Deon Viljoen, chief financial officer of South African financial services group Discovery Ltd., received R29.35 million ($1.78 million) in total remuneration for the 2026 financial year, a 16.58% increase from R24.48 million ($1.48 million) a year earlier. The increase came as the Johannesburg-listed insurer reported stronger earnings and higher performance-linked awards.

Viljoen’s remuneration included a base salary of R7.45 million (452,042) and a short-time incentive of R10.53 million ($639,397). His long-term incentive award climbed to R9.76 million ($592,742) from R7.05 million ($427,696) in the previous financial year, accounting for a substantial portion of the increase in his total compensation.

Earnings drive higher rewards

Discovery reported profit of R13.22 billion ($801.33 million) for the year ended June 30, 2026, up 38.3% from R9.56 billion ($574.54 million) a year earlier. Normalised operating profit rose 17% to R17.75 billion ($1.08 billion), while normalised earnings increased 21% to R11.8 billion ($715.6 million), reflecting growth across its businesses.

Headline earnings advanced 34% to R12.92 billion, partly benefiting from a gain recognized after the early termination of a long-term lease following Discovery’s acquisition of its Johannesburg head office at 1 Discovery Place. The group’s normalized return on equity improved to 16.5%, from 15.4% a year earlier, while cash conversion increased to 85%, from 80%.

Discovery’s board declared a final gross dividend of 273 cents per ordinary share, up 36% from 201 cents in the previous financial year. The group’s total assets increased 16.6% to R381.67 billion ($23.14 billion), from R327.45 billion ($19.85 billion), while retained earnings climbed 22.5% to R59.57 billion ($3.6 billion).

From finance to leadership

Viljoen joined Discovery as group CFO in May 2017 and serves on the boards of several subsidiaries and committees, including the group executive committee. Before joining Discovery, he spent more than a decade at Alexander Forbes, where he became group CFO in 2007 and helped steer the business through its strategic repositioning and 2014 relisting.

He also served as interim CEO of Alexander Forbes in 2016 and was named CFO of the Year by CFO South Africa in 2015. Earlier in his career, Viljoen was a partner and director at PwC Johannesburg, advising clients in banking and financial services, including on financial risk management.

According to the figures provided, Viljoen holds 336,607 Discovery shares, representing approximately 0.005% of the company. His remuneration reflects the financial performance of a group seeking to expand its integrated insurance, banking, health and investment businesses while maintaining returns for shareholders.

Banking and Vitality expansion

Discovery is positioning Discovery Bank as a central component of an integrated financial services platform linking customers’ banking, insurance, health and investment needs. The strategy is designed to deepen customer relationships across the group rather than treat banking as a standalone business.

Its Vitality shared-value model reached approximately 54 million lives globally and operated in 36 countries during the 2026 financial year, extending its behavior-based health and wellness approach across international markets. Sustaining earnings growth while expanding banking, insurance and technology capabilities will remain important as Discovery develops its next phase of growth.