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Discovery announces changes to facilitate international business development

27 January 2010 Discovery
Herschel Mayers, CEO of PruProtect

Herschel Mayers, CEO of PruProtect

Discovery 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 Financial Services Authority (FSA).

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