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U.K. (FTSE) Insurance Industry Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies14
  • 7D-3.7%
  • 3M-2.6%
  • 1Y20.7%
  • YTD-2.6%

Over the last 7 days, the Insurance industry has dropped 3.7%, driven by pullbacks in Aviva and Prudential of 4.7% and 2.8%, respectively. Meanwhile, Saga actually outperformed within the industry, gaining 7.3% in the last week. This takes the industry's 12 month performance to a gain of 21%. Looking forward, earnings are forecast to grow by 8.4% annually.

Industry Valuation and Performance

Has the U.K. Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026UK£79.7bUK£85.6bUK£5.4b10.8x14.7x0.9x
Fri, 20 Feb 2026UK£81.6bUK£69.0bUK£4.8b10.8x16.9x1.2x
Sun, 18 Jan 2026UK£82.0bUK£69.1bUK£4.9b11.3x16.9x1.2x
Tue, 16 Dec 2025UK£79.8bUK£69.1bUK£4.9b11.2x16.4x1.2x
Thu, 13 Nov 2025UK£80.9bUK£69.4bUK£4.9b11.2x16.4x1.2x
Sat, 11 Oct 2025UK£79.0bUK£69.1bUK£4.9b11.4x16.2x1.1x
Mon, 08 Sep 2025UK£76.1bUK£72.9bUK£4.3b11x17.6x1x
Wed, 06 Aug 2025UK£76.6bUK£70.1bUK£3.6b14.3x21.2x1.1x
Fri, 04 Jul 2025UK£73.1bUK£69.6bUK£3.6b13.1x20.3x1.1x
Sun, 01 Jun 2025UK£73.2bUK£74.9bUK£3.8b12.6x19.3x1x
Tue, 29 Apr 2025UK£68.5bUK£75.5bUK£3.6b12.3x19x0.9x
Thu, 27 Mar 2025UK£69.1bUK£76.4bUK£3.8b12.6x18x0.9x
Sat, 22 Feb 2025UK£76.4bUK£90.5bUK£4.5b11.4x17.1x0.8x
Mon, 20 Jan 2025UK£74.7bUK£91.2bUK£4.6b11.3x16.3x0.8x
Wed, 18 Dec 2024UK£72.8bUK£90.4bUK£4.5b11.6x16.3x0.8x
Fri, 15 Nov 2024UK£69.6bUK£90.5bUK£4.5b11.2x15.6x0.8x
Sun, 13 Oct 2024UK£73.5bUK£90.0bUK£4.4b11.9x16.7x0.8x
Tue, 10 Sep 2024UK£73.4bUK£84.8bUK£4.8b10.3x15.2x0.9x
Thu, 08 Aug 2024UK£58.4bUK£70.6bUK£4.6b10.6x12.6x0.8x
Sat, 06 Jul 2024UK£60.1bUK£70.5bUK£4.3b10.8x13.9x0.9x
Mon, 03 Jun 2024UK£62.3bUK£70.6bUK£4.3b12.6x14.4x0.9x
Wed, 01 May 2024UK£60.3bUK£71.0bUK£4.4b11.7x13.8x0.9x
Fri, 29 Mar 2024UK£63.7bUK£70.8bUK£4.4b12x14.5x0.9x
Sun, 25 Feb 2024UK£20.9bUK£13.5bUK£496.0m18.6x42.2x1.6x
Tue, 23 Jan 2024UK£20.2bUK£13.3bUK£392.9m20.9x51.5x1.5x
Thu, 21 Dec 2023UK£21.0bUK£13.3bUK£393.7m22.1x53.4x1.6x
Sat, 18 Nov 2023UK£20.6bUK£13.5bUK£397.6m21.2x51.8x1.5x
Mon, 16 Oct 2023UK£19.1bUK£13.6bUK£402.6m19.7x47.5x1.4x
Wed, 13 Sep 2023UK£19.9bUK£13.2bUK£187.5m18.2x106.1x1.5x
Fri, 11 Aug 2023UK£19.2bUK£12.1bUK£155.5m23.1x123.3x1.6x
Sun, 09 Jul 2023UK£18.3bUK£11.7b-UK£103,338,312.0029.4x-177.4x1.6x
Tue, 06 Jun 2023UK£20.5bUK£11.9bUK£129.9m31.5x157.7x1.7x
Thu, 04 May 2023UK£20.1bUK£11.8bUK£132.5m30.5x151.9x1.7x
Sat, 01 Apr 2023UK£18.6bUK£11.8bUK£105.2m27.9x177x1.6x
Price to Earnings Ratio

177x


Total Market Cap: UK£18.6bTotal Earnings: UK£105.2mTotal Revenue: UK£11.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Insurance Industry Price to Earnings3Y Average 13.2x202420252026
Current Industry PE
  • Investors are optimistic on the British Insurance industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 14.7x which is higher than its 3-year average PE of 13.2x.
  • The 3-year average PS ratio of 1.2x is higher than the industry's current PS ratio of 0.93x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 272% per year over the last three years.
  • Revenues for these companies have grown 94% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.K. Financials industry?

