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South African insurer Discovery issues earnings warning

South African insurer Discovery Ltd. warned that it expects its normalized headline EPS to decrease year over year by between 5% and 10% for the financial year ended June 30.

In a trading statement, the company said spending in new businesses increased by 114% over the prior year. Profit growth is projected to return to its stated goal of CPI plus 10%, and the group is well capitalized for the five-year planning period, Discovery said.

The insurer said it supports a proposed national health insurance plan in the country and that it will work closely with policymakers and stakeholders on the plan. Discovery does not expect the plan to have a "material long‐term impact" on its business.

Discovery is due to release results for its fiscal year on Sept. 4.