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Discovery, the South African financial services group founded by businessman Adrian Gore, posted a full-year profit of $545 million in 2025, a 27 percent increase from the previous year, lifted by strong performances in its health, life and Vitality businesses.
The group’s profit for the year, jumped by 26.61 percent, from R7.55 billion ($430.36 million) last year to R9.56 billion ($544.81 million) for the fiscal year ending June 30, 2025, thanks to strong contributions from its South African composite and its global Vitality business, both of which saw double-digit profit gains despite sluggish macroeconomic conditions.
South African business drives growth as vitality surges
Domestic operations delivered a strong performance, with normalized profit from operations rising 22 percent to R12.01 billion ($685.1 million). Growth was broad-based across health, life, investments, insurance and banking, with Discovery Bank turning profitable in the second half.
Discovery Insure led the surge with a 229 percent rise in profit to R817 million ($46.6 million), helped by disciplined pricing and benign weather conditions. However, Discovery Life had the largest contribution of R5.53 billion ($315.21 million) with a surge of 14 percent while Discovery Health follows.
Internationally, the Vitality composite recorded a 70 percent jump in operating profit to R3.2 billion ($182.57 million), reflecting restructuring gains and stronger results in the UK. VitalityHealth’s profit rose 173 percent to R1.19 billion ($67.89 million), while VitalityLife advanced 70 percent to R637 million ($36.34 million) on the back of solid new business growth.
CEO Adrian Gore outlines strategy for future expansion
Adrian Gore, Discovery’s chief executive officer, said the group has transitioned from a period of heavy investment into one of scaled organic growth. “We are now entering a distinct phase, leveraging our global Vitality platform and our South African franchise to drive sustained profitability,” he said.
Normalized profit from operations climbed 29 percent to R15.21 billion ($867.59 million), while headline earnings rose 30 percent to R9.63 billion ($549.06 million), benefiting from improved claims experience, disciplined pricing strategies and higher client retention across its insurance lines.
Discovery’s continued growth
Founded in 1992 by Adrian Gore and Barry Swartzberg as a medical insurer, Discovery has evolved into one of South Africa’s most diversified financial services groups. Gore, who owns a 6.71 percent stake, reaffirmed the company’s growth outlook, saying profits are expected to outpace its target of inflation plus 10 percent over the medium term without requiring fresh capital.
Total assets expanded 17 percent to R327.45 billion ($18.67 billion), while retained earnings rose 19 percent to R48.65 billion ($2.78 billion), underscoring the group’s financial resilience and positioning it for sustained expansion at home and abroad.
