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South African (JSE) Insurance Industry Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies7
  • 7D2.3%
  • 3M9.9%
  • 1Y20.0%
  • YTD7.0%

Over the last 7 days, the Insurance industry has risen 2.1%, driven by gains from Sanlam of 2.8%. This means that the industry has gained 20% over the past year. Looking forward, earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Feb 2026R680.9bR582.0bR51.2b11.4x13.3x1.2x
Fri, 23 Jan 2026R646.8bR582.0bR51.2b11x12.6x1.1x
Sun, 21 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Tue, 18 Nov 2025R631.4bR582.0bR51.2b10.2x12.3x1.1x
Thu, 16 Oct 2025R600.0bR582.0bR51.2b9.6x11.7x1x
Sat, 13 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Mon, 11 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Wed, 09 Jul 2025R603.3bR538.6bR48.6b9.7x12.4x1.1x
Fri, 06 Jun 2025R603.6bR538.6bR48.6b9.8x12.4x1.1x
Sun, 04 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Tue, 01 Apr 2025R552.2bR538.6bR48.6b9.1x11.4x1x
Thu, 27 Feb 2025R578.0bR499.5bR42.9b12.4x13.5x1.2x
Sat, 25 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Mon, 23 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Wed, 20 Nov 2024R552.3bR499.5bR42.9b12.8x12.9x1.1x
Fri, 18 Oct 2024R533.3bR499.5bR42.9b12.5x12.4x1.1x
Sun, 15 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Tue, 13 Aug 2024R453.9bR587.7bR34.6b14x13.1x0.8x
Thu, 11 Jul 2024R455.4bR587.7bR34.6b14.5x13.1x0.8x
Sat, 08 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Mon, 06 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Wed, 03 Apr 2024R398.0bR587.7bR34.6b12.1x11.5x0.7x
Fri, 01 Mar 2024R429.5bR560.1bR33.8b12.5x12.7x0.8x
Sun, 28 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Tue, 26 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Thu, 23 Nov 2023R420.5bR560.1bR33.8b11.6x12.5x0.8x
Sat, 21 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Mon, 18 Sep 2023R418.8bR531.4bR34.1b12.7x12.3x0.8x
Wed, 16 Aug 2023R419.6bR386.2bR33.7b12.5x12.5x1.1x
Fri, 14 Jul 2023R406.3bR386.2bR33.7b12.2x12.1x1.1x
Sun, 11 Jun 2023R382.0bR386.2bR33.7b10.9x11.3x1x
Tue, 09 May 2023R367.7bR386.2bR33.7b10.1x10.9x1x
Thu, 06 Apr 2023R381.0bR393.3bR33.7b10.1x11.3x1x
Sat, 04 Mar 2023R396.7bR465.1bR32.8b10.6x12.1x0.9x
Price to Earnings Ratio

12.1x


Total Market Cap: R396.7bTotal Earnings: R32.8bTotal Revenue: R465.1bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.2x202420252026
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 12.2x.
  • The 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 7.8% 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 Market3.58%
Financials2.31%
Insurance2.26%
Life and Health Insurance2.67%
Property and Casualty Insurance1.04%
Insurance Brokers0%0
General Insurance0%0
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 18.4x.
    • Analysts are expecting annual earnings growth of 10.9%, which is lower than the prior year's growth of 25.1% per year.
  • Investors are most pessimistic about the Life and Health Insurance industry, which is trading close to its 3-year average of 11.0x.
Forecasted Growth
  • Analysts are most optimistic on the Property and Casualty Insurance industry, expecting annual earnings growth of 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 8.9% 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
SLM SanlamR106.572.8%
+R6.0b		22.1%PE11.4x
DSY DiscoveryR244.323.1%
+R4.9b		17.1%PE17.5x
OMU Old MutualR16.513.2%
+R2.2b		29.6%PE10.8x
OUT OUTsurance GroupR75.501.7%
+R2.0b		11.2%PE24.8x
CLI ClientèleR15.842.9%
+R204.0m		29.6%PE6.8x

Latest News

CLI
R15.84
Clientèle
7D
2.9%
1Y
29.6%
OMU
R16.51
Old Mutual
7D
3.2%
1Y
29.6%
DSY
R244.32
Discovery
7D
3.1%
1Y
17.1%

DSY: Steady Fair Value And Slightly Lower Risk Will Support Future Returns

Analysts kept their ZAR fair value estimate broadly steady at about ZAR255.79. A slightly lower discount rate and marginally adjusted assumptions for revenue decline, profit margin and future P/E support a broadly unchanged price target narrative.
MTM
R39.94
Momentum Group
7D
0.2%
1Y
43.3%

MTM: Fair Pricing Outlook Will Rely On Discount Rate And P E Assumptions

The analyst price target for Momentum Group has been adjusted slightly higher to ZAR41.24 from ZAR40.64. Analysts link the change to updated fair value assumptions, a lower discount rate and a modestly revised future P/E outlook.
SLM
R106.57
Sanlam
7D
2.8%
1Y
22.1%

Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today

Feb 10
Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today
OUT
R75.50
OUTsurance Group
7D
1.7%
1Y
11.2%
SNT
R441.14
Santam
7D
-0.5%
1Y
10.0%