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 |
 ZAR: 34.2 Billion (2014) |
|
ZAR: 3.3 Billion (2014) |
|
| Total assets |
ZAR: 72.2 Billion (2014) |
| Total equity |
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.
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.
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). 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. With First Rand Group owning 75 percent of Discovery Limited.
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. 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. This restructure led to the transfer of RMBH's entire stake in Discovery Limited to RMI Holdings.
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Wikipedia