Discovery Life pays over R10bn to clients in 2023 as Covid-19 hits recede

Discovery Life returned a total of R10.5 billion to clients in 2023, down from R11 billion a year earlier, as well as down from its almost R12-billion payout during Covid-19.

That amount included R8.4 billion in paid life claims across both group risk and individual life policies, as well as R2.1 billion in shared-value benefits that reward clients for managing their health and finances well. Shared value benefit payouts rose 11% year on year, while the group had paid out R9.1 billion to individual life and group risk clients in 2022.