| Tue 26 Jan 2010, 12:00 | | DSY - Discovery - Discovery Announces Changes To Facilitate International |
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DSY
DSY
DSY - Discovery - Discovery Announces Changes To Facilitate International
Business Development
Discovery Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/007789/06
Share code: DSY
ISIN: ZAE000022331
("Discovery")
Press release
DISCOVERY ANNOUNCES CHANGES TO FACILITATE INTERNATIONAL BUSINESS DEVELOPMENT
Discovery today announced changes to facilitate the expansion of its
international businesses, such as the recently announced investment in China
through Ping An Health, and in the management structure of its UK joint
venture with Prudential plc, which encompasses PruHealth, the private medical
insurer and PruProtect, the risk assurance specialist. Discovery believes
these changes will enhance its ability to support the growth and expansion of
its business internationally, streamline the operational infrastructure and
service platforms supporting these businesses and further align its UK
businesses to deliver improved efficiencies and products.
Discovery`s joint ventures with Prudential plc, PruHealth and PruProtect, are
currently respectively headed up by Shaun Matisonn, CEO of PruHealth, and
Herschel Mayers, CEO of PruProtect. Changes announced today will see closer
alignment between the two companies under the leadership of Herschel Mayers,
who will act as CEO of PruProtection, the holding company for both PruProtect
and PruHealth. Herschel will further continue in his role as CEO of Discovery
Life and Discovery Invest.
Over the past 12 months PruProtect has gained significant traction in the UK
and Discovery has successfully completed the transfer of the back-office
service and operational infrastructure that support the two UK businesses to
its South African operations. This enables it to unlock significant
efficiencies of scale, enhancing its cost-efficiency, competitiveness and the
quality of its service delivery. The move to align the two businesses even
more closely in the UK will ensure greater synergy and the ability to apply
Discovery`s integrated products in its operating market.
Shaun Matisonn will be returning to South Africa to lead the international
expansion efforts of Discovery Vitality. Shaun was the driving force behind
the adaptation and roll-out of the Vitality product into the UK market, and
will now put this experience to use in the other international markets in
which Discovery operates such as in China through Ping An Health, Discovery`s
recently announced joint venture.
Herschel`s appointment is subject to approval by the FSA.
Sandton
26 January 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 26/01/2010 12:00:01 Produced by the JSE SENS Department.
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