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South African (JSE) Insurance Industry Analysis

UpdatedSep 21, 2026
DataAggregated Company Financials
Companies6
  • 7D1.2%
  • 3M-3.2%
  • 1Y9.1%
  • YTD0.8%

Over the last 7 days, the Insurance industry has risen 1.2%, driven by gains in Sanlam and Old Mutual of 2.2% and 5.9%, respectively. This takes the industry's 12 month performance to a gain of 9.1%. Earnings are forecast to grow by 9.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 21 Sep 2026R631.4bR599.8bR56.0b9.9x11.3x1.1x
Wed, 19 Aug 2026R631.2bR620.3bR50.0b11.1x12.6x1x
Fri, 17 Jul 2026R638.3bR620.3bR50.0b11.2x12.8x1x
Sun, 14 Jun 2026R646.9bR625.3bR50.9b10.9x12.7x1x
Tue, 12 May 2026R629.7bR625.3bR50.9b10.7x12.4x1x
Thu, 09 Apr 2026R629.3bR625.3bR50.9b11x12.4x1x
Sat, 07 Mar 2026R631.5bR585.8bR52.2b9.8x12.1x1.1x
Mon, 02 Feb 2026R648.2bR582.0bR51.2b10.8x12.7x1.1x
Wed, 31 Dec 2025R639.2bR582.0bR51.2b10.6x12.5x1.1x
Fri, 28 Nov 2025R608.6bR582.0bR51.2b9.8x11.9x1x
Sun, 26 Oct 2025R615.0bR582.0bR51.2b10x12x1.1x
Tue, 23 Sep 2025R579.5bR582.0bR51.2b9x11.3x1x
Thu, 21 Aug 2025R595.0bR538.6bR48.6b9.6x12.2x1.1x
Sat, 19 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Mon, 16 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Wed, 14 May 2025R584.8bR538.6bR48.6b9.6x12x1.1x
Fri, 11 Apr 2025R513.7bR538.6bR48.6b8.3x10.6x1x
Sun, 09 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Tue, 04 Feb 2025R523.6bR499.5bR42.9b12.6x12.2x1x
Thu, 02 Jan 2025R555.0bR499.5bR42.9b12.7x12.9x1.1x
Sat, 30 Nov 2024R552.6bR499.5bR42.9b14.2x12.9x1.1x
Mon, 28 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Wed, 25 Sep 2024R525.7bR568.8bR42.7b12.5x12.3x0.9x
Fri, 23 Aug 2024R480.5bR587.7bR34.6b14.9x13.9x0.8x
Sun, 21 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Tue, 18 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Thu, 16 May 2024R402.5bR587.7bR34.6b12.8x11.6x0.7x
Sat, 13 Apr 2024R376.9bR587.7bR34.6b11.3x10.9x0.6x
Mon, 11 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Wed, 07 Feb 2024R426.5bR560.1bR33.8b12.2x12.6x0.8x
Fri, 05 Jan 2024R424.0bR560.1bR33.8b11.8x12.6x0.8x
Sun, 03 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Tue, 31 Oct 2023R398.7bR560.1bR33.8b11.1x11.8x0.7x
Thu, 28 Sep 2023R421.8bR550.6bR34.2b12.3x12.3x0.8x
Price to Earnings Ratio

12.3x


Total Market Cap: R421.8bTotal Earnings: R34.2bTotal Revenue: R550.6bTotal 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 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.1x.
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 2.9% 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 Market-1.59%
Financials-0.86%
Insurance1.19%
Property and Casualty Insurance1.79%
Life and Health Insurance0.96%
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 18.5x.
    • Analysts expect its future annual earnings growth (11.5%) to be largely in line with prior year's earnings growth.
  • 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 Property and Casualty Insurance industry, expecting annual earnings growth of 11% 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 8.5% 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 SanlamR82.162.2%
+R3.7b		-4.6%PE9.1x
OMU Old MutualR13.885.9%
+R3.1b		1.6%PE6.8x
OUT OUTsurance GroupR85.561.8%
+R2.4b		7.9%PE23.6x
SNT SantamR413.991.7%
+R750.5m		3.5%PE10.8x

Latest News

MTM
R37.50
Momentum Group
7D
-3.4%
1Y
10.8%
OMU
R13.88
Old Mutual
7D
5.9%
1Y
1.6%
OUT
R85.56
OUTsurance Group
7D
1.8%
1Y
7.9%
SLM
R82.16
Sanlam
7D
2.2%
1Y
-4.6%
SNT
R413.99
Santam
7D
1.7%
1Y
3.5%
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.
DSY
R265.00
Discovery
7D
-0.4%
1Y
33.1%
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.