[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


Recommended

by NEWSROOM AI
Read More
[LISTEN]  Jay Naidoo opens up about the use of cannabis for medicinal purposes

[LISTEN] Jay Naidoo opens up about the use of cannabis for medicinal purposes

The former minister and labour activist has penned an article about his wife's drastic health problems brought on by menopause.

'ANC officials fingered in state capture should quit before month end' - Malema

'ANC officials fingered in state capture should quit before month end' - Malema

The EFF leader has also asked Ramapohosa to take the country into his confidence over Bosasa.

The Clintons and Caster Semenya to grace the Discovery leadership Summit

The Clintons and Caster Semenya to grace the Discovery leadership Summit

Founder & CEO at Discovery Limited Adrian Gore explains why they are having the Leadership Summit this year.

Hillary and Bill Clinton, Caster Semenya at Joburg's Discovery Leadership Summit

Hillary and Bill Clinton, Caster Semenya at Joburg's Discovery Leadership Summit

The Money Show’s Bruce Whitfield interviews Jim O'Neill, a former chairperson at Goldman Sachs Asset Management.

Man jumps from 6th floor of Discovery building in Sandton

Man jumps from 6th floor of Discovery building in Sandton

A caller shares their eyewitness account of the incident at the Discovery building in Sandton.

Discovery Vitality rewards have changed, find out what they offer now

Discovery Vitality rewards have changed, find out what they offer now

Head of Vitality Wellness Dr Craig Nossel explains the new Discovery Vitaly rewards.

Popular articles
'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

'Mr Watson intended to lobby Jacob Zuma on who to appoint as NDPP'

The Money Show’s Bruce Whitfield interviewed Kyle Cowan, an investigative journalist at News24.

Motsoeneng admits to accepting more than R1m from Bosasa

Motsoeneng admits to accepting more than R1m from Bosasa

The former SABC COO insists that Bosasa gave him more than R1.1 million to fight his legal battles for nothing in return.

W Cape new traffic bill to clamp down on speeding highlighted by drag race crash

W Cape new traffic bill to clamp down on speeding highlighted by drag race crash

This comes after a car that was drag racing on the national road was involved in a horrific accident on Monday morning.

Zimbabweans hope Mnangagwa's return from Russia will calm the troubled country

Zimbabweans hope Mnangagwa's return from Russia will calm the troubled country

President Emmerson Mnangagwa is expected to arrive in Zimbabwe on Monday at 9 PM after a week in Russia, says Zim journo.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.