Slides
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1 Audited Results for the year ended 30 June 2026
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2 Performance overview Normalised profit +17% to R17 750m Headline earnings +34% to R12 923m Normalised headline earnings +21% to R11 795m New business +6% to R28 155m Non-insurance income +10% to R7 282m
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3 Group strategy overview Financial frameworkTrends Business model Business composites 1 2 3 4 5 Purpose, Ambition and context
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4 FY2026 | 2 years into our 5-year strategy (2025-2029) 1 2 3 Increasing the efficacy and repeatability of the Vitality Shared- value Model, globalising and translating it into definable, measurable impact Unique high-growth, strong cash- generative model delivering superior RoE without recourse to additional capital, while concurrently building platforms for future growth Two composites – Discovery SA and Vitality – defined by unique value propositions, competitive advantage and customer impact Business model Financial framework Business strategy 𝑒𝑥 𝑠𝑥 𝛼SHAREHOLDERS CUSTOMERS SOCIETY
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5 Financial framework Strategic choices Normalised profit growth Cash conversion ratio Normalised RoE Leverage % spend on new Dividend cover 15-20% CAGR FY25-FY29 60-70%FY25-FY29 15-20% FY25-FY29 ≤5x FY25-FY29 c5% FY25-FY29 10-20% FY25-FY29
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6 Resilient to changing macroeconomic conditions 1 Rates are derived as the single constant discount rate that gives the same PV as discounting our projected cash flows using the curves; 2 DSY Life and VitalityLife Store of value (CSM+RA) pre-tax, net of Insurance finance reserve (IFR) SA single equivalent rates derived from valuation curves1 Falling SA interest rates enhanced value metrics Exchange rates indexed to July 2023 Currency translation headwinds from Rand appreciation and Yen weakness Indices indexed to July 2023 Strong market performance drove investment gains 0 0.5 1 1.5 2 2.5 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 CSI 300 STAR 50 (tech stocks) S&P 500 JSE all share 0.85 0.9 0.95 1 1.05 1.1 1.15 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 YEN/USD ZAR/USD ZAR/GBP ZAR/RMB FY24 FY25 FY26 FY24 FY25 FY26 - 2 4 6 8 10 12 14 16 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Nominal Real CPI FY24 FY25 FY26 2% 4% Reduction in earnings Reduction in Embedded Value 37% 13% 5% Increase in store of value2 (IFRS 17) Increase in Group Net Equity (IFRS 17) Uplift in Embedded Value 22% 42% Increase in average Invest AUM Increase in PAHI investment income and gains Impact on FY26 results
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7 Strong operating profit growth Health 4 629 +9% Life 5 872 +6% Invest 2 157 +9% Insure 1 013 +24% Bank 370 >600% Other SA1 -173 -66% Discovery SA 13 868 +16% VitalityHealth 1 896 +60% VitalityLife 782 +23% Ping An Health Insurance 1 317 +9% Vitality Global Markets2 186 -29% Vitality AI3 -299 >+200% Vitality 3 882 +21% Normalised profit, ZARm 1 Includes Discovery Vitality; 2 Vitality Network and VHI-Other; 3 Includes Other Vitality central costs FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 to R17 750m +17% Normalised operating profit IFRS 17IFRS 4
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8 New business and non-insurance income over time to R28 155m +6% New business FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15 FY17 FY19 FY21 FY23 FY25 Sasolmed FY22 FY23 FY24 FY25 FY26 Bank +31% FY22 FY23 FY24 FY25 FY26 Vitality UK +14% FY22 FY23 FY24 FY25 FY26 PAHI (own licence) -6% FY22 FY23 FY24 FY25 FY26 SA +8% FY22* FY23 FY24 FY25 FY26 Vitality Global Markets -10% *FY22 normalised by including Solutions Revenue, which was included from FY23 onwards FY22 FY23 FY24 FY25 FY26 Health +30% +10% Non-insurance income to R7 282m FY22* FY23 FY24 FY25 FY26 Health Life Invest Insure New closed schemes & other ZAR GBP RMB ZAR ZAR USD
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9 Robust growth in Group Embedded Value from strong operational performance 10,947 3,301 6,307 4,803 Opening EV 2,821 VNB RDR unwind 2,139 Non- economic variances & assumption changes Profit from non-covered businesses Operational EV Economic variances & assumption changes Forex 2,385 Finance costs, investment income & other 482 1DP lease termination 1,475 Change in capital & dividends Closing EV 14.1% Return on EV R126 554m R145 762m R142 924m +31% on FY25 +33% on FY25 +30% on FY25 +2.2% Contribution to RoEV: +8.7% +1.7% +2.6% +5.0% -3.8% -1.9% -0.4% = 14.1%NA= 15.2%
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10 Exceptional cash growth driven by strong operating performance Cash generated from in-force 7.3 2.8 New business & tax Operating cashflow 2.2 1.6 Servicing costs 1.2 Investment in growth 1.4 2.1 Finance repayments 0.8 Once-offs (CMT) Net cash flow 21.4 11.3 3.6 New business Tax Dividends Finance costs Financing & matching Repayment of debt* FY26 (Rbn) 85% cash conversion ratio Cash generation Cash spend 5.3 6.3 9.0 11.3 FY23 FY24 FY25 FY26 Operating cashflow (Rbn) +26% to R11.3bn *Excl debt raised for 1DP transaction. 1 DP transaction (debt raised and purchase price) is shareholder cash flow neutral
