JOHANNESBURG - Health and life insurance group Discovery expected its bank offering to start operating before the end of next year, it said on Monday as it released its results for the year to end June.
Discovery received authorisation from the Registrar of Banks to establish a banking presence in South Africa last October.
“Significant progress has been made in developing the system infrastructure, operating processes, regulatory engagement and the customer value proposition, with a number of key milestones having already been reached. Discovery anticipates launching its proposed banking offering during 2018,” the group said.
In the results the group reported a 10% increase in normalised profit from operations to R7.05 billion. Core new business annualised premium income increased by 16 percent to R16.99bn.