South African billionaire Adrian Gore’s Discovery rakes in $377.9 million profit in H1 2025

Key Points

• Discovery reported a 26.81% rise in half-year headline earnings to $378.09 million, driven by strong South African operations and steady global expansion.
• Vitality’s profit jumped 27% to $80.95 million, while Discovery Bank expanded its client base by 32%, reaching over 1 million customers.
• Gore emphasized organic growth and global partnerships, positioning Discovery for long-term profitability without requiring additional capital.

Discovery Group, the South African financial services giant led by Adrian Gore, delivered strong results in the first half of its 2025 fiscal year, posting half-year headline earnings of $378.09 million. The solid performance came despite a tough economic climate, driven by growth in its core businesses, customer acquisition, and steady global expansion.

The group’s interim results showed headline earnings—a key measure of profitability—jumped 26.81 percent, rising from R5.54 billion ($298.16 million) in the first half of 2024 to R7.02 billion ($378.09 million) for the six months ending Dec. 31, 2024. The surge was largely fueled by Discovery’s South African operations, where normalized profit from operations climbed 16 percent to R9.72 billion ($553.01 million).

South African operations drive growth, offsetting UK challenges

Discovery’s domestic business led the way, with normalized operating profit up 27 percent to R5.52 billion ($297.89 million), driven by strong new business growth. Internationally, Vitality Global remained steady despite economic headwinds in the UK.

VitalityHealth’s profit rose 15 percent to £25.9 million ($33 million), while VitalityLife gained 8 percent to £14.1 million ($17.96 million). The Vitality Network expanded by 26 percent to 6.2 million members, and China’s Ping An Health Insurance added R424 million ($22.88 million) to group earnings, benefiting from strong market performance and solid execution.

Discovery’s wellness and insurance unit, Vitality, posted a 27 percent profit increase to R1.5 billion ($80.95 million), with new business API up 8 percent. Meanwhile, Discovery Health’s administrator division continued to deliver strong earnings, supported by AI-driven efficiencies and personalized healthcare investments.

CEO Adrian Gore outlines strategy for future expansion

Adrian Gore highlighted Discovery’s long-term strategy, emphasizing its focus on organic expansion and global partnerships. “Having completed a major investment cycle to globalize capabilities and build new ventures, including Discovery Bank, we are now positioned for scaled organic growth through our global composite, Vitality, and domestic arm, Discovery South Africa.” 

Discovery’s continued expansion

Founded in 1992 by Gore and Barry Swartzberg as a medical insurer, Discovery has grown into one of South Africa’s most diversified financial services groups. Gore, who holds a 12.96 percent stake in Discovery, reaffirmed confidence in the group’s long-term growth, expecting profits to outpace its benchmark of inflation plus 10 percent—without the need for additional capital.

Discovery Bank, the group’s digital banking arm, continued its strong momentum, expanding its client base by 32 percent to 1,092,386 customers. The unit posted a 42 percent revenue surge and reached monthly operational profitability, reinforcing its potential for sustained growth. 

With a solid financial foundation and a scalable business model, Discovery’s success continues to reflect its ability to adapt and expand across industries and markets. Reflecting its financial strength, the Sandton-based group declared interim dividends of R0.87 per share, totaling R591.32 million ($31.85 million), in line with normalized headline earnings growth.