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South African (JSE) Insurance Industry Analysis

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.6%
  • 3M-4.1%
  • 1Y8.1%
  • YTD-2.3%

The Insurance is pretty flat in the last 7 days, but Clientèle has stood out, gaining 16%. The past year has been better, since the industry has gained 8.1% in that time. 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
Thu, 30 Apr 2026R619.9bR625.3bR50.9b10.9x12.2x1x
Sat, 28 Mar 2026R619.8bR625.3bR50.9b10.7x12.2x1x
Mon, 23 Feb 2026R676.3bR582.0bR51.2b11.3x13.2x1.2x
Wed, 21 Jan 2026R629.6bR582.0bR51.2b10.5x12.3x1.1x
Fri, 19 Dec 2025R643.9bR582.0bR51.2b10.7x12.6x1.1x
Sun, 16 Nov 2025R621.4bR582.0bR51.2b10.1x12.1x1.1x
Tue, 14 Oct 2025R596.4bR582.0bR51.2b9.6x11.7x1x
Thu, 11 Sep 2025R599.2bR569.1bR49.7b9.2x12.1x1.1x
Sat, 09 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Mon, 07 Jul 2025R602.1bR538.6bR48.6b9.8x12.4x1.1x
Wed, 04 Jun 2025R601.3bR538.6bR48.6b9.7x12.4x1.1x
Fri, 02 May 2025R575.0bR538.6bR48.6b9.3x11.8x1.1x
Sun, 30 Mar 2025R560.8bR538.6bR48.6b9.3x11.5x1x
Tue, 25 Feb 2025R561.5bR499.5bR42.9b12.4x13.1x1.1x
Thu, 23 Jan 2025R543.0bR499.5bR42.9b12.5x12.6x1.1x
Sat, 21 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Mon, 18 Nov 2024R547.7bR499.5bR42.9b12.6x12.8x1.1x
Wed, 16 Oct 2024R535.8bR499.5bR42.9b12.4x12.5x1.1x
Fri, 13 Sep 2024R495.1bR577.1bR40.1b10.7x12.3x0.9x
Sun, 11 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Tue, 09 Jul 2024R458.2bR587.7bR34.6b14.5x13.2x0.8x
Thu, 06 Jun 2024R394.4bR587.7bR34.6b12.7x11.4x0.7x
Sat, 04 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Mon, 01 Apr 2024R403.0bR587.7bR34.6b12.3x11.6x0.7x
Wed, 28 Feb 2024R424.8bR560.1bR33.8b12.4x12.6x0.8x
Fri, 26 Jan 2024R423.4bR560.1bR33.8b11.8x12.5x0.8x
Sun, 24 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Tue, 21 Nov 2023R423.6bR560.1bR33.8b11.6x12.5x0.8x
Thu, 19 Oct 2023R405.3bR560.1bR33.8b11.2x12x0.7x
Sat, 16 Sep 2023R423.8bR528.5bR33.5b12.9x12.7x0.8x
Mon, 14 Aug 2023R423.4bR386.2bR33.7b12.6x12.6x1.1x
Wed, 12 Jul 2023R391.7bR386.2bR33.7b11.6x11.6x1x
Fri, 09 Jun 2023R378.8bR386.2bR33.7b10.6x11.3x1x
Sun, 07 May 2023R367.3bR386.2bR33.7b10.1x10.9x1x
Price to Earnings Ratio

10.9x


Total Market Cap: R367.3bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal 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 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-1.95%
Financials-0.32%
Insurance-0.63%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.33%
Property and Casualty Insurance-1.54%
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 18.4x.
    • Analysts are expecting annual earnings growth of 11.6%, 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
CLI ClientèleR18.6016.3%
+R1.2b		61.7%PE10.3x
MTM Momentum GroupR37.852.3%
+R1.1b		11.5%PE8x
OMU Old MutualR13.591.1%
+R626.5m		19.9%PE6.8x

Latest News

OMU
R13.59
Old Mutual
7D
1.1%
1Y
19.9%
OUT
R70.77
OUTsurance Group
7D
-2.8%
1Y
-7.3%

OUT: Special And Interim Dividends Will Support A Higher Future Earnings Profile

Analysts have kept their fair value and key assumptions for OUTsurance Group broadly unchanged, and the implied price target remains steady at about ZAR85.56 as updated models reflect only minor tweaks to revenue growth, profit margin and future P/E inputs. What's in the News A special dividend of ZAR0.303 per ordinary share was declared on 10 March 2026 for the six months ended 31 December 2025.
DSY
R258.42
Discovery
7D
-1.2%
1Y
25.5%

DSY: Interim Dividend And Strong Earnings Guidance Will Support Future Upside

Analysts have adjusted the price target for Discovery slightly higher to about ZAR299.05 from ZAR298.48. This reflects updated assumptions around fair value, profit margins and the future P/E multiple.
MTM
R37.85
Momentum Group
7D
2.3%
1Y
11.5%

MTM: Higher Margins And Dividend Support Will Drive Future P E Rerating

Analysts have lifted their ZAR price target for Momentum Group from ZAR42.46 to ZAR43.89, citing updated assumptions around fair value, profit margin and future P/E that slightly adjust the risk reward profile investors are watching. What's in the News Momentum Group Limited has been added to the FTSE All-World Index (USD), which can affect how index trackers and global funds view the share (Key Developments).
SLM
R85.57
Sanlam
7D
-0.9%
1Y
1.3%
SNT
R398.90
Santam
7D
-1.2%
1Y
-1.0%

Soft Pricing, Tech Demands And Weather Risks Will Shape Insurance Margins Going Forward

Catalysts About Santam Santam is a South African based short term insurer with operations across intermediated, direct and reinsurance channels, and a growing international footprint including a Lloyd's syndicate and an India hub. What are the underlying business or industry changes driving this perspective?
CLI
R18.60
Clientèle
7D
16.3%
1Y
61.7%