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11 0% 20% 40% 60% 80% 100% FY22 FY23 FY24 FY25 FY26 Group maintains a position of considerable financial strength and flexibility Strong cash conversion Well capitalised FLR decreasing Group cash conversion ratio Financial leverage ratioSolvency cover DHMS solvency (unaudited) Jun 25 Cover Jun 26 Cover Life 1.9x 1.7x Insure 2.1x 2.1x VH 1.8x 1.9x VL 2.0x 1.9x Bank1 1.2x 1.1x PAHI2 3.3x 2.9x 31.7% 85% 31.3% 1 Capital Adequacy Ratio; 2 Comprehensive Solvency Ratio, definition set by China Banking and Insurance Regulatory Commission 0% 5% 10% 15% 20% 25% FY22 FY23 FY24 FY25 FY26 15.4% 12.8% (excl 1DP debt)
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12 Supportive below-the-line performance Final dividend declared 273 cps 36% growth Full-year dividend 384 cps 33% growth 4.5x dividend cover R million Actual Actual %2026 2025 Normalised profit from operations 17 750 15 210 17% FY2026 once-off: 1DP lease termination gain 1 463 - FY2026 once-off: Disposal / dilution gains (losses) from equity accounted investments 211 -32 Finance charges excl. 1DP finance lease -1 525 -1 810 1DP finance lease impact -33 -72 Investment income and fair value gains on financial instruments 515 457 Forex (losses)/gains, net of CCBS 1 -36 Other -116 -222 Segmental total: Profit before tax 18 266 13 495 35% Segmental total: Income tax expense -5 048 -3 937 Profit after tax 13 218 9 558 38% Profit not attributable to ordinary shareholders -221 -231 Profit or loss on disposal/dilution gains from equity accounted investments -222 25 Impairment - HFS assets change of intention net of tax - 79 Impairments and derecognition losses 148 194 Headline earnings 12 923 9 625 34% FY2026 once-off: Lease termination gain -1 068 - Amortisation of intangibles from business combinations 94 104 DTA recognised on prior period losses -205 - Other normalised headline earnings adjustments 51 52 Normalised headline earnings 11 795 9 781 21%
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13 FY29 Ambition remains intact - 5,000 10,000 15,000 20,000 25,000 30,000 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY29 Operating profit corridor (Applying CAGR target to FY24 profit) 15% 20% Ahead of FY29 Ambition run rate Scale the Super Bank strategy in SA Deepen integration and engagement across customers’ financial, health and lifestyle ecosystems Commercialise Vitality AI globally through partnerships Monetise Vitality AI and extent global presence through global partnerships. Leverage our platforms and Shared-value model Drive strong organic earnings growth with capital-light, high-return initiatives. Invest in AI and new growth initiatives Build VitalityAI model capability and invest in new sources of growth beyond the plan. Maintain financial resilience Strong solvency, centre liquidity buffers and ongoing balance sheet optimisation. Deliver attractive returns Sustainable cash generation supports returns and future investment. Attributes that will drive growth Operating profit Rm Capital allocation intact FY25-FY29 Strategic choices Normalised profit growth Cash conversion ratio Normalised RoE Leverage % spend on new Dividend cover 15-20% CAGR 60-70% 15-20% ≤5x c5% 10-20% Targets FY25 FY26 Profit CAGR 15-20% 29% 17% Cash conversion ratio 60-70% 80% 85% Spend on new c5% 3% 2%1 FLR 10-20% 16.8% 12.8%2 15.4% Dividend cover ≤5x 5x 4.5x RoE 15-20% 15.4% 16.5% 1 Spend on new includes Vitality AI, VHI Other and Discovery Green; 2 excluding 1DP debt. Forward looking information on this slide is for illustration and has not been reviewed or reported on by the auditors and reflects the average expected over the time frame After the strong performance in the first two years of this period, the Group now expects to achieve compound growth in the middle to upper end of this ambition over the 5-year period
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14 Business model 𝑒𝑥 𝑠𝑥 𝛼 SHAREHOLDERS CUSTOMERS SOCIETY
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15 Under 1 5-9 15-19 25-29 35-39 45-49 55-59 65-69 75-79 85+ 0% 5% 10% 15% 20% 25% 30% 35% 40% 2025 2030 2035 2040 Powerful demographic and economic forces are driving healthcare costs higher Proportion aged 65+ Ageing populations 65+ per 100 working-age population Rising old-age dependency ratio Healthcare costs by age group Healthcare costs rise steeply with age Healthcare costs raise faster than CPI Baumol’s cost disease -100% -50% 0% 50% 100% 150% 200% 250% 1998 2008 2018 Hospital services College tuition & fees Child care & nursery school Medical care services Average hourly earnings Food & beverages CPI for all items New cars Apparel Wireless telephone services Toys Televisions 3.4x higher healthcare costs for 65+ +13%-25% by 2030 Implied long-term healthcare cost increase per taxpayer +30%-57% by 2035 +49%-98% by 2040 Behaviour change has a causal impact on health and mortality Relative mortality for the 45-65 age group Relative mortality for the 65+ age group Relative reduction for the 45-65 age group Relative reduction for the 65+ age group Mortality Healthcare costs 0 Low MediumHigh -36% -38% -58% 0 Low MediumHigh -29% -52% -59% No habit Strong poor Strong good -14% -29% No habit Strong poor Strong good -16% -25% - 20 40 60 80 2025 2030 2035 2040 World Bank data
