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South African (JSE) Insurance Industry Analysis

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies7
  • 7D2.4%
  • 3M-3.4%
  • 1Y1.9%
  • YTD-2.1%

Over the last 7 days, the Insurance industry has dropped 2.2%, driven by a pullback from Clientèle of 0.5%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 09 Jun 2026R621.5bR625.3bR50.9b10.7x12.2x1x
Thu, 07 May 2026R634.3bR625.3bR50.9b10.8x12.5x1x
Sat, 04 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Mon, 02 Mar 2026R688.7bR582.0bR51.2b11.3x13.5x1.2x
Wed, 28 Jan 2026R646.2bR582.0bR51.2b11x12.6x1.1x
Fri, 26 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Sun, 23 Nov 2025R611.7bR582.0bR51.2b9.8x12x1.1x
Tue, 21 Oct 2025R600.0bR582.0bR51.2b9.7x11.7x1x
Thu, 18 Sep 2025R589.9bR582.2bR51.2b9.2x11.5x1x
Sat, 16 Aug 2025R594.1bR538.6bR48.6b9.7x12.2x1.1x
Mon, 14 Jul 2025R584.0bR538.6bR48.6b9.5x12x1.1x
Wed, 11 Jun 2025R611.7bR538.6bR48.6b9.9x12.6x1.1x
Fri, 09 May 2025R571.4bR538.6bR48.6b9.2x11.8x1.1x
Sun, 06 Apr 2025R496.9bR538.6bR48.6b7.8x10.2x0.9x
Tue, 04 Mar 2025R567.6bR499.5bR42.9b13x13.2x1.1x
Thu, 30 Jan 2025R526.9bR499.5bR42.9b12.5x12.3x1.1x
Sat, 28 Dec 2024R555.0bR499.5bR42.9b12.2x12.9x1.1x
Mon, 25 Nov 2024R562.6bR499.5bR42.9b12.5x13.1x1.1x
Wed, 23 Oct 2024R526.8bR499.5bR42.9b12x12.3x1.1x
Fri, 20 Sep 2024R510.7bR581.8bR40.8b10.7x12.5x0.9x
Sun, 18 Aug 2024R481.3bR587.7bR34.6b15.1x13.9x0.8x
Tue, 16 Jul 2024R461.3bR587.7bR34.6b14.5x13.3x0.8x
Thu, 13 Jun 2024R399.0bR587.7bR34.6b12.7x11.5x0.7x
Sat, 11 May 2024R401.8bR587.7bR34.6b12.6x11.6x0.7x
Mon, 08 Apr 2024R389.3bR587.7bR34.6b11.5x11.2x0.7x
Wed, 06 Mar 2024R425.4bR573.3bR33.6b13.3x12.7x0.7x
Fri, 02 Feb 2024R430.5bR560.1bR33.8b12x12.7x0.8x
Sun, 31 Dec 2023R437.8bR560.1bR33.8b11.8x13x0.8x
Tue, 28 Nov 2023R422.0bR560.1bR33.8b11.7x12.5x0.8x
Thu, 26 Oct 2023R407.9bR560.1bR33.8b11.3x12.1x0.7x
Sat, 23 Sep 2023R426.5bR550.6bR34.3b12.3x12.4x0.8x
Mon, 21 Aug 2023R407.3bR386.2bR33.7b12.1x12.1x1.1x
Wed, 19 Jul 2023R410.9bR386.2bR33.7b12.3x12.2x1.1x
Fri, 16 Jun 2023R391.4bR386.2bR33.7b11.1x11.6x1x
Price to Earnings Ratio

11.6x


Total Market Cap: R391.4bTotal 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 15% 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 Market-1.99%
Financials0.90%
Insurance2.38%
Property and Casualty Insurance2.91%
Life and Health Insurance2.21%
Insurance Brokers0%0
General Insurance0%0
Industry PE
  • Investors are most optimistic about the Property and Casualty Insurance industry even though it's trading below its 3-year average PE ratio of 18.5x.
    • 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 Life and Health Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings growth rate of 9.6% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 12% 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 SanlamR84.723.1%
+R5.3b		-6.3%PE11.1x
OUT OUTsurance GroupR70.372.9%
+R3.0b		-12.1%PE21.8x
OMU Old MutualR13.313.9%
+R2.1b		8.5%PE6.6x
MTM Momentum GroupR37.553.4%
+R1.6b		4.4%PE8x
DSY DiscoveryR270.940.7%
+R1.3b		23.1%PE17.2x

Latest News

OMU
R13.31
Old Mutual
7D
3.9%
1Y
8.5%
CLI
R19.31
Clientèle
7D
-0.5%
1Y
70.1%
DSY
R270.94
Discovery
7D
0.7%
1Y
23.1%
Narrative Update • Jun 02

DSY: Stable Assumptions And Slight Model Tweaks Will Shape Future Upside Potential

Analysts have nudged their ZAR price target for Discovery slightly higher, from about ZAR299 to roughly ZAR301. This reflects updated views on fair value, the discount rate, and longer term P/E assumptions.
MTM
R37.55
Momentum Group
7D
3.4%
1Y
4.4%
Narrative Update • May 30

MTM: Index Inclusion And Dividend Payout Will Support Future P E Rerating

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09, with only slight adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their models rather than a shift in overall view.
SLM
R84.72
Sanlam
7D
3.1%
1Y
-6.3%
SNT
R375.00
Santam
7D
3.1%
1Y
-12.2%
Analysis Article • May 21

Santam (JSE:SNT) Ticks All The Boxes When It Comes To Earnings Growth

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
OUT
R70.37
OUTsurance Group
7D
2.9%
1Y
-12.1%
Narrative Update • May 12

OUT: Dividends And CFO Transition Will Support A Stronger Future Earnings Profile

OUTsurance Group’s latest analyst price target has been adjusted slightly, reflecting modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that keep estimated fair value broadly steady at about ZAR85.56 per share, according to analysts. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group and will remain through 2 October 2026 to support an orderly handover and the completion of the 30 June 2026 financial year end process (company announcement).