However‚ normalised diluted HEPS were up 19% to 496c. The total dividend for the year was up 20% at 124.5c.
Group profit dropped to R2.1bn from R2.2bn the previous year. However‚ the company's new business grew by 15% to R10.9bn while normalised headline earnings grew by 20% to R2.8bn and embedded value rose by 18% to R35.7bn.
Discovery's UK joint ventures‚ PruHealth and PruProtect‚ performed well with profit increasing by 57% to R472m and new business rising 48% to R1.6bn.
The group made higher than normal investments in the past year‚ investing 12% of its earnings in new growth initiatives and R1bn in new technology. A large proportion of this went to Discovery Insure‚ which grew new business by 53% to R366m over the period.
Significant investment also went into the joint venture with Asia-Pacific insurance giant AIA‚ launched in Singapore earlier this year. This deal is expected to roll out Discovery's wellness-based life insurance model to the Asia-Pacific region. AIA operates in 17 countries.
Discovery Health increased new business by 13% to R4.8bn; lives under management grew to 2.76m and operating profit increased by 13% to R1.7bn.
Discovery Life grew new business by 8% to R1.9bn The Discovery Invest business grew assets under management by 20% to R30bn.
Ping An Health Insurance‚ China's largest privately owned insurer in which Discovery has a 25% stake‚ had made good progress over the period according to Discovery.
Discovery now plans to buy a further 5% stake in Ping An Health for 82.2-million yuan.
Discovery Insure doubled new business by 53% to R366m over the period. Discovery Insure's preference shareholders will sell their 25% shareholding in Discovery Insure to Discovery Limited for R352m‚ subject to regulatory approval. This is expected to be settled before the end of the year.
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