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

by Mike Robinson

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© Reuters. FILE PHOTO – The logo for South Africa’s Discovery Group can be seen at its Johannesburg headquarters, Sandton. February 20, 2020. REUTERS/Mike Hutchings

(Reuters) – South African insurer Discovery (NASDAQ) has forecasted Friday a greater half-year profit. This was supported by new customers at its insurance business, as well as adequate reserves to offset the effects of coronavirus related claims.

According to the company, its headline earnings (the main measure of profit in South Africa) were forecasted to increase 70%-80% over the six months ending Dec. 31.

Discovery stated that during this period, it received COVID-19 claim payments of 3.4 billion rand (227.4 millions).

($1 = 14.9496 rand)

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