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16 Shared value creates a reinforcing cycle of value for the shareholders, customers and society 𝛼 = 𝑓( ) Shareholders Excess returns to shareholders through the dynamics of the model 𝑒𝑥= 𝑓( ) Customers Longer lifespans and healthspans driven by engagement in the model 𝑠𝑥 = 𝑓(Σ ) Society Positive societal impact arising from the cumulative improvements in customers’ health and longevity
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17 Excess returns to shareholders through the dynamics of the model 1 2026 contribution differential between Discovery Health Medical Scheme and the next seven competitors; 9.2% Operating margin 14.8% Operating margin RF+9.5% New business IRR RF+6.6% New business IRR Cost-to-income 77% 𝛼F𝑌26 Cost per benefit unit1 -17.7%6.2% Operating margin 11.9% Operating margin RF+6.1% New business IRR RF+9.7% New business IRR Cost-to-income 91% 𝛼F𝑌25 To be disclosed at upcoming disclosure of contribution increases 𝛼
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18 R1 000m EV mortality & morbidity experience variance Longer lifespans and healthspans driven by engagement in the model𝑒𝑥 1 2026 contribution differential between Discovery Health Medical Scheme and the next seven competitors R483m Value of claims savings -17.7% Cost per benefit unit1 2.7% Credit loss ratio R151m EV mortality & morbidity experience variance R530m EV mortality & morbidity experience variance R2.2bn Total FY26 claims savings Mortality AvE None Blue Bronze & Silver Gold & Diamond Expected FY26 Mortality AvE Bronze Silver Gold Platinum Expected FY26 In-hospital claims Bronze Silver Gold Platinum Loss ratio Bronze Silver Gold DiamondBlue In-hospital claims Blue Bronze Silver Gold & Diamond Credit loss ratio Blue Bronze Silver Gold & Diamond
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19 Positive societal impact arising from the cumulative improvements in customers’ health and longevity All figures for FY2026. 1 Dependent on market dynamics and regulations; 2 Restated to incorporate latest changes 𝑠𝑥 Increase in lives impacted globally Increase in healthy activities Increase in life years saved globally Change in lives impacted (m) Change in healthy activities (m) Change in life years saved (m) FY26 life years savedLives impacted FY26 healthy activities 725m c5.2m yearsc54m 503 576 640 725 FY23 FY24 FY25 FY26 35 42 49 54 FY23 FY24 FY25 FY26 +11% +13% 3 3.7 5 5.2 FY23 FY24 FY25 FY26 +4% 13.7 14.9 16.5 17.2 FY23 FY24 FY25 FY26 FY26 shared-value dividend Change in shared- value dividend Value returned to clients R17.2bn +4% Lower cost of insurance1 10 – 25% Life 5 – 20% Health 2
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20 New data dimensions are continuously strengthening our understanding of behaviour, health and risk VAR Go-Live Date = 19th Sept 2015, PHP Go-Live Date = 1st Jan 2025, Sleep Go-Live Date = 1st May 2026 Vitality Sleep Rewards 1 3 5 7 9 11 13 15 17 19 21 23 25 27 Days since go live Vitality Sleep Rewards Personal Health Pathways Vitality Active Rewards Cumulative activations for various Vitality benefits 16% Members improved sleep habits 7% In-hospital claims improvement for those shifting habits 24% Reduction in mortality for improved sleep duration & regularity
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21 Business strategy +16% +21% FY26 profit growth: Super Bank strategy Vitality AI
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22 Discovery SA Strategic focus areas Discovery Bank – Scale, functionality, leadership The Super Bank strategy – Integrated Discovery ecosystem Discovery SA businesses – Every business #1 1 2 3 12.5% to 17.5% average earnings growth p.a. (FY25-FY29) 16% FY26
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23 +26% +17% +>600%+31% to 1.6m to R27.2bn to R370mto R3.1bn +40% to R12.9bn Total accounts Total clients +26% to 3.8m 20222023202420252026 Accounts Clients 20222023202420252026 20222023202420252026 NII NIR 20222023202420252026 Discovery Bank Gross retail advances1 Revenue2 (NII+NIR) ProfitDeposits 1 HL: Home loans, PL: Personal loans, CC: Credit Card, SCF: Standard Credit Facility, RCF: Revolving Credit Facility; 2 NII includes the allocation of interest earned on Treasury Bills (recognised at fair value gains in the income statement) 2022 202320242025 2026 SCF and CC PL and RCF HL
