Discovery Ltd. plans to extend its artificial intelligence tool, already in use in South Africa and the UK, to clients across its Vitality Network in Europe and North America as part of its goal to double operating income by 2029.
CEO Adrian Gore told Bloomberg TV the tool helps assess health risks more precisely and deliver personalized product experiences that encourage healthier behavior. Discovery also aims to raise return on equity to as much as 20% from 13% over the past eight years through investments and partnerships.
The Johannesburg-based insurer reported record annual profit, with normalised headline earnings rising 30% to 9.78 billion rand ($563 million) and operating income up 29% to 15.2 billion rand. Its banking unit posted its first profitable period in the second half, as client numbers rose 30% to 1.2 million and deposits jumped 39% to 9.2 billion rand.
Discovery’s South African business saw profit climb 22% on higher new business volumes and client growth to 6.4 million. Shares fell nearly 10% in Johannesburg, the steepest drop in three years.
