Slide 1: Additional analyst information cover note
This pack has been prepared to aid discussion and provide further supplementary information only and has not been subject to an external review or audit
Slide 2: Membership: customers per entity
CUSTOMERS PER ENTITY Life Policyholders June 2025 December 2024 June 2024 December 2023 June 2023 December 2022 June 2022 December 2021 June 2021 December 2020 June 2020 December 2019 June 2019 Individual 453,418 450,866 449,211 449,300 447,690 449,130 449,020 449,378 448,313 445,813 446,713 452,561
Slide 3: Value of new business at point of sale vs valuation date
VALUE OF NEW BUSINESS AT POINT OF SALE VS VALUATION DATE June 2025 VNB at Point of Sale R million Health and Vitality Life and Invest VitalityHealth VitalityLife Total Acquisition Costs and Initial strain (537) (2,937) (1,653) (3,622) (8,749) Value of In Force 1,632 3,472 2,324 3,775 11,203 Cost of
Slide 4: EV reconciliation to income statement
EV RECONCILIATION TO INCOME STATEMENT for the year ended 30 June 2025 Embedded Cost of Impact on Adjustment to Statement of Value of In- Value required Income Shareholders Changes in Force R million Earnings Capital Statement Funds Equity Total profit from new business (at point of sale) 2,154 9,063
Slide 5: EV build-up per entity
EV BUILD-UP PER ENTITY for the year ended 30 June 2025 Health and Vitality Life and Invest VitalityHealth VitalityLife Other Total R million Value of in-force business at 30 June 2024 26,914 35,813 13,904 14,435 - 91,066 Expected return (in-force business) 3,938 4,531 925 1,081 - 10,475 Release of p
Slide 6: Components of assets under insurance contracts and adjustment to shareholders' funds
COMPONENTS OF ASSETS UNDER INSURANCE CONTRACTS AND ADJUSTMENT TO SHAREHOLDERS' FUNDS ON PUBLISHED BASIS R million June 2025 June 2024 1. Assets under insurance contracts Discovery Life positive liabilities not netted off with negative liabilities: 571 627 Discovery Life long term reserves in respect
Slide 7: Reconciliation to the required capital
RECONCILIATION TO THE REQUIRED CAPITAL for the year ended 30 June 2025 Health and Vitality Life and Invest VitalityHealth VitalityLife Total R million Opening - 30 June 2024 1,238 27,935 4,138 11,299 44,610 - - - Methodology and Basis Changes - (809) - (834) (1,643) - Expected release on in-force at
Slide 8: Breakdown of Invest and Umbrella assets under administration
BREAKDOWN OF INVEST AND UMBRELLA ASSETS UNDER ADMINISTRATION R million Invest Umbrella December 2021 127,632 June 2022 121,737 December 2022 130,830 June 2023 140,378 December 2023 144,810 June 2024 154,653 17,074 December 2024 166,915 18,196 June 2025 178,744 22,487 8 Invest and Umbrella AUA
Slide 9: Segment information
Segment information IFRS REPORTING SA SA SA SA SA UK UK ALL OTHER SEGMENT IFRS ADJUSTMENTS R million HEALTH LIFE INVEST INSURE BANK HEALTH LIFE SEGMENTS TOTAL TOTAL 30 June 2025 Income statement Insurance revenue 518 19 149 4 560 6 217 - 19 124 8 050 95 57 713 - 57 713 - Contracts measured under the
Slide 10: VIF, APE and VNB split between Life and Invest
VIF, APE AND VNB SPLIT BETWEEN LIFE AND INVEST R million June 2025 December 2024 June 2024 December 2023 June 2023 December 2022 June 2022 1 VIF Life 27,910 27,082 24,138 22,859 22,244 23,133 22,059 Invest 13,346 12,715 11,675 10,429 9,393 9,521 8,505 2 APE Life 735 355 804 426 823 463 837 Invest 2,
Slide 11: Group Shareholder Free Cash Movement
Group Shareholder Free Cash Movement R millions FY2025 H1 FY2025 FY2024 H1 FY2024 FY2023 Cash Generated from In-Force Before Financing and Tax 17,655 8,319 14,617 7,567 14,425 New Business Net of External Financing (6,791) (3,506) (6,823) (3,528) (7,243) Tax Paid (1,867) (758) (1,522) (792) (1,839)
