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South African (JSE) Insurance Industry Analysis

UpdatedJul 31, 2026
DataAggregated Company Financials
Companies6
  • 7D2.1%
  • 3M4.0%
  • 1Y9.4%
  • YTD1.0%

In the last week, the Insurance industry is up 2.1%, with all of the companies up. This takes the industry's 12 month performance to a gain of 9.4%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 31 Jul 2026R635.2bR620.3bR50.0b11.1x12.7x1x
Sun, 28 Jun 2026R646.2bR625.3bR50.9b10.9x12.7x1x
Tue, 26 May 2026R624.4bR625.3bR50.9b10.6x12.3x1x
Thu, 23 Apr 2026R624.0bR625.3bR50.9b10.8x12.3x1x
Sat, 21 Mar 2026R613.5bR623.8bR50.8b11.3x12.1x1x
Mon, 16 Feb 2026R653.4bR582.0bR51.2b10.8x12.8x1.1x
Wed, 14 Jan 2026R627.1bR582.0bR51.2b10.5x12.3x1.1x
Fri, 12 Dec 2025R624.6bR582.0bR51.2b10.3x12.2x1.1x
Sun, 09 Nov 2025R600.6bR582.0bR51.2b9.7x11.7x1x
Tue, 07 Oct 2025R578.8bR582.0bR51.2b9.2x11.3x1x
Thu, 04 Sep 2025R593.9bR541.2bR48.9b9.4x12.1x1.1x
Sat, 02 Aug 2025R585.6bR538.6bR48.6b9.5x12x1.1x
Mon, 30 Jun 2025R592.3bR538.6bR48.6b9.7x12.2x1.1x
Wed, 28 May 2025R589.1bR538.6bR48.6b9.6x12.1x1.1x
Fri, 25 Apr 2025R555.9bR538.6bR48.6b9x11.4x1x
Sun, 23 Mar 2025R560.1bR538.6bR48.6b9.4x11.5x1x
Tue, 18 Feb 2025R540.9bR499.5bR42.9b13.2x12.6x1.1x
Thu, 16 Jan 2025R546.0bR499.5bR42.9b12.3x12.7x1.1x
Sat, 14 Dec 2024R568.6bR499.5bR42.9b13x13.2x1.1x
Mon, 11 Nov 2024R539.9bR499.5bR42.9b12.5x12.6x1.1x
Wed, 09 Oct 2024R525.1bR499.5bR42.9b13x12.2x1.1x
Fri, 06 Sep 2024R488.7bR590.1bR35.1b13.6x13.9x0.8x
Sun, 04 Aug 2024R453.0bR587.7bR34.6b13.9x13.1x0.8x
Tue, 02 Jul 2024R462.0bR587.7bR34.6b14.7x13.3x0.8x
Thu, 30 May 2024R409.5bR587.7bR34.6b13x11.8x0.7x
Sat, 27 Apr 2024R384.4bR587.7bR34.6b11.9x11.1x0.7x
Mon, 25 Mar 2024R407.9bR599.8bR34.4b12.4x11.9x0.7x
Wed, 21 Feb 2024R423.5bR560.1bR33.8b12.2x12.5x0.8x
Fri, 19 Jan 2024R419.0bR560.1bR33.8b11.6x12.4x0.7x
Sun, 17 Dec 2023R434.0bR560.1bR33.8b11.6x12.9x0.8x
Tue, 14 Nov 2023R413.6bR560.1bR33.8b11.5x12.2x0.7x
Thu, 12 Oct 2023R421.5bR560.1bR33.8b11.9x12.5x0.8x
Sat, 09 Sep 2023R426.9bR466.5bR34.5b12.8x12.4x0.9x
Mon, 07 Aug 2023R424.9bR386.2bR33.7b12.8x12.6x1.1x
Price to Earnings Ratio

12.6x


Total Market Cap: R424.9bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal 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 14% per year over the last three years.
  • Revenues for these companies have grown 17% 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 Market2.52%
Financials1.80%
Insurance2.08%
Property and Casualty Insurance2.14%
Life and Health Insurance2.05%
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 18.6x.
    • Analysts are expecting annual earnings growth of 11.7%, which is lower than the prior year's growth of 14.5% per year.
  • Investors are most pessimistic about the Life and Health Insurance industry, which is trading close to its 3-year average of 11.1x.
Forecasted Growth
  • Analysts are most optimistic on the Property and Casualty Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 11% 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 SanlamR86.902.2%
+R3.8b		0.6%PE11.4x
DSY DiscoveryR259.561.8%
+R3.0b		23.4%PE16.5x
OUT OUTsurance GroupR82.752.4%
+R3.0b		10.6%PE25.6x
OMU Old MutualR13.204.3%
+R2.3b		6.5%PE6.6x
SNT SantamR402.421.4%
+R628.1m		-7.3%PE10.8x

Latest News

DSY
R259.56
Discovery
7D
1.8%
1Y
23.4%
Narrative Update • Jul 29

DSY: Higher Margin Outlook And Lower Discount Rate Suggest Balanced Future Prospects

The analyst price target for Discovery has been raised from ZAR207.10 to ZAR240.00, with analysts pointing to updated assumptions that include a lower discount rate, a wider profit margin, weaker revenue growth and a slightly higher future P/E multiple. What’s in the News for Discovery No recent Discovery specific press releases or news headlines were provided in the source feed as of 28 July 2026.
OUT
R82.75
OUTsurance Group
7D
2.4%
1Y
10.6%
Analysis Article • Jul 24

Here's Why We Think OUTsurance Group (JSE:OUT) Might Deserve Your Attention Today

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
MTM
R40.60
Momentum Group
7D
0.4%
1Y
19.4%
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...
SNT
R402.42
Santam
7D
1.4%
1Y
-7.3%
Narrative Update • Jul 10

nan

Santam’s updated analyst price target has moved from ZAR503.51 to ZAR449.33, as analysts adjust their assumptions for fair value, discount rate, expected revenue growth, profit margin and future P/E multiples. What’s in the News for Santam No recent Santam specific news, periodical coverage or key developments were provided in the available sources.
SLM
R86.90
Sanlam
7D
2.2%
1Y
0.6%
OMU
R13.20
Old Mutual
7D
4.3%
1Y
6.5%