Discovery Limited

Discovery Limited
Public
Traded as JSE: DSY
Industry Insurance & Financial services
Founded 1992
Founder Adrian Gore
Headquarters Sandton, South Africa
Key people
Adrian Gore - CEO
Hermanus Bosman - Chairman
Products Insurance and Asset Management
Revenue Increase ZAR: 34.2 Billion (2014)
Increase ZAR: 3.3 Billion (2014)
Total assets Increase ZAR: 72.2 Billion (2014)
Total equity Increase ZAR: 17.4 Billion (2014)
Website Homepage

Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.[1]

Overview

Discovery Limited engages in long and short-term insurance, asset management, savings, investment and employee benefits through its various brands. The Group has subsidiaries in South Africa, the United Kingdom, the United States, China, Singapore, and Australia.[2]

History

Discovery Limited was founded in 1992 by Adrian Gore. In the same year, RMB Holdings (RMBH) acquired a stake in the business by making Discovery Limited its subsidiary through Momentum Group (now part of MMI Holdings Limited).[3] In 1998, the Momentum Group became part of First Rand after the merger of the financial services interests of Anglo American Corporation of South Africa Limited (now Anglo American plc) and RMBH to achieve the objective of a unified financial services grouping.[4] With First Rand Group owning 75 percent of Discovery Limited.[5]

Discovery Limited was successfully listed on the JSE in October 1999 through a successful initial public offering. During the year, First Rand Group reduced its stake in Discovery Limited to 64 percent.[6] In 2013, Momentum Group Limited transferred its investment in Discovery Limited to FirstRand Limited for R740 million. In November 2007, FirstRand unbundled all of its entire shareholding in Discovery Limited and allotted the shares of Discovery Limited to its shareholders. This led to RMBH receiving a 25 percent direct stake in Discovery Limited, making it the single largest shareholder.

On 7 March 2011, RMBH, Remgro, and FirstRand spun off their insurance assets to Rand Merchant Insurance Holdings and separately listed it on the JSE.[7] This restructure led to the transfer of RMBH's entire stake in Discovery Limited to RMI Holdings.

In September 2015, Discovery Limited announced its intention to set up a retail banking subsidiary with an initial $150 million investment.[8]

Member companies

Discovery Store in Stellenbosch

The companies that comprise Discovery Limited include, but are not limited to, the following:[9]

Ownership

The shares of Discovery Limited are listed on the JSE. As of February 2015, the shareholding was as follows:[2][9]

Discovery Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 Rand Merchant Investment Holdings 25.01
2 Government Employees Pension Fund 8.54
3 Adrian Gore 7.77
4 Barry Swartzberg 3.98
5 Other Local and International Investors 54.70
Total 100.00

Governance

The board of Discovery Limited is led by Hermanus Bosman as the chairman and Adrian Gore as the chief executive officer.[9]

See also

References

  1. "About us - Discovery Limited". Discovery Limited. Retrieved 2015-05-29.
  2. 1 2 "Discovery Limited - Circular to Shareholders" (PDF). Discovery Limited. 2015-03-23. Retrieved 2015-05-29.
  3. "Exceptional, January–June 2011 - Medicine Man: Discovery". Ernst & Young Global Limited. Ernst & Young. Retrieved 2015-05-29.
  4. "First Rand - Abridged Revised Listing Particulars". Imara Investing in Africa. First Rand Limited. May 25, 1998. Retrieved November 16, 2014.
  5. "First Rand 1999 Annual Report" (PDF). First Rand. 1999-12-31. Retrieved 2015-05-29.
  6. "First Rand 2000 Annual Report" (PDF). First Rand. 2000-12-31. Retrieved 2015-05-29.
  7. "RMIH - History". Rand Merchant Insurance Holdings. Retrieved 2014-12-13.
  8. Motsoeneng, Tiisetso (2015-09-10). Clarke, David, ed. "UPDATE 1-South African insurer Discovery to set up retail bank". Reuters. Thomson Reuters. Retrieved 2015-11-26.
  9. 1 2 3 "Discovery Limited 2014 Annual Financial Statements" (PDF). Discovery Limited. 2014-06-30. Retrieved 2015-05-29.
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