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24 Disciplined growth and AI-enabled efficiency driving quality scale Daily sales Credit loss ratio2Home loan quality1 0 200 400 600 800 1 000 1 200 1 400 1 600 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 Discovery Bank Bank A Bank B Bank C Bank D Non-Bank E Other Super prime: <5% Prime plus: 5%-<7% Prime: 7%-<11% Near prime: 11%-<16% Subprime: 16%+ 1 TransUnion Report, View 11: Market Share of new bookings in Mortgage Bond Industry, including banks A to E, other banks, and other non-banks. Q1 2026; 2 Unsecured credit loss ratio excludes personal loans which were launched recently and do not yet have a comparable prior-year history. Market CLR has been adjusted for Discovery’s advances mix, excluding Personal Loans (PL). 2026 market data reflects the latest available information as at December 2025, pending publication of 2026 financial statements Average sales per workday (calendar month) Risk split based on HLs issued` 0% 1% 2% 3% 4% 5% 6% 7% 2022 2023202420252026 Secured Unsecured Market (Unsecured) Overall Servicing distribution Call centre efficiency 85% 95% 105% 115% 125% 135% 145% Jan-25 Mar-25 May-25 Jul-25 Sept-25 Nov-25 Jan-26 Mar-26 May-26 Total calls Total clients Total calls vs clients baselined to Jan-25 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Jan-25 Mar-25 May-25 Jul-25 Sept-25 Nov-25 Jan-26 Mar-26 May-26 Voice Call In App Call Chats Discovery AI GROWTH QUALITY EFFICIENCY
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25 Scalability gains driving operational margin expansion ProfitabilityClient growth Revenue pc Expenses pc Impairments pc 1.57 2022 2023 2024 2025 2026 66 79 78 76 77 97 105 119 120 122 2022 2023 2024 2025 2026 NII pcpm NIR pcpm 322 239 189 151 131 2022 2023 2024 2025 2026 16 19 16 19 18 2022 2023 2024 2025 2026 Clients (m) Revenue pcpm (R) (excl. NBAC) Expenses pcpm (R) (excl. NBAC) Impairments pcpm (R) Profit before NBAC (Rbn) -0.785 -0.499 -0.052 0.368 0.865 -1.3 -0.8 -0.3 0.3 0.8 1.3 1.8 2.3 2.8 3.3 2022 2023 2024 2025 2026 2027 2028 2029 Actuals Low Medium High × =−−ሼ ሽ
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26 Exceptional client experience continues to differentiate Discovery Bank NPS = % promoters (9–10) minus % detractors (0–6) Competitor B 57% 25% 18% 40 Competitor E 54% 24% 22% 31 62% 20% 18% 44 Competitor D 63% 23% 14% 49 Competitor C Competitor A 60% 19% 21% 40 Competitor F Discovery Bank 71% 17% 59 12% 70% 18% 59 12% 73% 14% 60 13% Competitor G Competitor B 74% 13% 62 Competitor E 77% 14% 69 Competitor D 74% 20% 69 Competitor C Competitor A 67% 24% 58 Competitor F Discovery Bank 78% 1 3 % 69 84 % 78 86 % 81 Detractors (0–6) Passives (7–8) Promoters (9–10) BANKING PRIVATE BANKING Ask Africa Orange Index Ranking #2 Ask Africa Orange Index Ranking #1 Net Promoter Score (NPS) Net Promoter Score (NPS)
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27 Rationale for the Super Bank strategy Faster integration2 Average time to take up additional Discovery products (years) 0.0 0.5 1.0 1.5 2.0 2.5 Second product Third product Fourth product Fith product Bank Non Bank Integration opportunity 1 Discovery products included - Insure, Invest, Health, Life, Gap and Vitality; 2 Non-Bank includes Discovery Health, Life, Invest and Insure Expanding reach1 New business by number of existing Discovery products 56% 70% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2022 2023 2024 2025 2026 0 1 2 3 4+ 2026 >6m lives Discovery Health Medical Scheme Discovery Bank Discovery Invest Discovery Insure Discovery Life
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28 The Super Bank strategy – all components are aligned
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29 The Super Bank strategy – unlocking exponential value across the ecosystem Portfolio valueFunctionality EXPONENTIAL SHARED VALUE MANAGEMENT, FUNCTIONALITY AND ACCESS Product houses FORMING THE RAILS OF THE GROUP Payment Security Service Rewards Ecosystems An integrative control layer for a customer's entire economic life – orchestrating their financial, health, and lifestyle ecosystems, and converting verified behaviour change into a single currency of real value VITALITY HEALTH VITALITY MONEY VITALITY DRIVE Ecosystem Product Behaviour
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30 Discovery Health Figures are excluding Healthy Company in prior periods New business Membership Non-Scheme lives +9% +10% +22%3.91m to R4 629m to R10 495m to 330k livesLives under administration 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023 2026 Non Scheme Products Restricted Schemes DHMS Normalised profit Nov-18 Jun-19 Jan-20 Aug-20 Mar-21 Oct-21 May-22 Dec-22 Jul-23 Feb-24 Sep-24 Apr-25 Nov-25 Jun-26 Flexicare Gap cover AHI
