Adrian Gore, the founder and group chief executive of South Africa’s largest medical insurer, Discovery, along with his executive team were rewarded handsomely for a ‘robust’ set of results, while steering the group towards a new venture – namely commercial banking in 2018.
Gore, who is among the wealthiest men in the country, with a fortune estimated at around R7 billion thanks to his shareholding in Discovery, took home a total salary of R17 million, including a basic salary of R6.2 million, and a performance bonus of R3.6 million. This figure was down from the R18.5 million the chief executive received in 2016.
Gore, along with nine other executives pocketed a combined total of R197 million, which was also down from the R10 million total in the prior year.
The company’s chief financial officer, Richard Farber, was paid R13.19 million for the year, while Hylton Kallner, chief marketing officer for the Discovery Group, picked up a total pay of R17.18 million.
Herschel Mayers and Neville Koopowitz are UK directors and were paid accordingly.
In September, Gore described Discovery’s performance over the year as ‘robust’ with core new business annualised premium income up by 22% to R17.87 billion and normalised profit from operations growing by 12% to R7.19 billion in constant currency terms.
- Normalised profit from operations up 10% to R7.05 billion
- Core new business annualised premium income increased by 16% to R16.99 billion
- Gross inflows under management up by 10% to R115.06 million
- The Vitality Shared-Value Insurance model continues to grow in scale and impact, now operating in 16 countries, serving close to 10 million clients, with over 150,000 new members added each month
- Final dividend of 98 cents per ordinary share
Discovery will now look ahead to 2018 after it announced last month that it has been granted its banking licence – a major step to the group launching its retail bank next year.
The company has a generous reward system with its retainer for the chairperson of the board at more than R3.8 million annually, along with board attendance fees at R28,755 per meeting.