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South African (JSE) Insurance Industry Analysis

UpdatedAug 10, 2026
DataAggregated Company Financials
Companies6
  • 7D0.8%
  • 3M3.9%
  • 1Y10.6%
  • YTD2.6%

The Insurance industry has stayed flat over the last week. The past year has been better, since the industry has gained 11% in that time. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 11 Aug 2026R645.0bR620.3bR50.0b11.3x12.9x1x
Thu, 09 Jul 2026R621.6bR620.3bR50.0b11x12.4x1x
Sat, 06 Jun 2026R611.9bR625.3bR50.9b10.7x12x1x
Mon, 04 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Wed, 01 Apr 2026R614.9bR625.3bR50.9b10.5x12.1x1x
Fri, 27 Feb 2026R691.5bR582.0bR51.2b11.4x13.5x1.2x
Sun, 25 Jan 2026R644.4bR582.0bR51.2b10.9x12.6x1.1x
Tue, 23 Dec 2025R632.8bR582.0bR51.2b10.4x12.4x1.1x
Thu, 20 Nov 2025R622.1bR582.0bR51.2b10x12.2x1.1x
Sat, 18 Oct 2025R593.6bR582.0bR51.2b9.5x11.6x1x
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
Price to Earnings Ratio

12.3x


Total Market Cap: R414.7bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.3x202420252026
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 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 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 Market4.38%
Financials1.65%
Insurance0.79%
Life and Health Insurance0.93%
Property and Casualty Insurance0.39%
Insurance Brokers0%0
General Insurance0%0
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 18.6x.
    • Analysts are expecting annual earnings growth of 11.7%, 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 Property and Casualty Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 11% 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 GroupR82.681.9%
+R2.4b		9.8%PE25.6x
SNT SantamR409.003.9%
+R1.7b		-5.6%PE11x
DSY DiscoveryR264.070.9%
+R1.6b		24.6%PE16.8x
MTM Momentum GroupR41.933.0%
+R1.5b		19.0%PE8.9x
SLM SanlamR89.190.8%
+R1.5b		3.7%PE11.7x

Latest News

DSY
R264.07
Discovery
7D
0.9%
1Y
24.6%
Narrative Update • Jul 29

DSY: Higher Margin Outlook And Lower Discount Rate Suggest Balanced Future Prospects

The analyst price target for Discovery has been raised from ZAR207.10 to ZAR240.00, with analysts pointing to updated assumptions that include a lower discount rate, a wider profit margin, weaker revenue growth and a slightly higher future P/E multiple. What’s in the News for Discovery No recent Discovery specific press releases or news headlines were provided in the source feed as of 28 July 2026.
OUT
R82.68
OUTsurance Group
7D
1.9%
1Y
9.8%
Analysis Article • Jul 24

Here's Why We Think OUTsurance Group (JSE:OUT) Might Deserve Your Attention Today

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
MTM
R41.93
Momentum Group
7D
3.0%
1Y
19.0%
Analysis Article • Jul 21

If EPS Growth Is Important To You, Momentum Group (JSE:MTM) Presents An Opportunity

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
SNT
R409.00
Santam
7D
3.9%
1Y
-5.6%
Narrative Update • Jul 10

nan

Santam’s updated analyst price target has moved from ZAR503.51 to ZAR449.33, as analysts adjust their assumptions for fair value, discount rate, expected revenue growth, profit margin and future P/E multiples. What’s in the News for Santam No recent Santam specific news, periodical coverage or key developments were provided in the available sources.
SLM
R89.19
Sanlam
7D
0.8%
1Y
3.7%
OMU
R13.11
Old Mutual
7D
-2.6%
1Y
6.3%