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South African (JSE) Insurance Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies7
  • 7D3.5%
  • 3M10.7%
  • 1Y19.0%
  • YTD6.3%

The Insurance industry is up 3.5% in the last week, with Sanlam up 4.5%. This takes the industry's 12 month performance to a gain of 19%. As for the next few years, earnings are expected to grow by 9.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026R676.3bR582.0bR51.2b11.3x13.2x1.2x
Mon, 19 Jan 2026R634.3bR582.0bR51.2b10.6x12.4x1.1x
Wed, 17 Dec 2025R629.6bR582.0bR51.2b10.4x12.3x1.1x
Fri, 14 Nov 2025R628.6bR582.0bR51.2b10.2x12.3x1.1x
Sun, 12 Oct 2025R595.5bR582.0bR51.2b9.6x11.6x1x
Tue, 09 Sep 2025R589.1bR568.2bR49.5b8.9x11.9x1x
Thu, 07 Aug 2025R586.0bR538.6bR48.6b9.4x12.1x1.1x
Sat, 05 Jul 2025R602.1bR538.6bR48.6b9.8x12.4x1.1x
Mon, 02 Jun 2025R595.5bR538.6bR48.6b9.7x12.3x1.1x
Wed, 30 Apr 2025R573.1bR538.6bR48.6b9.3x11.8x1.1x
Fri, 28 Mar 2025R567.1bR538.6bR48.6b9.5x11.7x1.1x
Sun, 23 Feb 2025R565.7bR499.5bR42.9b12.6x13.2x1.1x
Tue, 21 Jan 2025R542.7bR499.5bR42.9b12.8x12.6x1.1x
Thu, 19 Dec 2024R562.7bR499.5bR42.9b13x13.1x1.1x
Sat, 16 Nov 2024R547.7bR499.5bR42.9b12.6x12.8x1.1x
Mon, 14 Oct 2024R530.0bR499.5bR42.9b12.3x12.3x1.1x
Wed, 11 Sep 2024R490.6bR577.1bR40.1b10.6x12.2x0.9x
Fri, 09 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Sun, 07 Jul 2024R457.5bR587.7bR34.6b14.5x13.2x0.8x
Tue, 04 Jun 2024R405.7bR587.7bR34.6b13.2x11.7x0.7x
Thu, 02 May 2024R395.2bR587.7bR34.6b12.1x11.4x0.7x
Sat, 30 Mar 2024R403.0bR589.5bR34.6b12.3x11.6x0.7x
Mon, 26 Feb 2024R430.2bR560.1bR33.8b12.5x12.7x0.8x
Wed, 24 Jan 2024R420.3bR560.1bR33.8b11.8x12.4x0.8x
Fri, 22 Dec 2023R419.4bR560.1bR33.8b11.6x12.4x0.7x
Sun, 19 Nov 2023R424.7bR560.1bR33.8b11.5x12.6x0.8x
Tue, 17 Oct 2023R411.9bR560.1bR33.8b11.6x12.2x0.7x
Thu, 14 Sep 2023R422.5bR528.5bR33.5b12.8x12.6x0.8x
Sat, 12 Aug 2023R423.4bR386.2bR33.7b12.6x12.6x1.1x
Mon, 10 Jul 2023R392.1bR386.2bR33.7b11.6x11.6x1x
Wed, 07 Jun 2023R368.8bR386.2bR33.7b10.3x11x1x
Fri, 05 May 2023R362.2bR386.2bR33.7b9.9x10.8x0.9x
Sun, 02 Apr 2023R378.4bR393.3bR33.7b10.3x11.2x1x
Tue, 28 Feb 2023R394.1bR463.2bR33.4b10.5x11.8x0.9x
Price to Earnings Ratio

11.8x


Total Market Cap: R394.1bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal 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 15% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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 Market1.68%
Financials2.41%
Insurance3.50%
Life and Health Insurance3.55%
Property and Casualty Insurance3.33%
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 18.3x.
    • 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 9.0% 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 SanlamR106.224.5%
+R9.6b		20.3%PE11.3x
OUT OUTsurance GroupR76.224.8%
+R5.4b		13.4%PE25.1x
DSY DiscoveryR240.933.0%
+R4.6b		15.1%PE17.2x
OMU Old MutualR16.072.4%
+R1.6b		28.7%PE10.5x
MTM Momentum GroupR39.282.6%
+R1.3b		41.1%PE8.5x

Latest News

DSY
R240.93
Discovery
7D
3.0%
1Y
15.1%

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
R39.28
Momentum Group
7D
2.6%
1Y
41.1%

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.
CLI
R15.30
Clientèle
7D
5.4%
1Y
23.4%
SLM
R106.22
Sanlam
7D
4.5%
1Y
20.3%

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
R76.22
OUTsurance Group
7D
4.8%
1Y
13.4%
OMU
R16.07
Old Mutual
7D
2.4%
1Y
28.7%

Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking

Jan 23
Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking
SNT
R442.52
Santam
7D
-0.06%
1Y
9.0%