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South African (JSE) Insurance Industry Analysis
UpdatedMar 18, 2025
DataAggregated Company Financials
Companies7
- 7D1.4%
- 3M-2.5%
- 1Y33.1%
- YTD-1.4%
The Insurance is pretty flat in the last 7 days, but OUTsurance Group has stood out, gaining 3.1%. As for the the longer term, the industry is up 31% over the past 12 months. Earnings are forecast to grow by 5.9% annually.
Industry Valuation and Performance
Has the South African Insurance Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 18 Mar 2025 | R546.9b | R533.4b | R47.7b | 10.4x | 11.5x | 1x |
| Thu, 13 Feb 2025 | R544.7b | R499.5b | R42.9b | 12.5x | 12.7x | 1.1x |
| Sat, 11 Jan 2025 | R537.9b | R499.5b | R42.9b | 12.3x | 12.5x | 1.1x |
| Mon, 09 Dec 2024 | R572.5b | R499.5b | R42.9b | 13.2x | 13.3x | 1.1x |
| Wed, 06 Nov 2024 | R544.5b | R499.5b | R42.9b | 13.2x | 12.7x | 1.1x |
| Fri, 04 Oct 2024 | R523.6b | R499.5b | R42.9b | 13.3x | 12.2x | 1x |
| Sun, 01 Sep 2024 | R495.4b | R589.3b | R35.1b | 13.3x | 14.1x | 0.8x |
| Tue, 30 Jul 2024 | R452.1b | R587.7b | R34.6b | 14x | 13.1x | 0.8x |
| Thu, 27 Jun 2024 | R445.4b | R587.7b | R34.6b | 14.1x | 12.9x | 0.8x |
| Sat, 25 May 2024 | R413.1b | R587.7b | R34.6b | 13.1x | 11.9x | 0.7x |
| Mon, 22 Apr 2024 | R374.3b | R587.7b | R34.6b | 11.5x | 10.8x | 0.6x |
| Wed, 20 Mar 2024 | R407.1b | R594.5b | R34.3b | 12.5x | 11.9x | 0.7x |
| Fri, 16 Feb 2024 | R422.3b | R560.1b | R33.8b | 12.2x | 12.5x | 0.8x |
| Sun, 14 Jan 2024 | R425.9b | R560.1b | R33.8b | 11.6x | 12.6x | 0.8x |
| Tue, 12 Dec 2023 | R417.1b | R560.1b | R33.8b | 11.4x | 12.4x | 0.7x |
| Thu, 09 Nov 2023 | R414.8b | R560.1b | R33.8b | 11.6x | 12.3x | 0.7x |
| Sat, 07 Oct 2023 | R408.8b | R560.1b | R33.8b | 11.6x | 12.1x | 0.7x |
| Mon, 04 Sep 2023 | R426.4b | R383.4b | R34.4b | 12.4x | 12.4x | 1.1x |
| Wed, 02 Aug 2023 | R425.3b | R386.2b | R33.7b | 12.7x | 12.6x | 1.1x |
| Fri, 30 Jun 2023 | R384.0b | R386.2b | R33.7b | 11.2x | 11.4x | 1x |
| Sun, 28 May 2023 | R350.3b | R386.2b | R33.7b | 9.7x | 10.4x | 0.9x |
| Tue, 25 Apr 2023 | R371.6b | R386.2b | R33.7b | 10.2x | 11x | 1x |
| Thu, 23 Mar 2023 | R368.8b | R391.5b | R32.6b | 10.1x | 11.3x | 0.9x |
| Sat, 18 Feb 2023 | R389.1b | R463.2b | R33.4b | 10.4x | 11.7x | 0.8x |
| Mon, 16 Jan 2023 | R363.4b | R463.2b | R33.4b | 9.5x | 10.9x | 0.8x |
| Wed, 14 Dec 2022 | R332.8b | R463.2b | R33.4b | 8.6x | 10x | 0.7x |
| Fri, 11 Nov 2022 | R346.3b | R463.2b | R33.4b | 9.8x | 10.4x | 0.7x |
| Sun, 09 Oct 2022 | R313.7b | R463.2b | R33.4b | 9.2x | 9.4x | 0.7x |
| Tue, 06 Sep 2022 | R339.5b | R622.7b | R28.2b | 11.8x | 12.1x | 0.5x |
| Thu, 04 Aug 2022 | R342.2b | R734.3b | R26.3b | 11.8x | 13x | 0.5x |
| Sat, 02 Jul 2022 | R337.7b | R734.3b | R26.3b | 11.3x | 12.8x | 0.5x |
| Mon, 30 May 2022 | R389.7b | R734.3b | R26.3b | 14.4x | 14.8x | 0.5x |
| Wed, 27 Apr 2022 | R401.5b | R734.3b | R26.3b | 14.8x | 15.2x | 0.5x |
| Fri, 25 Mar 2022 | R482.8b | R819.1b | R27.2b | 20.1x | 17.8x | 0.6x |
Price to Earnings Ratio
17.8x
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 0.81x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
- The earnings for companies in the Insurance industry have grown 21% per year over the last three years.
- Meanwhile revenues for these companies have declined 13% per year.
- This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the South African Financials industry?
| ZA Market | 1.11% | |
| Financials | 1.99% | |
| Insurance | 1.40% | |
| Property and Casualty Insurance | 2.07% | |
| Life and Health Insurance | 1.16% | |
| Insurance Brokers | 0% | 0 |
| General Insurance | 0% | 0 |
Industry PE
- Investors are most optimistic about the Property and Casualty Insurance industry which is trading above its 3-year average PE ratio of 16.0x.
- Analysts are expecting annual earnings growth of 6.2%, which is lower than the prior year's growth of 35.0% per year.
- Investors are most pessimistic about the Life and Health Insurance industry, which is trading below its 3-year average of 11.7x.
Forecasted Growth
- Analysts are most optimistic on the Property and Casualty Insurance industry, expecting annual earnings growth of 6.2% over the next 5 years.
- However this is lower than its past earnings growth rate of 35% per year.
- In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 5.8% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| OUT OUTsurance Group | R67.00 | 3.1% +R2.9b | 64.1% | PE24.6x | |
| SLM Sanlam | R84.04 | 1.2% +R2.0b | 18.4% | PE9.2x | |
| OMU Old Mutual | R11.62 | 3.8% +R1.8b | -2.4% | PE6.3x | |
| CLI Clientèle | R12.00 | -4.8% R1.2b | 4.3% | PE6.3x | |
| MTM Momentum Group | R29.29 | 2.6% +R992.9m | 40.8% | PE10.4x |
