Our value-added statement

Distributing wealth among our stakeholders

One measure of a sustainable organisation is its ability to deliver value to its stakeholders and society more broadly. Discovery's value-added statement provides a snapshot of the revenue generated by the Group in 2020 and details how this wealth is distributed among our stakeholders.

Value allocated



Value allocated to employees

in salaries, wages and other benefits
R9 257 million
14.37% increase on 2019

Value allocated to providers of capital

R1 492 million
0.74% increase on 2019

  • Dividends paid to ordinary shareholders – R1 413 million
  • Dividends paid to preference shareholders – R81 million
Value allocated to government

R2 183 million
49.11% increase on 2019

  • Normal taxation – R1 723 million
  • Value-added tax – R387 million
  • Capital gains tax – R23 million
  • Other – R50 million
Value allocated in corporate social investment contributions

Discovery Fund and Foundation contributions
R25 million
13.79% decrease on 2019

Value allocated to policyholders

R36 894 million
39.78% increase on 2019

  • Policyholder claims – R23 246 million
  • Transfer from assets/liabilities arising from insurance and investment contracts – R13 648 million
Value retained for expansion and growth

R608 million
109.02% decrease on 2019

  • Retained income – R1 316 million
  • Depreciation and amortisation – R1 830 million
  • Deferred taxation – R1 122 million

Industry estimates by the Institute for Economic Justice are that every person in permanent employment in South Africa has an average employment multiplier effect of 6.9 and average income mulptipler of 1.68*. This implies that Discovery’s 10 753 permanent employees in South Africa create or sustain an additional 74 195.7 jobs elsewhere in the economy and generate extra income of over R15 552 million.

* Industry estimates for closed input-output income and employment multipliers for South Africa by the Institute for Economic Justice. From Schröder, E. and Storm, S., (2020). Fiscal policy in South Africa: closed input-output income and employment multipliers. Institute for Economic Justice, Research Note, No 1.
Note: The source for the multipliers provided above is based on 2018 data. Subsequent changes in the macro economy, including the impact of COVID-19, may change the magnitude of the multiplier effect.

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