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South African (JSE) Insurance Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.3%
  • 3M1.2%
  • 1Y16.9%
  • YTD-1.3%

The Insurance is pretty flat in the last 7 days, but OUTsurance Group has stood out, gaining 5.7%. As for the the longer term, the industry is up 17% over the past 12 months. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026R629.4bR604.6bR48.9b11.4x12.9x1x
Mon, 09 Feb 2026R655.6bR582.0bR51.2b10.7x12.8x1.1x
Wed, 07 Jan 2026R648.1bR582.0bR51.2b10.9x12.7x1.1x
Fri, 05 Dec 2025R619.5bR582.0bR51.2b10.1x12.1x1.1x
Sun, 02 Nov 2025R602.8bR582.0bR51.2b9.7x11.8x1x
Tue, 30 Sep 2025R562.0bR582.0bR51.2b8.8x11x1x
Thu, 28 Aug 2025R608.6bR538.6bR48.6b9.9x12.5x1.1x
Sat, 26 Jul 2025R589.8bR538.6bR48.6b9.4x12.1x1.1x
Mon, 23 Jun 2025R596.8bR538.6bR48.6b9.7x12.3x1.1x
Wed, 21 May 2025R579.7bR538.6bR48.6b9.5x11.9x1.1x
Fri, 18 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Sun, 16 Mar 2025R538.0bR533.9bR47.7b10.2x11.3x1x
Tue, 11 Feb 2025R539.3bR499.5bR42.9b12.5x12.6x1.1x
Thu, 09 Jan 2025R557.7bR499.5bR42.9b12.3x13x1.1x
Sat, 07 Dec 2024R572.5bR499.5bR42.9b13.2x13.3x1.1x
Mon, 04 Nov 2024R533.0bR499.5bR42.9b12.4x12.4x1.1x
Wed, 02 Oct 2024R532.9bR499.5bR42.9b12.1x12.4x1.1x
Fri, 30 Aug 2024R496.2bR587.7bR34.6b15.4x14.3x0.8x
Sun, 28 Jul 2024R452.6bR587.7bR34.6b14x13.1x0.8x
Tue, 25 Jun 2024R447.2bR587.7bR34.6b14x12.9x0.8x
Thu, 23 May 2024R415.6bR587.7bR34.6b13.3x12x0.7x
Sat, 20 Apr 2024R374.4bR587.7bR34.6b11.4x10.8x0.6x
Mon, 18 Mar 2024R411.0bR591.7bR33.9b12.6x12.1x0.7x
Wed, 14 Feb 2024R421.7bR560.1bR33.8b12.2x12.5x0.8x
Fri, 12 Jan 2024R422.9bR560.1bR33.8b11.6x12.5x0.8x
Sun, 10 Dec 2023R413.6bR560.1bR33.8b11.4x12.2x0.7x
Tue, 07 Nov 2023R420.0bR560.1bR33.8b11.6x12.4x0.7x
Thu, 05 Oct 2023R406.6bR560.1bR33.8b11.4x12x0.7x
Sat, 02 Sep 2023R426.4bR383.4bR34.4b12.4x12.4x1.1x
Mon, 31 Jul 2023R426.7bR386.2bR33.7b12.8x12.7x1.1x
Wed, 28 Jun 2023R383.4bR386.2bR33.7b11.1x11.4x1x
Fri, 26 May 2023R351.2bR386.2bR33.7b9.6x10.4x0.9x
Sun, 23 Apr 2023R371.7bR386.2bR33.7b10.2x11x1x
Tue, 21 Mar 2023R365.2bR391.5bR32.6b9.9x11.2x0.9x
Price to Earnings Ratio

11.2x


Total Market Cap: R365.2bTotal Earnings: R32.6bTotal Revenue: R391.5bTotal 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 14% per year over the last three years.
  • Revenues for these companies have grown 16% 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-1.90%
Financials-0.64%
Insurance-0.34%
Property and Casualty Insurance3.40%
Insurance Brokers0%0
General Insurance0%0
Life and Health 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 11.9%, 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 11.0x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 14% over the next 5 years.
  • This is better than its past earnings decline of 5.3% 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
OUT OUTsurance GroupR72.555.7%
+R6.1b		14.0%PE22.5x
OMU Old MutualR14.731.2%
+R768.3m		28.8%PE9.6x
MTM Momentum GroupR36.241.3%
+R578.9m		25.6%PE7.8x

Latest News

SNT
R408.50
Santam
7D
-1.8%
1Y
6.0%
SLM
R90.00
Sanlam
7D
-2.3%
1Y
8.4%
OUT
R72.55
OUTsurance Group
7D
5.7%
1Y
14.0%

OUT: Earnings Guidance Will Support A Higher Profitability Profile

Analysts have trimmed their price target for OUTsurance Group from ZAR85.58 to ZAR84.30, reflecting updated assumptions that pair more moderate revenue growth expectations with a slightly higher profit margin outlook and a lower future P/E multiple. What's in the News OUTsurance Group issued earnings guidance for the six months ending December 31, 2025, giving investors an early view of expected profitability for that period (company guidance).
DSY
R247.30
Discovery
7D
-2.5%
1Y
26.4%
CLI
R16.00
Clientèle
7D
-2.1%
1Y
33.3%
MTM
R36.24
Momentum Group
7D
1.3%
1Y
25.6%

MTM: Fair Pricing Outlook Will Depend On P/E And Discount Rate

Analysts have nudged their fair value estimate for Momentum Group slightly higher from ZAR41.24 to ZAR41.44, citing updated assumptions around future P/E expectations while keeping revenue growth, profit margin and discount rate inputs broadly unchanged. Valuation Changes Fair Value: ZAR41.44, slightly above the prior ZAR41.24 estimate.
OMU
R14.73
Old Mutual
7D
1.2%
1Y
28.8%