GB Market-4.25%
Financials-3.53%
Insurance-3.68%
Insurance Brokers0%0
Life and Health Insurance-3.23%
Property and Casualty Insurance-3.49%
General Insurance-4.67%
Reinsurance-6.78%
Industry PE
  • Investors are most optimistic about the General Insurance industry which is trading above its 3-year average PE ratio of 14.3x.
    • Analysts are expecting annual earnings growth of 14.4%, which is higher than its past year's earnings decline of 3.4% per year.
  • Investors are most pessimistic about the Reinsurance industry, which is trading below its 3-year average of 8.8x.
Forecasted Growth
  • Analysts are most optimistic on the General Insurance industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings decline of 3.4% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
PRU PrudentialUK£10.932.1%
+UK£553.0m		30.4%PE9.2x
SAGA SagaUK£5.173.2%
+UK£23.0m		297.7%PS1.2x
JUST Just GroupUK£2.190.7%
+UK£15.6m		45.8%PS1.1x
PGH Personal Group HoldingsUK£3.4114.0%
+UK£13.1m		42.1%PE16x
HUW Helios UnderwritingUK£2.031.5%
+UK£2.2m		-2.4%PE6.2x

Latest News

CSN
UK£2.92
Chesnara
7D
-4.4%
1Y
4.5%
ADM
UK£31.46
Admiral Group
7D
-4.6%
1Y
11.6%

ADM: Rich Pricing Will Face Test From Diverging UK Motor Assumptions

The analyst price target for Admiral Group has been adjusted slightly higher to reflect a new fair value of £25.43, up from £25.29, as analysts factor in revised revenue expectations, updated discount rate assumptions, and recent Street research highlighting updates to profit and earnings outlooks and UK Motor pricing. Analyst Commentary Recent Street research on Admiral Group reflects a mix of optimism on earnings potential and caution on valuation, pricing assumptions, and execution risks.
PGH
UK£3.41
Personal Group Holdings
7D
14.0%
1Y
42.1%
HSX
UK£15.39
Hiscox
7D
-0.6%
1Y
30.0%

HSX: Future Returns Will Reflect Capital Returns And Refined Earnings Expectations

Narrative update on Hiscox Hiscox's updated fair value estimate of £15.93 is broadly unchanged, and analysts have lifted price targets to £16.11 and £17.10, reflecting refreshed views on earnings potential and P/E assumptions. Analyst Commentary Recent price target updates cluster around the refreshed fair value estimate of £15.93, with targets of £16.11 and £17.10 signalling a range of views on how much execution and earnings strength are already reflected in the share price.
BEZ
UK£12.65
Beazley
7D
-2.1%
1Y
40.8%

BEZ: Zurich Offer And Downgrades Will Shape Fairly Valued Shares

Analysts have nudged the fair value estimate for Beazley slightly higher to £13.10, reflecting a modest uplift in price targets such as RBC Capital's move to £13.00 and Berenberg's to £13.10, while incorporating recent downgrades linked to Zurich's agreed offer. Analyst Commentary Recent broker research around Zurich's agreed offer has triggered a cluster of rating changes and price target moves, giving you a clearer sense of how professionals are weighing execution risk against potential upside from the bid.
SAGA
UK£5.17
Saga
7D
3.2%
1Y
297.7%
PRU
UK£10.93
Prudential
7D
2.1%
1Y
30.4%

PRU: Future Buybacks And Rising Cash Returns Will Support Upside Confidence

Analysts have nudged up the price target on Prudential, with recent moves from £1,270 to £1,500 supported by updated assumptions around higher revenue growth, a lower future P/E and a recalibrated profit margin outlook. Analyst Commentary Recent research updates on Prudential cluster around higher price targets and refreshed assumptions on growth, profitability and valuation multiples.
LGEN
UK£2.43
Legal & General Group
7D
-2.6%
1Y
-0.5%
AV.
UK£6.25
Aviva
7D
-3.7%
1Y
11.5%
SDLF
UK£6.76
Standard Life
7D
-3.1%
1Y
17.3%

SDLF: Lower Discount Rate And Higher P E Range Will Support Re Rating

Analysts have raised their fair value estimate for Standard Life from £8.80 to £9.18, citing updated assumptions on discount rates, more cautious expectations for revenue and profit margins, and a higher future P/E multiple in line with recent price target moves seen across peers such as Phoenix Group. Analyst Commentary Recent research on Phoenix Group provides a useful backdrop for how the market is thinking about life insurers, and it helps explain why some bullish analysts are comfortable assigning a higher fair value to Standard Life.
LRE
UK£5.85
Lancashire Holdings
7D
-4.7%
1Y
1.4%

LRE: Reset P/E Assumptions Will Support Constructive Fair Value Upside Potential

Analysts have trimmed their price targets for Lancashire, with recent updates moving from £7.25 and £6.25 to £6.76 and £5.90. They cite refreshed assumptions around fair value, revenue growth, profit margin and future P/E.
JUST
UK£2.19
Just Group
7D
0.7%
1Y
45.8%
HUW
UK£2.03
Helios Underwriting
7D
1.5%
1Y
-2.4%