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Key Points
- Discovery Life paid out R11.5 billion ($593 million) in benefits, with wellness incentives and living benefits surpassing traditional death claims for the first time.
- Over 60% of payouts in 2024 went to living clients, including R3.1 billion ($159.45 million) for income protection and R2.4 billion ($123.43 million) in rewards.
- Early-stage cancer claims surged 62%, with improved outcomes driven by increased screenings for breast, prostate, and colorectal cancers.
Discovery Life, a key unit within Discovery Group, the Johannesburg-based financial services company led by South African businessman Adrian Gore, has unveiled its 2024 claims report, revealing a notable shift in the insurance landscape. The company paid out R11.5 billion ($593 million) in benefits, with wellness incentives and living benefits surpassing traditional death claims for the first time.
Discovery Life payout highlights wellness focus
This payout is a milestone for Discovery’s shared-value insurance model, which encourages healthy behaviors by offering financial incentives, alongside strong life and disability coverage. Of the total payout, R5.5 billion ($282.89 million) went to living benefits and Shared-value rewards, far exceeding the R3.4 billion ($174.86 million) paid in life cover claims.
Discovery Life's approach focuses on wellness, longevity, and protection, continuing to innovate within the insurance industry. In 2024, over 60 percent of the payouts were directed to living clients, reflecting the company’s shift toward behavior-linked insurance. This includes R3.1 billion ($159.45 million) in income protection, disability, and severe illness benefits, as well as R2.4 billion ($123.43 million) in Shared-value rewards, driven by the Vitality program.
Early cancer detection claims surge 62%
Clients participating in Vitality experienced a 57 percent lower mortality rate and 47 percent lower disability risks, which unlocks long-term rewards. “This reduced risk allows us to return tangible rewards,” said Deputy CEO Gareth Friedlander, noting that Cash Conversions alone exceeded R1 billion ($51.43 million) for the first time.
While cancer remains the leading cause of death and disability, early detection has led to improved outcomes. Claims for early-stage cancer have risen 62 percent since 2020, driven by increased screening for breast, prostate, and colorectal cancers.
Mental health and road safety remain urgent concerns, with suicide and vehicle accidents accounting for 58 percent of unnatural deaths. The need for continuous coverage into old age is highlighted by R403 million ($20.73 million) paid in recurring and converted illness claims. In response to economic uncertainty, Discovery’s Dollar Life Plan has provided global protection, with $34 million disbursed to date, benefiting from a 19 percent currency uplift.
Adrian Gore expands Discovery’s reach
Founded in 1992 by Adrian Gore, Discovery Group has transformed South Africa’s insurance industry with its data-driven, wellness-centric model. The 2024 claims report reinforces this approach, showing that healthier clients experience lower risks and greater financial rewards.
Gore, who holds a 12.96 percent stake in Discovery valued at R15.94 billion ($819.7 million), continues to drive the company’s global expansion, combining insurance innovation with a mission to improve health outcomes for clients.