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31 Personal Health Pathways addresses the increasing disease burden in DHMS Cancer prevalence increasing Oncology prevalence increasing over time 18% of members living with 2+ chronic conditions 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +120% 0% 5% 10% 15% 20% 25% 30% 35% 2015 2017 2019 2021 2023 2025 % members % total claim costs 10% 8% 15% 14% 16% 3+ conditions 2 conditions 1 condition 43% of total claims costs Growing chronic disease burden Mortality improvement over past 10 yrs5.6% 1.6x >15% Lower severe diagnosis rate for PHP vs non-PHP members (diabetes and mammograms) +7yrs Improved life expectancy for members living with cancer over past 15 yrs Better survival for early- stage cancer diagnosis Strong growth ensures sustainability Gross new business 1 Effective contribution differential between DHMS and the next seven competitors; Effective contribution differential and increases take into account contribution deferrals 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2024 2025 2026 14.7% higher health risk, 17.7% lower cost per unit benefit1 𝜶 Delivering demonstrable alpha 46% higher cancer patient prevalence than rest of industry
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32 Sustained growth and financial strength for Discovery Health Medical Scheme (DHMS) Membership Customer satisfaction Solvency DHMS Rest of the industry Others 57.7% Market share 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 5 10 15 20 25 30 35 2021-22 2023-24 2025-26 Reserve Actual Solvency Required Solvency R33.2bn 31.3% AAA Projected unaudited reserves Projected unaudited solvency Credit rating Low proportions of members change plans, with more members upgrading than downgrading Lapses continue to remain stable 0% 2% 4% 6% 8% 10% 2022 2023 2024 2025 2026 96% no plan changes 0% 1% 2% 3% 2022 2023 2024 2025 2026 Upgrades Downgrades Membership and open market share as at June 2026 Plan movements as at 1 January
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33 Discovery Life Cash generation New business VNB +6% 67% +114%+1% to R5 872m cash conversion to R241mto R3 244m Normalised profit 2022 2023 2024 2025 2026 IFRS 17 -722 1,464 2,193 3,327 3,888 2022 2023 2024 2025 2026 Cash flow before financing initiatives and dividends to Group (Rm) +9% Individual + Group +43% Individual Life 2025 20262022 2023 2024 2025 2026 +9% New business in VNB (Life + Group Life) Servicing increases Umbrella business Automatic increases Leading market share 2.5x the average of the next 5 largest writers in the underwritten retail risk business1 1. Market share source: NMG market report Q2 2026 (Jun 2026) New business APE (EV)
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34 Mortality and morbidity Premium and fee income Persistency Policy alterations Other Total non-economic Economic Total June 2025 New Business Expected Unwind excl. new business Experience Variances Economic Dividends Other December 2025 June 2025 Positive operating variances Improved VNB margin Growth in Embedded Value Individual Life: 3.8% (IRR: RF +6.8%) Life (excl. Invest) VNB margin (%) Individual Life: 4.7% (IRR: RF + 7%) 22.8% Annualised RoEV1 12.3% excl. economic updates Discovery Life Ltd EV variances (Rm) Discovery Life Ltd EV growth (Rm) June 2026 Economic assumptions 52 164 -204 62 863 469 4 931 5 482 1 222 -1 200 Premium & fee income Persistency Other Total non-economic Economic Total Policy alterations Mortality & morbidity 819 1 222 Strong operating experience and improved new business economics driving EV growth 1 Before dividend payments June 2025 Economic Business mix Model changes Other December 2025 June 2025 June 2026 Non-economic variances Business mix Model changes Economic New initiatives & other 2.1% 3.8%
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35 None Blue Bronze Silver Gold Diamond Impact of the model is more pronounced compared to prior years, and increasingly valuable within an ageing book Mortality AvE by engagement level (indexed to blue Vitality status) Positive mortality experience validating the impact of the shared-value model Mortality AvE by age Strong engagement & shared-value impact observed for members at older ages 100% Long-term expected FY22 FY26 Mortality experience for members over the age of 50 < = 50 >50 100% -8% Exposure Share of mortality gain 90% Engaged (Silver, Gold & Diamond) Unengaged (None, Blue & Bronze) 10% 35% 65% of the existing Discovery Life book are highly engaged 40%
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36 Reduction in yield curves supports IFRS 17 growth ZARm 2,121 10,400 3,958 2,328 Store of value June 2025: CSM + RA, net of IFR New business Insurance finance income/expense -905 Non-financial risk variances & basis changes -2,649 Release to earnings Store of value June 2026: CSM + RA, net of IFR 23,250 CSM = 23 507 RA = 7 877 IFR = -8 134 CSM = 24 391 RA = 11 133 IFR = 2 980 18,597 = 66% Growth from June 2025 IFR RA CSM 38,504 SA Life (GMM) + SA Invest (GMM). Store of value is calculated net of reinsurance but gross of tax. CSM = Contractual Service Margin; RA = Risk Adjustment; IFR = Insurance Finance Reserve; OCI = Other Comprehensive Income; IFIE = Insurance Finance Income or Expense CSM, RA and IFR increased over the period Components of Life segment earnings (incl. Premium Allocation Approach (PAA) business such as Group Life) 2 289 2 765 818 5 872 CSM & RA release IFIE Other Life segment earnings Includes claims and NAV variances
