Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Insurance Industry Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies7
  • 7D1.8%
  • 3M13.1%
  • 1Y20.2%
  • YTD8.2%

Over the last 7 days, the Insurance industry has risen 1.8%, driven by gains from Discovery of 8.5%. This means that the industry has gained 20% over the past year. Earnings are forecast to grow by 9.5% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026R688.7bR582.0bR51.2b11.3x13.5x1.2x
Tue, 27 Jan 2026R647.6bR582.0bR51.2b11.1x12.7x1.1x
Thu, 25 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Sat, 22 Nov 2025R611.7bR582.0bR51.2b9.8x12x1.1x
Mon, 20 Oct 2025R593.6bR582.0bR51.2b9.5x11.6x1x
Wed, 17 Sep 2025R587.8bR580.5bR50.2b9.1x11.7x1x
Fri, 15 Aug 2025R592.9bR538.6bR48.6b9.7x12.2x1.1x
Sun, 13 Jul 2025R584.0bR538.6bR48.6b9.5x12x1.1x
Tue, 10 Jun 2025R609.1bR538.6bR48.6b9.8x12.5x1.1x
Thu, 08 May 2025R573.4bR538.6bR48.6b9.3x11.8x1.1x
Sat, 05 Apr 2025R496.9bR538.6bR48.6b7.8x10.2x0.9x
Mon, 03 Mar 2025R570.4bR499.5bR42.9b12.6x13.3x1.1x
Wed, 29 Jan 2025R517.3bR499.5bR42.9b12.8x12x1x
Fri, 27 Dec 2024R563.7bR499.5bR42.9b12.2x13.1x1.1x
Sun, 24 Nov 2024R562.6bR499.5bR42.9b12.5x13.1x1.1x
Tue, 22 Oct 2024R532.8bR499.5bR42.9b12.5x12.4x1.1x
Thu, 19 Sep 2024R509.3bR582.0bR40.8b10.7x12.5x0.9x
Sat, 17 Aug 2024R481.3bR587.7bR34.6b15.1x13.9x0.8x
Mon, 15 Jul 2024R459.3bR587.7bR34.6b14.6x13.3x0.8x
Wed, 12 Jun 2024R399.0bR587.7bR34.6b12.7x11.5x0.7x
Fri, 10 May 2024R398.6bR587.7bR34.6b12.5x11.5x0.7x
Sun, 07 Apr 2024R389.3bR587.7bR34.6b11.5x11.2x0.7x
Tue, 05 Mar 2024R427.0bR573.3bR33.6b13.3x12.7x0.7x
Thu, 01 Feb 2024R427.9bR560.1bR33.8b12x12.7x0.8x
Sat, 30 Dec 2023R437.8bR560.1bR33.8b11.8x13x0.8x
Mon, 27 Nov 2023R426.0bR560.1bR33.8b11.7x12.6x0.8x
Wed, 25 Oct 2023R402.5bR560.1bR33.8b11.2x11.9x0.7x
Fri, 22 Sep 2023R426.5bR550.6bR34.3b12.5x12.4x0.8x
Sun, 20 Aug 2023R407.3bR386.2bR33.7b12.1x12.1x1.1x
Tue, 18 Jul 2023R406.9bR386.2bR33.7b12.1x12.1x1.1x
Thu, 15 Jun 2023R386.6bR386.2bR33.7b10.9x11.5x1x
Sat, 13 May 2023R354.8bR386.2bR33.7b9.7x10.5x0.9x
Mon, 10 Apr 2023R383.5bR386.2bR33.7b10.3x11.4x1x
Wed, 08 Mar 2023R398.8bR464.8bR32.8b10.6x12.2x0.9x
Price to Earnings Ratio

12.2x


Total Market Cap: R398.8bTotal Earnings: R32.8bTotal Revenue: R464.8bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.2x202420252026
Current Industry PE
  • Investors are optimistic on the South African Insurance industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.5x which is higher than its 3-year average PE 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 Market3.99%
Financials1.41%
Insurance1.84%
Life and Health Insurance3.40%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-2.89%
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, although it looks like investor sentiment has improved given that it's trading above 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 9.1% 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 DiscoveryR261.368.5%
+R13.6b		26.3%PE18.7x
OMU Old MutualR16.542.9%
+R2.0b		30.6%PE10.8x
MTM Momentum GroupR40.443.0%
+R1.5b		33.2%PE8.7x
CLI ClientèleR15.843.5%
+R244.8m		28.3%PE6.8x

Latest News

MTM
R40.44
Momentum Group
7D
3.0%
1Y
33.2%

MTM: Fair Pricing Outlook Will Depend On P/E And Discount Rate

Analysts have nudged their fair value estimate for Momentum Group slightly higher from ZAR41.24 to ZAR41.44, citing updated assumptions around future P/E expectations while keeping revenue growth, profit margin and discount rate inputs broadly unchanged. Valuation Changes Fair Value: ZAR41.44, slightly above the prior ZAR41.24 estimate.
DSY
R261.36
Discovery
7D
8.5%
1Y
26.3%

DSY: Slightly Higher Fair Value And Margins Will Support Future Returns

Analysts have slightly raised their price target for Discovery from ZAR255.79 to ZAR257.08, reflecting updated assumptions that combine softer revenue growth with a small uplift in profit margin and a marginally higher future P/E multiple. Valuation Changes Fair Value: Adjusted slightly higher from ZAR255.79 to ZAR257.08.
OUT
R73.47
OUTsurance Group
7D
-3.6%
1Y
2.9%
SNT
R437.23
Santam
7D
-1.2%
1Y
8.4%
CLI
R15.84
Clientèle
7D
3.5%
1Y
28.3%
OMU
R16.54
Old Mutual
7D
2.9%
1Y
30.6%
SLM
R106.18
Sanlam
7D
-0.04%
1Y
23.0%

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