Slide 12: Reconciliation of operating profit to normalised operating profit
Reconciliation of operating profit to normalised operating profit for the year ended 30 June 2025 Group Group Year Year ended ended R million June 2025 June 2024 % change Operating profit 14,587 11,390 28% Share of net profits from equity accounted investments 1,215 975 Impairment of goodwill 20 - N
Slide 13: Discovery Bank additional performance metrics
Discovery Bank additional performance metrics for the six months ended 30 June 2025 2025 H2 2025 H1 2024 H2 2024 H1 2023 H2 2023 H1 Profitability and Efficiency Retail Net Interest Margin (NIM)* 8.85% 9.65% 10.19% 10.06% 9.53% 9.37% Asset Quality Non-Performing Loan (NPL) Ratio 4.79% 4.92% 5.41% 5.8
Slide 14: NAV per entity
NAV PER ENTITY for the year ended June 2025 Covered businesses June 2025 NAV before adjustment to shareholder funds Health and Vitality 1,686 Life and Invest 32,242 VitalityHealth 10,636 VitalityLife 5,002 Non-covered businesses Bank, including DCS intangible asset and goodwill 8,516 Insure 2,705 PA
Slide 15: Robust cash generation lifts cash conversion ratio
Robust cash generation lifts cash conversion ratio e8'\@ Adjusted Net Cash Flow (Rbn) R17.7bn| con | ah Before ordinary dividends, capital eraenerated —— movements and one-offs {76.7% {cash} Discovery \\ conversion / Invest Discovery Life EES R5.4bn 210 Discovery Health, 0.90 ‘Cash New Operating ‘Ca
Slide 16: PAHI performance metrics
PAHI performance metrics Full years (DSY reporting cycle) Half-years (calendar year) RMB million (100% PAHI unless otherwise stated) June 2025 June 2024 %change 2025 2024 %change New business PAHI Own Licence 4,807 3,842 25% 3,064 2,251 36% New business PAHI Own Licence (25%) 1,201 960 25% 766 563 3
Slide 17: Value generation of business under IFRS17 - Discovery Life and Invest
Value generation of business under IFRS17 - Discovery Life and Invest
Slide 18: Value generation of business under IFRS17 - Vitality Life
Value generation of business under IFRS17 - Vitality Life
Slide 19: Normalised Return on Equity
Normalised Return on Equity FY2025 FY2024 FY2023 EARNINGS Net profit - attributable to: 9,558 7,549 6,961 - Ordinary shareholders 9,471 7,468 6,899 A - Preference shareholders 93 91 69 - Non-controlling interest (6) (10) (7) Earnings adjustments for ordinary shareholders 310 43 (110) C=B-A Normalise
Slide 20: Analyst Q&A - Discovery Life
Analyst Q&A Discovery Life • Can you explain the SA Life CSM reduction, as compared to positive EV impact, and the impact of policy alterations Please see the slides titled ‘Value generation of business under IFRS 17’, ‘Non-financial risk variances and basis changes’ and the commentary in this addit
Slide 21: Analyst Q&A - Individual Life new business margin
• Please explain the reduction in the Individual Life new business margin New business does have a notable fixed overhead cost base, making the margin responsive to volume and mix changes. Individual Life’s new business margin reduced from 5.0% to 3.8% largely due to lower new business volumes. The
Slide 22: Analyst Q&A - Discovery Bank
Discovery Bank • Why are the number of discovery bank clients at 1.2 and accounts at 3 million respectively? Does this mean on average everyone has 2.5 accounts? Why would they need more than one account? Any clarification would be greatly appreciated. On average, clients hold about 2.4 accounts. Be
Slide 23: Analyst Q&A - VitalityHealth and VitalityLife
VitalityHealth • For VitalityHealth, what is the outlook for inflation? What is your expectation/need for further rate increases to meet your margin target? Medical inflation tends to be higher than consumer inflation rates, as with all markets. Following the recent rebasing of premiums to reflect i