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37 Discovery Invest Assets under administration New business +9% +15% +13% to R2 157m to R205bn to R3 865m Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 2022 2023 2024 2025 2026 GuaranteedAPI from guaranteed +20% Excl. guaranteed 2022 2023 2024 2025 2026 One-offsOne-off items +22% Excl. one- offs IFRS 17 Normalised profit 2022 2023 2024 2025 2026 Net flows +97% to R6.3bn
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38 Discovery Insure Insurance revenue Gross new business Operating margin +24% +4% +23%+2% to R1 013m to R6 448m to 14.8%to R1 390m 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 Normalised profit
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39 Vitality continues to drive improvement in quality Disciplined new business growth Lapses improve by status Loss ratio improves by status Blue Bronze Silver Gold Diamond 75% 80% 85% 90% 95% 100% 2022 2023 2024 2025 2026 Average risk profile Superior risk profile Blue Bronze Silver Gold Diamond Relative lapse rate by statusRelative loss ratio by status Loss ratio Steady loss ratio despite weather normalisation 0% 10% 20% 30% 40% 50% 60% 70% 2022 2023 2024 2025 2026 -30% New business book based on insurance risk exposure
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40 Super Bank strategy
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41 Strategic focus areas Vitality UK – Centre of excellence Vitality Global Markets – Scaling the model through partnerships and equity stakes PAHI – Driving expansion through products and distribution 1 2 3 Vitality UK Global Markets Health Insurance 20% to 30% average earnings growth p.a. (FY25-FY29) 21% FY26 Like-for-like ZAR 26%
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42 Vitality UK
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43 Vitality UK +52% +13% +6%+14% to £118.1m to £1.4bn to 2.08mto £260.1m 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 IFRS 17 Normalised profit Earned premiums New business Lives covered
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44 VitalityHealth Normalised profit Earned premiums New business Lives covered +65% +12% +2%+4% to £83.6m to £909m to 1.08mto £126.6m 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 IFRS 17
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45 Margin outperformance driven by strong premium growth and experience, demonstrating strength of model Relative growth in premiums vs claims (6-month average PLPM, rebased to Jan 2023) Premium levels remain well matched to claims Relative effect of Vitality status on in-hospital claims spend1 (after normalising for other claims factors) Engagement driving sizable health outcomes Lapse rate (API) by Vitality status (relative to overall lapse rate) Greater retention of quality business Operating margin relative to 7.5% guidance Strong margin 11.7% 6.2% 2.8% 6.2% 9.2% 2022 2023 2024 2025 2026 7.5% margin guidance 0% 20% 40% 60% 80% 100% 120% Bronze Silver Gold Platinum Individual SME Overall 1 GLMs were used to adjust for key risk factors (e.g. age, location, product mix, duration, underwriting type, sales channel), isolating the relative impact of individual factors by holding others constant 95% 100% 105% 110% 115% 120% 125% 130% Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 100% 87% 79% 74% Bronze Silver Gold Platinum 26% Premium PLPM indexed to 2023 Claims PLPM indexed to 2023 (rolling 6m)
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46 VitalityLife +27% +15% +11%+25% to £34.5m to £513.7m to 1.01mto £133.5m 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026 IFRS 17 Normalised profit Earned premiums New business Lives covered
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47 Mortality experience by status (Jul 22 – Jun 26, plans with Optimiser, indexed to Bronze) 100% 84% 68% 51% Bronze Silver Gold Platinum Significant new business value and margin growth enabled by Shared-value Insurance Model VitalityLife new business market share1 Strong growth in market share & distribution Engagement driving mortality improvements Drivers of new business value Sales growth & efficiencies driving value Net value over time (£m)2 Sustained growth in new business APE & net value H1 FY24 H2 FY24 H1 FY25 H2 FY25 H1 FY26 H2 FY26 Sales Underlying Profitability Per policy initial expenses +102% +4% -22% 100% 16 47 78 FY24 FY25 FY26 1 Gen Re Protection Pulse. FY26 data based on July 25 – July 26; 2 CSM & RA on NB excludes the impact of new reinsurance contracts attaching to the in-force book in the period. Up 77% in 3 years Advisers writing: 49% 7.4% 8.4% 10.4% 10.9% 13.5% 15.5% FY21 FY22 FY23 FY24 FY25 FY26 +67% Key competitors:
