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Johannesburg - Discovery Holdings [JSE:DSY], South Africa's largest health insurer, posted a 16% drop in first-half earnings on Tuesday, hit by the cost of acquisitions, and said it would launch a US venture with Humana.
Discovery, which last year bought a unit of Britain's Standard Life, said diluted headline earnings per share totalled 114.6 cents in the six months to end-December, compared with 135.9c a year earlier.
Discovery said this month earnings were likely to fall as much as 20%, citing the cost of the R1.6bn acquisition of UK-based Standard Life Healthcare in May.
Excluding the impact of such transactions, Discovery said earnings rose by a quarter.
Revenue from insurance premiums rose 83% to nearly R6bn.
The company said it would launch a joint venture with US insurer Humana Inc to provide a wellness programme in the world's biggest economy.
Discovery will own a quarter of the partnership, while Humana will take the same size stake in a Discovery US unit.
Discovery, which also owns a stake in China's Ping An Insurance, has been looking for opportunities in overseas markets as its once-rapid growth in South Africa slows.
CEO Adrian Gore told Reuters last year the company could eventually target India as it looks for more opportunities in Asia.
Discovery, which last year bought a unit of Britain's Standard Life, said diluted headline earnings per share totalled 114.6 cents in the six months to end-December, compared with 135.9c a year earlier.
Discovery said this month earnings were likely to fall as much as 20%, citing the cost of the R1.6bn acquisition of UK-based Standard Life Healthcare in May.
Excluding the impact of such transactions, Discovery said earnings rose by a quarter.
Revenue from insurance premiums rose 83% to nearly R6bn.
The company said it would launch a joint venture with US insurer Humana Inc to provide a wellness programme in the world's biggest economy.
Discovery will own a quarter of the partnership, while Humana will take the same size stake in a Discovery US unit.
Discovery, which also owns a stake in China's Ping An Insurance, has been looking for opportunities in overseas markets as its once-rapid growth in South Africa slows.
CEO Adrian Gore told Reuters last year the company could eventually target India as it looks for more opportunities in Asia.
