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Higher interest rates in South Africa bite Discovery

  • 📰 BusinessTechSA
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Despite expecting a small rise in profits, Discovery has not been spared from the SARB’s rate hiking cycle.

Discovery has not been spared by the substantial rise in interest rates in South Africa.

However, VitalityHealth’s profits dropped slightly off strong prior results, partly due to growing business strains and an industry-wide return of private motor insurance claims following the pandemic. However, the group admitted that it was severely impacted by increasing interest rates in several markets in which it operates.

 

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