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South African (JSE) Insurance Industry Analysis

UpdatedSep 15, 2025
DataAggregated Company Financials
Companies7
  • 7D-0.5%
  • 3M-1.1%
  • 1Y18.2%
  • YTD5.9%

In the last week, the Insurance industry is flat overall, with Discovery standing out by going down 6.5%. The past year has been better, since the industry has gained 18% in that time. Earnings are forecast to grow by 9.7% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Wed, 13 Aug 2025R591.7bR538.6bR48.6b9.5x12.2x1.1x
Fri, 11 Jul 2025R593.7bR538.6bR48.6b9.7x12.2x1.1x
Sun, 08 Jun 2025R609.1bR538.6bR48.6b10x12.5x1.1x
Tue, 06 May 2025R581.1bR538.6bR48.6b9.4x12x1.1x
Thu, 03 Apr 2025R545.2bR538.6bR48.6b8.5x11.2x1x
Sat, 01 Mar 2025R576.4bR499.5bR42.9b12.6x13.4x1.2x
Mon, 27 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Wed, 25 Dec 2024R563.7bR499.5bR42.9b12.2x13.1x1.1x
Fri, 22 Nov 2024R561.9bR499.5bR42.9b12.5x13.1x1.1x
Sun, 20 Oct 2024R538.2bR499.5bR42.9b12.5x12.5x1.1x
Tue, 17 Sep 2024R494.1bR577.1bR40.1b10.6x12.3x0.9x
Thu, 15 Aug 2024R468.4bR587.7bR34.6b14.6x13.5x0.8x
Sat, 13 Jul 2024R459.3bR587.7bR34.6b14.6x13.3x0.8x
Mon, 10 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Wed, 08 May 2024R396.3bR587.7bR34.6b12.3x11.4x0.7x
Fri, 05 Apr 2024R393.1bR587.7bR34.6b11.7x11.3x0.7x
Sun, 03 Mar 2024R432.0bR573.9bR33.6b13.5x12.9x0.8x
Tue, 30 Jan 2024R422.7bR560.1bR33.8b11.7x12.5x0.8x
Thu, 28 Dec 2023R434.5bR560.1bR33.8b11.9x12.9x0.8x
Sat, 25 Nov 2023R426.0bR560.1bR33.8b11.7x12.6x0.8x
Mon, 23 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Wed, 20 Sep 2023R424.2bR531.5bR34.1b12.7x12.4x0.8x
Fri, 18 Aug 2023R414.7bR386.2bR33.7b12.4x12.3x1.1x
Sun, 16 Jul 2023R407.4bR386.2bR33.7b12.2x12.1x1.1x
Tue, 13 Jun 2023R381.2bR386.2bR33.7b10.8x11.3x1x
Thu, 11 May 2023R356.0bR386.2bR33.7b9.7x10.6x0.9x
Sat, 08 Apr 2023R383.5bR386.2bR33.7b10.3x11.4x1x
Mon, 06 Mar 2023R396.7bR464.8bR32.8b10.6x12.1x0.9x
Wed, 01 Feb 2023R381.4bR463.2bR33.4b10.1x11.4x0.8x
Fri, 30 Dec 2022R338.3bR463.2bR33.4b8.7x10.1x0.7x
Sun, 27 Nov 2022R352.3bR463.2bR33.4b9.9x10.6x0.8x
Tue, 25 Oct 2022R323.0bR463.2bR33.4b9.2x9.7x0.7x
Thu, 22 Sep 2022R333.1bR462.0bR34.4b9.8x9.7x0.7x
Price to Earnings Ratio

9.7x


Total Market Cap: R333.1bTotal Earnings: R34.4bTotal Revenue: R462.0bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 11.9x202320242025
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 11.9x.
  • The 3-year average PS ratio of 0.90x 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 13% per year over the last three years.
  • Revenues for these companies have grown 7.7% 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 Market1.12%
Financials2.10%
Insurance-0.49%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-0.00058%
Life and Health Insurance-0.68%
Industry PE
  • Investors are most optimistic about the Property and Casualty Insurance industry which is trading above its 3-year average PE ratio of 17.5x.
    • Analysts are expecting annual earnings growth of 11.3%, which is lower than the prior year's growth of 28.7% per year.
  • Investors are most pessimistic about the Life and Health Insurance industry, which is trading close to its 3-year average of 10.9x.
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 29% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 9.2% 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 GroupR77.567.3%
+R8.2b		51.9%PE28.5x
SLM SanlamR86.222.8%
+R4.9b		0.7%PE9.2x
OMU Old MutualR13.955.2%
+R2.9b		11.6%PE9.1x
MTM Momentum GroupR33.910.1%
+R51.0m		21.2%PE8.6x
SNT SantamR417.050.03%
+R14.7m		16.5%PE11.8x

Latest News

DSY
R209.46
Discovery
7D
-6.3%
1Y
35.1%
CLI
R13.92
Clientèle
7D
-0.3%
1Y
18.8%
OMU
R13.95
Old Mutual
7D
5.2%
1Y
11.6%
SLM
R86.22
Sanlam
7D
2.8%
1Y
0.7%
SNT
R417.05
Santam
7D
0.03%
1Y
16.5%

Santam (JSE:SNT) Has Announced A Dividend Of ZAR5.90

Sep 04
Santam (JSE:SNT) Has Announced A Dividend Of ZAR5.90
OUT
R77.56
OUTsurance Group
7D
7.3%
1Y
51.9%
MTM
R33.91
Momentum Group
7D
0.1%
1Y
21.2%

Share Buybacks And Myriad Digital Focus Will Spur Future Success

Despite lower consensus revenue growth forecasts, analysts have raised their fair value for Momentum Group, reflected in a higher price target (ZAR38.74) and an increased future P/E multiple, signaling improved sentiment or expectations for profitability. What's in the News Held Analyst/Investor Day event.