South African insurer Discovery Ltd on Thursday resumed annual dividend payouts thanks to a strong balance sheet and cash generation amid a tough macro-economic environment and higher interest rates.
on Thursday resumed annual dividend payouts thanks to a strong balance sheet and cash generation amid a tough macro-economic environment and higher interest rates.Discovery declared a final dividend of 110 cents per share.
"Organic cash generation was robust during the year following growth in quality earnings, a significant recovery in Discovery Life’s cash generation following elevated COVID-19 related claims in the prior period and the reduction in the cost of new initiatives," the group said. Its headline earnings per share , a profit measure, came in at 834.3 South African cents for the year ended June 30, up 5% from 792.4 cents a year earlier.
Normalised HEPS, which Discovery considers a more accurate measure of its profit and which also excludes exceptional items, rose by 32%.
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