Discovery Holdings reported that its life insurance division has made a 1.18 billion rand profit over the fist half year of 2009. This is an increase of 21 percent.

Furthermore, the new business acquired by the company's life insurance division grew 31 percent. Because of this, said Discovery's CEO Adrian Gore, the firm is South Africa's the market leader in terms of new business.

Discovery Invest lifted assets under management to 4,2 billion rand, which comes down to a growth of 300 million rand a month.

Discovery, one of South Africa's fastest growing life assurance and private health insurance groups, also saw its headline earnings increase with 33 percent to 1.24 billion rand in the first six months of 2009.
br> Operating profit rose 32 percent to 1.7 billion rand and all in all, Discovery's new business annualised premium income, excluding Destiny Health, increased 20 percent to 5.78 billion.

Gore also said that the total dividend for the year increased 31 percent to 58,5c per share and the diluted embedded value per share rose 12 percent to R35.83.

Source: All Africa