Discovery, Seven Other Insurers Raided in South Africa Probe (1)

South Africa’s Competition Commission raided the offices of eight major insurers it is investigating for possible price collusion.

Discovery Ltd., Old Mutual Insure Ltd. and Sanlam Ltd. are among the companies being probed for possible involvement in collusive practices to fix prices and trading conditions for fees related to investment products such as retirement annuities and premiums on risk-related products.

“The companies under investigation share information on premium rates for risk-related products and fees for investment products, which enables them to adjust the prices,” the antitrust body said in a statement on Thursday. “The search and seizure operations are ...