[LISTEN] How Discovery Vitality made R603m profit from unused member perks
Business Insider's reporting that Discovery Vitality’s profits increased by 13-times over to 603-million rand, because Vitality members failed to use their perks.
Business Insider Associate Editor Phillip De Wet explains how the major profit made this year was a strange once-off occurrence.
Discovery has something called Discovery card that was actually operated by FNB, that card is now moving into the Discovery Bank. So Discovery Vitality through a transaction selling off its interest in that card, made about a R500 million profit so a great deal of this massive profit was from that once off piece of accounting.Phillip De Wet, Business Insider Associate Editor
What we saw was a broad set of accounts specific to vitality but it does not go into the detail of how exactly this profit was made.Phillip De Wet, Business Insider Associate Editor
Click on the link below to hear more from De Wet...
This article first appeared on 702 : [LISTEN] How Discovery Vitality made R603m profit from unused member perks
Gerald Mwandiambira CFP and Managing Partner at Sugar Creek Wealth says women are more responsible with money than men.Read More
Personal finance expert Warren Ingram on the money values that those "worth" R40 million or more almost invariably have in common.Read More
Old Mutual is not backing down in its fight with fired CEO Peter Moyo. Ray White interviews EWN’s Nthakoana Ngatane.Read More
Daily Maverick's Sikonathi Mantshantsha says Prasa is on a downward spiral and trains no longer have risk insurance cover.Read More
Bruce Whitfield interviews Jeremy Mansfield about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Spur Corporation says it has experienced some pressure as customer spend is limited due to a slowing economy.Read More
The company which was initially slapped with a R1.5 billion fine is now required to pay R53 million.Read More
SA Flyer Magazine's Guy Leitch says while in some ways it may be cost-effective, the merger itself would be very expensive.Read More
Justice Albie Sachs talks about his attitude to money (hopes and fears, successes and failures, etc.).Read More