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South African (JSE) Insurance Industry Analysis

UpdatedAug 03, 2026
DataAggregated Company Financials
Companies6
  • 7D2.8%
  • 3M4.3%
  • 1Y10.3%
  • YTD1.8%

In the last week, the Insurance industry is up 2.8%, with all of the companies up. This takes the industry's 12 month performance to a gain of 10%. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 04 Aug 2026R639.9bR620.3bR50.0b11.2x12.8x1x
Thu, 02 Jul 2026R626.5bR620.3bR50.0b10.9x12.5x1x
Sat, 30 May 2026R625.5bR625.3bR50.9b10.6x12.3x1x
Mon, 27 Apr 2026R620.0bR625.3bR50.9b10.9x12.2x1x
Wed, 25 Mar 2026R612.3bR625.4bR50.9b10.8x12x1x
Fri, 20 Feb 2026R674.0bR582.0bR51.2b11.3x13.2x1.2x
Sun, 18 Jan 2026R634.3bR582.0bR51.2b10.6x12.4x1.1x
Tue, 16 Dec 2025R629.6bR582.0bR51.2b10.4x12.3x1.1x
Thu, 13 Nov 2025R620.8bR582.0bR51.2b10.1x12.1x1.1x
Sat, 11 Oct 2025R595.5bR582.0bR51.2b9.6x11.6x1x
Mon, 08 Sep 2025R586.8bR568.2bR49.5b8.9x11.8x1x
Wed, 06 Aug 2025R581.5bR538.6bR48.6b9.3x12x1.1x
Fri, 04 Jul 2025R601.5bR538.6bR48.6b9.8x12.4x1.1x
Sun, 01 Jun 2025R595.5bR538.6bR48.6b9.7x12.3x1.1x
Tue, 29 Apr 2025R562.7bR538.6bR48.6b9.1x11.6x1x
Thu, 27 Mar 2025R566.8bR538.6bR48.6b9.5x11.7x1.1x
Sat, 22 Feb 2025R565.7bR499.5bR42.9b12.6x13.2x1.1x
Mon, 20 Jan 2025R548.0bR499.5bR42.9b13.2x12.8x1.1x
Wed, 18 Dec 2024R558.6bR499.5bR42.9b13.7x13x1.1x
Fri, 15 Nov 2024R546.5bR499.5bR42.9b12.5x12.7x1.1x
Sun, 13 Oct 2024R530.0bR499.5bR42.9b12.3x12.3x1.1x
Tue, 10 Sep 2024R488.6bR577.1bR40.1b10.5x12.2x0.8x
Thu, 08 Aug 2024R453.4bR587.7bR34.6b14.1x13.1x0.8x
Sat, 06 Jul 2024R457.5bR587.7bR34.6b14.5x13.2x0.8x
Mon, 03 Jun 2024R392.2bR587.7bR34.6b12.6x11.3x0.7x
Wed, 01 May 2024R395.2bR587.7bR34.6b12.1x11.4x0.7x
Fri, 29 Mar 2024R403.0bR589.5bR34.6b12.3x11.6x0.7x
Sun, 25 Feb 2024R430.2bR560.1bR33.8b12.5x12.7x0.8x
Tue, 23 Jan 2024R419.5bR560.1bR33.8b11.8x12.4x0.7x
Thu, 21 Dec 2023R417.4bR560.1bR33.8b11.5x12.4x0.7x
Sat, 18 Nov 2023R424.4bR560.1bR33.8b11.5x12.6x0.8x
Mon, 16 Oct 2023R416.1bR560.1bR33.8b11.7x12.3x0.7x
Wed, 13 Sep 2023R427.3bR464.0bR34.5b12.7x12.4x0.9x
Fri, 11 Aug 2023R424.0bR386.2bR33.7b12.6x12.6x1.1x
Price to Earnings Ratio

12.6x


Total Market Cap: R424.0bTotal 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 Market2.44%
Financials2.80%
Insurance2.83%
Life and Health Insurance3.10%
Property and Casualty Insurance2.10%
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 SanlamR88.462.8%
+R5.0b		5.0%PE11.6x
DSY DiscoveryR261.641.2%
+R2.1b		23.1%PE16.6x
OMU Old MutualR13.460.7%
+R417.7m		10.7%PE6.7x
MTM Momentum GroupR40.720.7%
+R345.0m		21.0%PE8.6x

Latest News

DSY
R261.64
Discovery
7D
1.2%
1Y
23.1%
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
R81.14
OUTsurance Group
7D
-3.4%
1Y
8.3%
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
R40.72
Momentum Group
7D
0.7%
1Y
21.0%
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
R393.74
Santam
7D
-1.7%
1Y
-9.2%
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
R88.46
Sanlam
7D
2.8%
1Y
5.0%
OMU
R13.46
Old Mutual
7D
0.7%
1Y
10.7%