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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?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Mar 2025R546.9bR533.4bR47.7b10.4x11.5x1x
Thu, 13 Feb 2025R544.7bR499.5bR42.9b12.5x12.7x1.1x
Sat, 11 Jan 2025R537.9bR499.5bR42.9b12.3x12.5x1.1x
Mon, 09 Dec 2024R572.5bR499.5bR42.9b13.2x13.3x1.1x
Wed, 06 Nov 2024R544.5bR499.5bR42.9b13.2x12.7x1.1x
Fri, 04 Oct 2024R523.6bR499.5bR42.9b13.3x12.2x1x
Sun, 01 Sep 2024R495.4bR589.3bR35.1b13.3x14.1x0.8x
Tue, 30 Jul 2024R452.1bR587.7bR34.6b14x13.1x0.8x
Thu, 27 Jun 2024R445.4bR587.7bR34.6b14.1x12.9x0.8x
Sat, 25 May 2024R413.1bR587.7bR34.6b13.1x11.9x0.7x
Mon, 22 Apr 2024R374.3bR587.7bR34.6b11.5x10.8x0.6x
Wed, 20 Mar 2024R407.1bR594.5bR34.3b12.5x11.9x0.7x
Fri, 16 Feb 2024R422.3bR560.1bR33.8b12.2x12.5x0.8x
Sun, 14 Jan 2024R425.9bR560.1bR33.8b11.6x12.6x0.8x
Tue, 12 Dec 2023R417.1bR560.1bR33.8b11.4x12.4x0.7x
Thu, 09 Nov 2023R414.8bR560.1bR33.8b11.6x12.3x0.7x
Sat, 07 Oct 2023R408.8bR560.1bR33.8b11.6x12.1x0.7x
Mon, 04 Sep 2023R426.4bR383.4bR34.4b12.4x12.4x1.1x
Wed, 02 Aug 2023R425.3bR386.2bR33.7b12.7x12.6x1.1x
Fri, 30 Jun 2023R384.0bR386.2bR33.7b11.2x11.4x1x
Sun, 28 May 2023R350.3bR386.2bR33.7b9.7x10.4x0.9x
Tue, 25 Apr 2023R371.6bR386.2bR33.7b10.2x11x1x
Thu, 23 Mar 2023R368.8bR391.5bR32.6b10.1x11.3x0.9x
Sat, 18 Feb 2023R389.1bR463.2bR33.4b10.4x11.7x0.8x
Mon, 16 Jan 2023R363.4bR463.2bR33.4b9.5x10.9x0.8x
Wed, 14 Dec 2022R332.8bR463.2bR33.4b8.6x10x0.7x
Fri, 11 Nov 2022R346.3bR463.2bR33.4b9.8x10.4x0.7x
Sun, 09 Oct 2022R313.7bR463.2bR33.4b9.2x9.4x0.7x
Tue, 06 Sep 2022R339.5bR622.7bR28.2b11.8x12.1x0.5x
Thu, 04 Aug 2022R342.2bR734.3bR26.3b11.8x13x0.5x
Sat, 02 Jul 2022R337.7bR734.3bR26.3b11.3x12.8x0.5x
Mon, 30 May 2022R389.7bR734.3bR26.3b14.4x14.8x0.5x
Wed, 27 Apr 2022R401.5bR734.3bR26.3b14.8x15.2x0.5x
Fri, 25 Mar 2022R482.8bR819.1bR27.2b20.1x17.8x0.6x
Price to Earnings Ratio

17.8x


Total Market Cap: R482.8bTotal Earnings: R27.2bTotal Revenue: R819.1bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.3x202320242025
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 Market1.11%
Financials1.99%
Insurance1.40%
Property and Casualty Insurance2.07%
Life and Health Insurance1.16%
Insurance Brokers0%0
General Insurance0%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?

CompanyLast Price7D1YValuation
OUT OUTsurance GroupR67.003.1%
+R2.9b
64.1%PE24.6x
SLM SanlamR84.041.2%
+R2.0b
18.4%PE9.2x
OMU Old MutualR11.623.8%
+R1.8b
-2.4%PE6.3x
CLI ClientèleR12.00-4.8%
R1.2b
4.3%PE6.3x
MTM Momentum GroupR29.292.6%
+R992.9m
40.8%PE10.4x
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Latest News

OUT

R67.00

OUTsurance Group

7D

3.1%

1Y

64.1%

CLI

R12.00

Clientèle

7D

-4.8%

1Y

4.3%

SLM

R84.04

Sanlam

7D

1.2%

1Y

18.4%

SNT

R380.93

Santam

7D

-0.3%

1Y

27.9%

OMU

R11.62

Old Mutual

7D

3.8%

1Y

-2.4%