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48 Strong new business momentum supports growth under IFRS 17 CSM, RA and IFR increased over the period Store of value is calculated net of reinsurance but gross of tax. CSM = Contractual Service Margin; RA = Risk Adjustment; IFR = Insurance Finance Reserve; OCI = Other Comprehensive Income; IFIE = Insurance Finance Income or Expense GBPm = 11% Growth from June 2025 OCI CSM+RA Store of value June 2025: CSM + RA, net of IFR 67,6 New business 13,19,3 Insurance finance income/expense 14,1 Non-financial risk variances, basis changes & other -43,3 Release to earnings Store of value June 2026: CSM + RA, net of IFR 552.2 612.9
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49 Vitality Global Markets VN VHI
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50 2022 2023 2024 2025 20262022 2023 2024 2025 2026 Vitality Global Markets Profit Integrated API by insurance partnersRevenue Lives -24% +10% +16%-10% to $11m to $2.2bn to 9.78mto $146m 2022 2023 2024 2025 20262022 2023 2024 2025 2026 VN SLI revaluation gains VN SLI revaluation losses +115% accounting for SLI impacts +115% to $23m excl. SLI impact
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51 Delivering on the strategic priorities that position the business for growth and scale EUR = Europe, ME = Middle East, NA = North America • Vitality AI, built with Google, launched in London (November 2025), with US launch to follow in September 2026 • Introduced a panel of shared-value reinsurance partners and several new Vitality Programme partners, broadening the capability set available to partners Deepening the proposition through Vitality AI 1 • Rebased SLI economics, with a joint commitment to 5m lives by 2030 • Investing alongside AIA to accelerate Shared-value Insurance in key markets • Mutually terminated partnerships where strategic direction diverged, creating opportunities to pursue optimal long-term partnerships in these markets • Expanded Amplify Health with AI-enabled solutions and multi-year value-share economics in four key markets, alongside a three-year partnership with Star Health, India's largest standalone health insurer Focusing and scaling existing partnerships 2 • Building an active pipeline of potential carriers in Europe to establish optimal, long -term partnerships • Prioritising growth in the US with John Hancock • Expanding into health and public sector opportunities in Middle East Pursuing growth opportunities in EUR, ME and NA 3 • Acquired WellSpark (Nov 24), Ramp Health (Mar 26) and Icario (Sep 26), adding coaching, condition management, onsite clinical reach and member activation, and expanding to government sponsored health plans • Continuing to deploy technology-enabled engagement solutions, including Vitality AI, and expanding the VHUS health plan footprint to 10 clients • Finalised a partnership with HealthEquity, extending Vitality's reach to 10m+ HSA account holders Accelerating US growth through organic expansion and acquisitions 4
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52 Vitality AI | Google – one intelligent platform powering the future of life and health insurance globally 1. Dependent on market dynamics and regulations
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53 Strong partner growth, with healthy pipeline supporting future expansion +10% 2024 2025 2026 2024 2025 20262024 2025 2026 2024 2025 2026 2024 2025 2026 Health US -3% drop in average YEN:USD 2025-2026 Integrated API ($m) +17% -10% +16% +22% Integrated insurance premium1 (¥m) Integrated API ($m) Lives Revenue ($m) 15 Opportunities under investigation 4 Opportunities in active negotiations 2 Opportunities in contract finalisation VN VHI 1 Integrated Insurance Premium represents the cumulative in-force members annualised net premium; 2 Amplify Health’s reported revenue Scaling existing partnerships Pursuing new opportunities 2024 2025 2026 +27% Revenue2 ($m)
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54 A differentiated proposition addressing a large and growing US market Capability expansion Addressable market Scale c$5bn c$130bn Today Integrated health solution Historically Lifestyle risk reduction only Care navigation & advocacy c$24bn Coaching & disease management c$90bn Regulatory requirements c$11bn Lifestyle risk reduction c$5bn Lifestyle risk reduction c$5bn Coaching depth | Nov-24 Individual and group coaching, disease prevention and management, acquired from EmblemHealth Onsite clinical reach | Mar-26 Onsite and virtual clinical services, occupational health, workers' compensation risk mitigation Government plan expertise and assets | Q1 FY27 Omnichannel outreach, health risk assessments, gaps in care, custom surveys PHYSICAL ACTIVITY & SLEEP CLINICAL ACTIONS EARLY DETECTION & SCREENING V I T A L I T Y H E A L T H C H E C K PCP V I S I T DISEASE MANAGEMENT O N C O L O G Y D I A B E T E S C A R E C A R D I O C A R E M E N T A L H E A L T H K I D N E Y C A R E H I V C A R E V A C C I N A T I O N S M E D I C I N E A D H E R E N C E C L I N I C A L C O A C H I N G C A N C E R S C R E E N I N G BREAST CERVICAL PROSTATE COLORECTAL G E N E T I C T E S T I N G D E N T A L C H E C K - UP E Y E T E S T CHOLESTEROL BLOOD PRESSURE BLOOD GLUCOSE WEIGHT/BMI M E N T A L R I S K A S S E S S M E N T ACTIVE REWARDS GOALS GYM VISITS VITALITY FITNESS CLASSES HEART - RATE WORKOUTS PERSONALISED STEP GOALS PARKRUN TEAM VITALITY SLEEP DURATION SLEEP REGULARITY SLEEP QUALITY H A B I T F O R M A T I O N H E A R T H E A L T H H E A L T H Y F O O D H E A L T H Y C A R E S P E C I A L I S T R E F E R R A L P A T H O L O G Y 26x 0 5 10 15 20 2024 2025 2026 2027 Employers Health plan 1.7m 3.6m 1.1m 0 20 40 60 80 100 120 2024 2025 2026 2027 Revenue ($m)Lives (m) >18m HealthEquity partnership extends Vitality's reach to 10m+ HSA account holders Adding c11m lives through the recent acquisition Forward looking information on this slide is for illustration and has not been reviewed or reported on by the auditors and reflects the average expected over the time frame
