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South African (JSE) Insurance Industry Analysis

UpdatedSep 12, 2026
DataAggregated Company Financials
Companies6
  • 7D-2.5%
  • 3M-1.9%
  • 1Y8.2%
  • YTD-0.4%

Over the last 7 days, the Insurance industry has dropped 2.5%, driven by a pullback from Sanlam of 7.2%. This takes the industry's 12 month performance to a gain of 8.2%. Looking forward, earnings are forecast to grow by 8.9% annually.

Industry Valuation and Performance

Has the South African Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 12 Sep 2026R624.0bR599.8bR56.0b9.7x11.1x1x
Mon, 10 Aug 2026R645.0bR620.3bR50.0b11.3x12.9x1x
Wed, 08 Jul 2026R635.6bR620.3bR50.0b11.2x12.7x1x
Fri, 05 Jun 2026R610.3bR625.3bR50.9b10.7x12x1x
Sun, 03 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Tue, 31 Mar 2026R611.9bR625.3bR50.9b10.5x12x1x
Thu, 26 Feb 2026R674.0bR582.0bR51.2b11.2x13.2x1.2x
Sat, 24 Jan 2026R645.5bR582.0bR51.2b10.9x12.6x1.1x
Mon, 22 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Wed, 19 Nov 2025R618.9bR582.0bR51.2b9.9x12.1x1.1x
Fri, 17 Oct 2025R600.3bR582.0bR51.2b9.6x11.7x1x
Sun, 14 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Tue, 12 Aug 2025R588.3bR538.6bR48.6b9.4x12.1x1.1x
Thu, 10 Jul 2025R601.7bR538.6bR48.6b9.7x12.4x1.1x
Sat, 07 Jun 2025R609.1bR538.6bR48.6b10x12.5x1.1x
Mon, 05 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Wed, 02 Apr 2025R561.3bR538.6bR48.6b9.2x11.5x1x
Fri, 28 Feb 2025R576.4bR499.5bR42.9b12.5x13.4x1.2x
Sun, 26 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Tue, 24 Dec 2024R559.9bR499.5bR42.9b12.2x13x1.1x
Thu, 21 Nov 2024R557.3bR499.5bR42.9b12.9x13x1.1x
Sat, 19 Oct 2024R538.2bR499.5bR42.9b12.5x12.5x1.1x
Mon, 16 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Wed, 14 Aug 2024R460.5bR587.7bR34.6b14.3x13.3x0.8x
Fri, 12 Jul 2024R459.4bR587.7bR34.6b14.6x13.3x0.8x
Sun, 09 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Tue, 07 May 2024R396.0bR587.7bR34.6b12.3x11.4x0.7x
Thu, 04 Apr 2024R386.6bR587.7bR34.6b11.4x11.2x0.7x
Sat, 02 Mar 2024R432.0bR573.9bR33.6b13.5x12.9x0.8x
Mon, 29 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Wed, 27 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Fri, 24 Nov 2023R421.3bR560.1bR33.8b11.7x12.5x0.8x
Sun, 22 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Tue, 19 Sep 2023R418.0bR531.4bR34.1b12.8x12.2x0.8x
Price to Earnings Ratio

12.2x


Total Market Cap: R418.0bTotal Earnings: R34.1bTotal Revenue: R531.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.3x202420252026
Current Industry PE
  • Investors are relatively neutral on the South African Insurance industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 12.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.95x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 18% per year over the last three years.
  • Revenues for these companies have grown 4.1% 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 South African Financials industry?

ZA Market-0.98%
Financials-1.79%
Insurance-2.47%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-2.22%
Property and Casualty Insurance-3.11%
Industry PE
  • Investors are most optimistic about the Property and Casualty Insurance industry, which is trading close to its 3-year average PE ratio of 18.5x.
    • Analysts are expecting annual earnings growth of 8.2%, which is lower than the prior year's growth of 12.2% per year.
  • Investors are most pessimistic about the Life and Health Insurance industry, which is trading below its 3-year average of 11.1x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 9.2% over the next 5 years.
  • However this is lower than its past earnings growth rate of 23% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 8.2% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
DSY DiscoveryR266.151.4%
+R2.5b		27.2%PE13.8x
OMU Old MutualR13.112.5%
+R1.3b		-4.9%PE6.4x

Latest News

OUT
R84.03
OUTsurance Group
7D
-3.8%
1Y
16.2%
SLM
R80.40
Sanlam
7D
-7.2%
1Y
-6.7%
SNT
R407.12
Santam
7D
-0.9%
1Y
-2.2%
Narrative Update • Sep 10

SNT: Higher Profitability Outlook Will Support A Stronger Future P/E

Analysts have lifted their price target for Santam from ZAR449.33 to ZAR471.81. They point to updated assumptions that include a slightly lower discount rate, a different revenue growth profile and a higher projected profit margin, alongside a broadly similar future P/E multiple.
OMU
R13.11
Old Mutual
7D
2.5%
1Y
-4.9%
DSY
R266.15
Discovery
7D
1.4%
1Y
27.2%
Narrative Update • Sep 07

DSY: Earnings Guidance And Margin Outlook Will Support A Higher Future P/E

Analysts have raised their price target for Discovery to ZAR355.38 from ZAR340.82, reflecting updated assumptions on discount rates, revenue trends, profit margins and future P/E expectations. What's in the News for Discovery Discovery released earnings guidance for the year ending June 30, 2026, with basic earnings per share expected in a range of 1,893.0 cents to 1,963.1 cents, according to company guidance.
MTM
R38.82
Momentum Group
7D
-2.0%
1Y
14.5%
Analysis Article • Jul 21

If EPS Growth Is Important To You, Momentum Group (JSE:MTM) Presents An Opportunity

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...