Discovery is a proudly South African-founded financial services organisation that operates in the healthcare, life insurance, short-term insurance, long-term savings, banking and wellness markets.
Since inception in 1992, Discovery has been guided by a clear core purpose - to make people healthier and to enhance and protect their lives. We have been able to do this by pioneering the Shared-value Insurance model, which delivers better health and value for clients, superior actuarial dynamics for the insurer, and a healthier society. The success of the model in the markets where we operate has been testament to its importance to society.
Our Shared-value Insurance model
To make people healthier and enhance and protect their lives, we must look at what compromises their health, wealth and safety, and the context we operate in. Our Shared-value Insurance model delivers better health and value for clients, superior actuarial dynamics for the insurer, and a healthier society. Key to delivering on our model, is a deep understanding of the reasons for the shift in the nature of risk.
The nature of risk is behavioural
of all deaths worldwide
of fatal accidents
of South Africans having inadequate retirement funding
of credit defaults and retirement shortfalls
of personal and household CO2 emissions
Improving risk through our Shared-value Insurance model
The model provides clients with access to a range of pathways and incentives to lessen their personal risk and improve their behaviour through three programmes - Vitality Health, Vitality Drive and Vitality Money.
Independent research validated our model for its positive impact on reducing healthcare costs, resulting in improved profitability - a portion of which is channelled back into funding and incentives that drive positive behaviour change, thereby creating ongoing value that is shared between our clients, the business and society. In this way, Insurance and financial risks are no longer a function of a person's circumstances when taking up the product, but rather how they manage their behaviour across health, driving and financial management.
Where we operate
Shared-value Insurance is exported and scaled through the Global Vitality Network, an alliance of some of the largest insurers across key markets, including Asia-Pacific, Europe, North America and South America. In 2021, Vitality Health International introduced shared-value health insurance to employer groups and Travel for Treatment service to the rest of Africa.
40 Million lives
13 700 employees
Market capitalisation of
as at September 2023
What we do
We seek disruption as we lead a global transformation in financial services. Our market-leading businesses are built to create a compelling value proposition for clients through products that are innovative and can deal with complex issues. We build businesses from the ground up that grow organically and our shared-value approach - which is scalable, repeatable and globally relevant - is central to each business. We apply our Vitality behavioural platform to any institutional capability - banking, savings, health, life or other insurance - in a Discovery-owned business or through our strategic partnerships.
We are a market-leading South African company with a dominant presence in the life insurance, medical scheme administration, short-term insurance, long-term savings, and banking industries. The South African operations are made up of the following businesses:
Discovery Health is South Africa's largest medical scheme administrator and managed care provider, managing over 39% of the total membership of South African medical schemes. Non-medical scheme-related products such as gap cover, Flexicare and Healthy Company are also offered.
Discovery Life offers comprehensive life, capital disability, income protection, severe illness, and funeral cover, to individual and business clients with a retail-affluent market share of 30%.
Discovery Insure offers innovative and comprehensive car, home, and business insurance and has been entrusted with over 285 000 cars on South African roads.
Discovery Invest offers a comprehensive and flexible range of local and offshore investment plans to both retail and corporate clients and has over R120 billion in assets under administration.
Discovery Bank is a full-service digital retail bank offering a range of products. It has attracted over 1 million accounts within three years of the launch date.
Our success and learnings in South Africa allowed us to launch in the UK market with great success, with Vitality UK comprising the following businesses:
VitalityHealth specialises in Private Medical Insurance, providing unique and comprehensive health and wellbeing solutions to individuals, corporates, and small and medium businesses.
VitalityLife provides long-term life, serious illness, and income protection cover to individuals.
Vitality Global is responsible for expanding Discovery's Shared-value Insurance model outside South Africa and the United Kingdom. Vitality Global has two distinct business units:
Vitality Network operates by licensing the Vitality programme and related expertise, data and technology to insurance partners across the globe.
Vitality Health International leverages both Discovery Health and Discovery Vitality's IP to create strategic partnerships, primarily through equity arrangements, with health insurance players in markets. In other countries in Africa, the business launched Vitality Health International and the two key partnerships in Vitality Health International are Ping An Health and Amplify, in which Discovery owns 25% and the balance owned by Ping An Group and AIA, respectively.
Discovery Limited is started up and initially established as a small specialist risk insurance company with the support of Rand Merchant Bank.
Discovery launches Discovery Health
Discovery launches Vitality
Discovery lists on the JSE
Discovery launches Discovery Life
Discovery launches Discovery Card
Discovery and Prudential plc announce joint venture and launch PruHealth in the UK
Discovery launches Discovery Invest
Discovery expands its UK presence through the launch of PruProtect in partnership with Prudential plc
Discovery expands into China by acquiring 25% of Ping An Health, a wholly owned subsidiary of Ping an Group
Discovery expands PruHealth book by acquiring Standard Life Healthcare
Discovery launches Discovery Insure
Discovery launches Vitality to Ping An Health clients in China
Discovery announces joint venture with AIA group to form AIA Vitality
Discovery takes full ownership of PruHealth and PruProtect in the UK and rebrands to VitalityHealth and VitalityLife
Discovery expands into Australia in partnership with AIA
AIA Vitality is launched in the Philippines, Hong Kong and Macau
Discovery expands into the United States in partnership with John Hancock
AIA Vitality is launched in Singapore and Australia
AIA Vitality is launched in Thailand and Malaysia
Generali Vitality is launched Germany
Discovery expands into Canada in partnership with Manulife
Generali Vitality is launched in France
AIA Vitality is launched in Sri Lanka
AIA Vitality is launched in Vietnam
Generali Vitality is launched in Austria
Discovery expands into Japan in partnership with Sumitomo Life Insurance co and SoftBank corporation
AIA Vitality launched in South Korea
Discovery launches Umbrella Funds
Discovery launches VitalityInvest in the UK
Discovery launches Discovery Business Insurance
Discovery expands into Pakistan in partnership with IGI Life
AIA Vitality launched in New Zealand
Discovery expands into Ecuador in partnership with Equivida and Saludsa
Discovery expands into the Netherlands in partnership with a.s.r
Discovery launches Discovery Bank
Discovery expands into Argentina in partnership with Prudential
Discovery expands into Saudi Arabia in partnership with Tawuniya
Discovery expands into Portugal in partnership with Multicare and Fidelidade
Discovery introduces Vitality Health International
AIA Vitality launches in Indonesia
Discovery expands into Mexico in partnership with BBVA Bancomer
Discovery expands into Spain in partnership with Generali
Discovery launches into Brazil in partnership with Prudential
Discovery expands into Italy in partnership with Generali
Discovery launches Amplify in partnership with AIA
Discovery expands into Mozambiquť
Discovery expands into Nigeria
Discovery expands into Kenya
Discovery expands into Ghana
Discovery expands into Zambia
Discovery expands into DRC
Discovery expands into Czech Republic in partnership with Generali.
Discovery expands into Poland in partnership with Generali
Discovery expands into India
Discovery expands into Tanzania