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55 Ping An Health Insurance
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56 2022 2023 2024 2025 2026 Ping An Health Insurance 1 Costs include Vitality apportioned costs, which increased $10.8 million; 2 100% PAHI; 3 Unaudited SCR PAHI’s operating results pre-tax Comprehensive capital PAHI licence new business2 Lives +31% 289% +10%-6% to RMB3.3bn RMB831m DSY’s share SCR cover3 to 35.4m to RMB4.5bn DSY’s operating result after tax and costs1 +14% to RMB545m 2022 202320242025 2026 2022 202320242025 2026 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 2022 202320242025 2026 Investment income and gains Profit before investment income and gains +21% before investment income and gains RMB207m (+25%) DSY share of PAHI cash dividend: (ZAR530m) +17% to RMB15bn
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57 Broader new business mix strengthening book quality Single product to diversified portfolio Growth in key channels New business written premium (RMBm) Today: Diversified products supported by HuoLiGo ("VitalityGO") Special disease products Supports comprehensive needs for major diseases in cardiovascular and cerebrovascular diseases, cancer etc. Segment specific products Tailored health cover for children, women, the elderly population Historically: One-dimensional Managed care & health management Covering standard and sub-standard lives. Extended underwriting and condition managementbased on regular screening, health checkup, risk assessment and stratification eShengBao Medical-reimbursement insurance · Flagship product High-value products Cater for increasing demands in insurance coverage and more diversified healthcare services Sui Shen Yi Online third-party channel Offline third-party channel FY25 FY26 +107% +83% +378%
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58 Strong performance in a competitive market 1 Sources: Swiss Re Institute (2025; Vitality Asia analysis. GDP: Gross Domestic Product, DRG/DIP: Diagnosis-Related Group / Diagnosis-Intervention Package (public payment reform), SHI: Social Health Insurance, CHI: Commercial Health Insurance, NFRA: National Financial Regulatory Administration Growth in market share Strong premium growth 0% 2% 4% 6% 8% 10% 12% 2022 2023 2024 2025 2026 PAHI market share (%) 100% PAHI licence earned premium Macro environment1 Growth is slowing but shifting: • GDP +4.7% in H1 2026 • Property & infrastructure investment declined • Shift to higher-value sectors: Internet & telecoms +19.1%; Transport equipment +13.6%; EV exports +71.2% Healthcare focus is growing: • 15th Five-Year Plan prioritises health quality & outcomes • CHI penetration up 4x in 10 years • CHI density up 8x in 10 years • Protection gap: USD 377bn (2024), 2x level in 2014 Regulatory reform supports expansion: • DRG/DIP reforms support complementary cover • SHI-CHI integration strengthening • Key enablers: NFRA Guiding Opinions (Doc. 34) and Commercial Innovative Drug List Market competition is intensifying: • CHI premium growth slowed to 8.2%; below 2016-19 CAGR of 20.5% • Rising competitive pressure • Increasing adverse selection risk +9% - 2 4 6 8 10 12 14 16 18 20 2022 2023 2024 2025 2026 Billions 10%
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59 UK Global Markets Health Insurance Vitality AI
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60 Summary 1 2 3 Business model Financial framework Business strategy Normalised profit growth Cash conversion ratio Normalised RoELeverage % spend on new Dividend cover 17% FY26 85% 16.5% 4.5x 2% 12.8% (15.4% incl 1DP) Super Bank strategy Vitality AI 12.5% to 17.5% 20% to 30% average earnings growth p.a. (FY25-FY29) average earnings growth p.a. (FY25-FY29)
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61 Presentation disclaimer This presentation may contain forward-looking statements with respect to certain of Discovery’s plans and its current goals and expectations relating to its future performance and results. All forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Discovery’s control. Accordingly, Discovery’s actual future financial performance and results may differ. Any reference to future financial performance has not been reviewed or reported on by the Group’s auditors.
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62 Audited Results for the year ended 30 June 2026