant achievement reached ahead of…
Tag: insurance
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Discovery Profit Surge Indicates Strong Growth Ahead
Financial services giant Discovery Group has signalled a significant increase in profits for the year to end-June. Its banking division reached a significant profitability milestone after years of investment. This achievement contributes to the Discovery Profit Surge. In a trading statement released ahead of its full-year results, the group announced it expects a robust performance across all its business units.…
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Discovery Health’s Top Claims of 2024 Revealed
Discovery Health Medical Scheme (DHMS) has revealed the immense scale of its 2024 claims. It paid out a total of R83 billion last year. The scheme highlighted its ten highest individual claims, which alone amounted to R70.5 million. This underscores the critical role of medical cover in managing catastrophic health events. Presenting at the scheme’s Annual General Meeting (AGM), DHMS…
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Liberty Insurance Claims: R12 Billion Paid Out
Life insurer Liberty announced that it paid out a substantial R12 billion in death, disability, and income protection claims to over 120,000 beneficiaries throughout 2024. This impressive figure reflects the volume of Liberty insurance claims processed last year. The statistics shed light on evolving claiming patterns. There is a concerning underinsurance gap among women and a notable increase in claims…
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Medical schemes facing ‘slow death spiral’ amid regulatory failures
South Africa’s medical scheme industry is at a critical juncture, with escalating regulatory failures forcing schemes to design options that include gaps in cover. This trend increasingly requires members to purchase supplementary insurance, such as primary healthcare plans or gap cover. Consequently, this pushes consumers to pay for cover based more closely on their health risks. This was a key…
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GLP-1 drugs increase healthcare costs for obese patients
GLP-1 drugs, such as Novo Nordisk’s Wegovy, have become popular for weight loss among US patients struggling with obesity. Despite significant weight-loss benefits, an analysis of US health insurance claims reveals that these medications may drive healthcare costs higher rather than reducing obesity-related expenses. According to data from Prime Therapeutics, a pharmacy benefits manager, US patients’ average annual medical expenses…