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South African (JSE) Insurance Industry Analysis
UpdatedApr 13, 2025
DataAggregated Company Financials
Companies7
- 7D2.7%
- 3M-5.2%
- 1Y34.8%
- YTD-7.9%
Over the last 7 days, the Insurance industry has risen 2.7%, driven by gains from Sanlam of 6.2%. In the last 12 months, the industry was up 35%. As for the next few years, earnings are expected to grow by 10% per annum.
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 |
|---|---|---|---|---|---|---|
| Sun, 13 Apr 2025 | R510.5b | R538.6b | R48.6b | 8.3x | 10.5x | 0.9x |
| Tue, 11 Mar 2025 | R538.1b | R530.5b | R47.0b | 11.3x | 11.4x | 1x |
| Thu, 06 Feb 2025 | R526.6b | R499.5b | R42.9b | 12.4x | 12.3x | 1.1x |
| Sat, 04 Jan 2025 | R555.3b | R499.5b | R42.9b | 12.2x | 12.9x | 1.1x |
| Mon, 02 Dec 2024 | R552.6b | R499.5b | R42.9b | 14.2x | 12.9x | 1.1x |
| Wed, 30 Oct 2024 | R533.0b | R499.5b | R42.9b | 12.2x | 12.4x | 1.1x |
| Fri, 27 Sep 2024 | R530.9b | R572.9b | R43.7b | 13x | 12.2x | 0.9x |
| Sun, 25 Aug 2024 | R488.3b | R587.7b | R34.6b | 15.2x | 14.1x | 0.8x |
| Tue, 23 Jul 2024 | R453.2b | R587.7b | R34.6b | 14.2x | 13.1x | 0.8x |
| Thu, 20 Jun 2024 | R457.3b | R587.7b | R34.6b | 14.1x | 13.2x | 0.8x |
| Sat, 18 May 2024 | R410.8b | R587.7b | R34.6b | 13.1x | 11.9x | 0.7x |
| Mon, 15 Apr 2024 | R376.9b | R587.7b | R34.6b | 11.3x | 10.9x | 0.6x |
| Wed, 13 Mar 2024 | R427.6b | R598.6b | R33.9b | 13.3x | 12.6x | 0.7x |
| Fri, 09 Feb 2024 | R426.3b | R560.1b | R33.8b | 12.2x | 12.6x | 0.8x |
| Sun, 07 Jan 2024 | R427.3b | R560.1b | R33.8b | 11.8x | 12.7x | 0.8x |
| Tue, 05 Dec 2023 | R418.1b | R560.1b | R33.8b | 11.9x | 12.4x | 0.7x |
| Thu, 02 Nov 2023 | R405.6b | R560.1b | R33.8b | 11.6x | 12x | 0.7x |
| Sat, 30 Sep 2023 | R414.4b | R550.6b | R34.2b | 12.5x | 12.1x | 0.8x |
| Mon, 28 Aug 2023 | R418.0b | R386.2b | R33.7b | 12.6x | 12.4x | 1.1x |
| Wed, 26 Jul 2023 | R414.2b | R386.2b | R33.7b | 12.4x | 12.3x | 1.1x |
| Fri, 23 Jun 2023 | R384.0b | R386.2b | R33.7b | 11x | 11.4x | 1x |
| Sun, 21 May 2023 | R352.1b | R386.2b | R33.7b | 9.6x | 10.5x | 0.9x |
| Tue, 18 Apr 2023 | R372.9b | R386.2b | R33.7b | 10.3x | 11.1x | 1x |
| Thu, 16 Mar 2023 | R368.2b | R412.8b | R34.2b | 9.9x | 10.8x | 0.9x |
| Sat, 11 Feb 2023 | R383.9b | R463.2b | R33.4b | 10.2x | 11.5x | 0.8x |
| Mon, 09 Jan 2023 | R351.4b | R463.2b | R33.4b | 9.2x | 10.5x | 0.8x |
| Wed, 07 Dec 2022 | R341.7b | R463.2b | R33.4b | 9.5x | 10.2x | 0.7x |
| Fri, 04 Nov 2022 | R335.9b | R463.2b | R33.4b | 9.6x | 10.1x | 0.7x |
| Sun, 02 Oct 2022 | R321.5b | R463.2b | R33.4b | 9.3x | 9.6x | 0.7x |
| Tue, 30 Aug 2022 | R353.7b | R734.3b | R26.3b | 12.1x | 13.4x | 0.5x |
| Thu, 28 Jul 2022 | R347.3b | R734.3b | R26.3b | 11.9x | 13.2x | 0.5x |
| Sat, 25 Jun 2022 | R355.4b | R734.3b | R26.3b | 11.9x | 13.5x | 0.5x |
| Mon, 23 May 2022 | R374.8b | R734.3b | R26.3b | 13.6x | 14.2x | 0.5x |
| Wed, 20 Apr 2022 | R446.5b | R734.3b | R26.3b | 15x | 17x | 0.6x |
Price to Earnings Ratio
17x
Current Industry PE
- Investors are pessimistic on the South African Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 10.5x which is lower than its 3-year average PE of 12.1x.
- The industry is trading close to its 3-year average PS ratio of 0.82x.
Past Earnings Growth
- The earnings for companies in the Insurance industry have grown 23% per year over the last three years.
- Meanwhile revenues for these companies have declined 9.8% 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 | 5.78% | |
| Financials | 3.87% | |
| Insurance | 2.74% | |
| Property and Casualty Insurance | 3.76% | |
| Life and Health Insurance | 2.34% | |
| 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 16.2x.
- Analysts are expecting annual earnings growth of 10.8%, which is lower than the prior year's growth of 33.9% per year.
- Investors are most pessimistic about the Life and Health Insurance industry, which is trading below its 3-year average of 11.5x.
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 34% per year.
- In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 9.8% 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 | |
|---|---|---|---|---|---|
| SLM Sanlam | R75.75 | 6.2% +R9.2b | 19.0% | PE8.3x | |
| OUT OUTsurance Group | R67.48 | 4.3% +R4.3b | 65.8% | PE24.8x | |
| DSY Discovery | R183.50 | 1.3% +R1.6b | 65.0% | PE15x | |
| SNT Santam | R368.27 | 2.3% +R892.8m | 29.2% | PE10.9x |