Discovery Limited

Discovery Limited's headquarters in Sandton
Company type	Public
Traded as	JSE:DSY
Industry	Financial services Insurance Healthcare
Founded	1992; 33 years ago (1992)
Founder	Adrian Gore
Headquarters	Sandton,Gauteng, South Africa
Area served	Australia China Singapore South Africa United Kingdom United States
Key people	Adrian Gore (CEO) Hermanus Bosman (Chairman)
Products	Insurance Asset management Banking
Revenue	R 31.95 billion[1] (2024)
Net income	R 7.36 billion[1] (2024)
Total assets	R 284.11 billion[1] (2024)
Total equity	R 57.72 billion[1] (2024)
Number of employees	13,800[2] (2024)
Website	Home

Discovery Limited (commonly referred to asDiscovery) is a majorSouth Africanfinancial services and privatehealthcare group. Founded in 1992, the company is headquartered inSandton, and listed on theJSE.^[3][4]

Discovery Limited engages in long and short-terminsurance,asset management, savings, investment, and employee benefits through its various brands. The Group has subsidiaries in South Africa, theUnited Kingdom, theUnited States,China,Singapore, andAustralia.^[5]

Discovery Limited was founded in 1992 byAdrian Gore and Barry Swartzberg. In the same year,RMB Holdings (RMBH) acquired a stake in the business by making Discovery Limited its subsidiary through Momentum Group (now part ofMMI Holdings Limited).^[6]

In 1998, the Momentum Group became part ofFirst Rand after the merger of the financial services interests of Anglo American Corporation of South Africa Limited (nowAnglo American plc) and RMBH to achieve the objective of a unified financial services grouping.^[7] With First Rand Group owning 75 percent of Discovery Limited.^[8]

Discovery Limited was successfully listed on the JSE in October 1999 through a successfulinitial public offering. During the year, First Rand Group reduced its stake in Discovery Limited to 64 percent.^[9] In 2003, Momentum Group Limited transferred its investment in Discovery Limited to FirstRand Limited for R740 million.

In November 2007, FirstRand unbundled all of its entire shareholding in Discovery Limited and allotted the shares of Discovery Limited to its shareholders. This led to RMBH receiving a 25 percent direct stake in Discovery Limited, making it the single largest shareholder.^[10][11]

On 7 March 2011, RMBH,Remgro, andFirstRandspun off their insurance assets toRand Merchant Insurance Holdings and separately listed it on the JSE.^[12] This restructure led to the transfer of RMBH's entire stake in Discovery Limited to RMI Holdings.

In September 2015, Discovery Limited announced its intention to set up a retail banking subsidiary with an initial $150 million investment.^[13]

In March 2019, Discovery Limited launchedDiscovery Bank, the world's first behavioural bank.^[14]

The companies that comprise Discovery Limited include, but are not limited to, the following:^[15]

• Discovery Life – Sandton, South Africa – 100% shareholding – Offering life and long term insurance products in South Africa.
• Discovery Health – Sandton, South Africa – 100% shareholding – Offering administration services to medical schemes and specialised medical insurance products in South Africa^[16]
• Discovery Vitality – Sandton, South Africa – 100% shareholding
• Discovery Life Collective Investments – Sandton, South Africa – 100% shareholding – Offering unit trusts
• Discovery Life Investment Services – Sandton, South Africa – 100% shareholding – Offering unit trusts.
• Discovery Insure – Sandton, South Africa – 100% shareholding – Offering motor vehicle, household and other short-term risk insurance in South Africa.
• VitalityHealth –London, United Kingdom – 100% shareholding – Offering personal medical insurance products in the United Kingdom. 25% of the venture was previously held byPrudential Plc.
• VitalityLife – London, United Kingdom – 100% shareholding – Offering personal life and long term insurance products in the United Kingdom. 25% of the venture was previously held by Prudential Plc.
• Vitality Corporate Services – London, United Kingdom – 100% shareholding – Offering insurance products to both individuals and groups
• The Vitality Group –Chicago,Illinois, US – 75% shareholding – Offering insurance products to both individuals and groups
• AIA Vitality – Singapore – 50% shareholding – Offering insurance products to both individuals and groups. A joint venture with theAIA Group Limited.
• HumanaVitality –Louisville, Kentucky, US – 25% shareholding – Offering insurance products to both individuals and groups. This is a subsidiary ofNew York Stock Exchange-listedHumana.
• Ping An Health –Shenzhen, China – 25% shareholding – Offering medical insurance products in China
• Discovery Bank – Financial services via a digital-only bank

The shares of Discovery Limited are listed on the JSE. As of June 2023, the shareholding was as follows:^[17]

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