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South African (JSE) Insurance Industry Analysis

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.4%
  • 3M5.8%
  • 1Y20.2%
  • YTD2.7%

The Insurance industry has stayed flat over the last week. The past year has been better, since the industry has gained 20% in that time. Looking forward, earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Wed, 05 Jul 2023R391.9bR386.2bR33.7b11.5x11.6x1x
Fri, 02 Jun 2023R350.0bR386.2bR33.7b9.7x10.4x0.9x
Sun, 30 Apr 2023R375.4bR386.2bR33.7b10.3x11.2x1x
Tue, 28 Mar 2023R373.0bR393.3bR33.7b10.2x11.1x0.9x
Thu, 23 Feb 2023R386.8bR463.2bR33.4b10.4x11.6x0.8x
Price to Earnings Ratio

11.6x


Total Market Cap: R386.8bTotal 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 0.94x 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 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 Market0.26%
Financials1.59%
Insurance-0.39%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.084%
Property and Casualty Insurance-1.31%
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 10.6%, 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 SanlamR101.631.1%
+R2.2b		22.1%PE10.8x

Latest News

DSY
R233.97
Discovery
7D
-0.9%
1Y
21.6%

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
R38.28
Momentum Group
7D
-0.7%
1Y
37.1%

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
R14.51
Clientèle
7D
-0.9%
1Y
11.7%
SLM
R101.63
Sanlam
7D
1.1%
1Y
22.1%

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
R72.70
OUTsurance Group
7D
-1.5%
1Y
10.7%
OMU
R15.70
Old Mutual
7D
-1.3%
1Y
26.2%

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
R442.77
Santam
7D
-0.8%
1Y
11.6%