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South African (JSE) Insurance Industry Analysis

UpdatedJul 05, 2026
DataAggregated Company Financials
Companies6
  • 7D0.8%
  • 3M4.5%
  • 1Y7.6%
  • YTD2.1%

Last week, the Insurance industry hasn't moved much but Sanlam is up 4.9% in that time. As for the the longer term, the industry is up 7.6% over the past 12 months. 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
Sun, 05 Jul 2026R642.2bR620.3bR50.0b11.3x12.8x1x
Tue, 02 Jun 2026R625.5bR625.3bR50.9b10.6x12.3x1x
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
Price to Earnings Ratio

11.6x


Total Market Cap: R391.7bTotal 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 0.96x.
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 Market1.26%
Financials0.64%
Insurance0.78%
Property and Casualty Insurance3.80%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.24%
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 18.5x.
    • Analysts are expecting annual earnings growth of 11.8%, 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
SLM SanlamR91.084.9%
+R8.9b		2.6%PE11.9x
OUT OUTsurance GroupR79.854.8%
+R5.7b		1.4%PE24.7x
OMU Old MutualR13.462.0%
+R1.1b		10.8%PE6.7x
SNT SantamR394.491.0%
+R441.3m		-8.1%PE10.6x

Latest News

DSY
R264.46
Discovery
7D
-5.9%
1Y
20.0%
Analysis Article • 15h

What Does The Future Hold For Discovery Limited (JSE:DSY)? These Analysts Have Been Cutting Their Estimates

Market forces rained on the parade of Discovery Limited ( JSE:DSY ) shareholders today, when the analysts downgraded...
SNT
R394.49
Santam
7D
1.0%
1Y
-8.1%
Narrative Update • Jun 26

None

The analyst price target for Santam has been revised from ZAR573.53 to ZAR520.83, with analysts citing updated assumptions on revenue growth, profit margins, and forward P/E as key drivers of the change. What’s in the News for Santam No recent Santam company specific news items were provided in the primary sources.
OUT
R79.85
OUTsurance Group
7D
4.8%
1Y
1.4%
Narrative Update • Jun 22

OUT: Stable Leadership Transition Will Support Future Earnings And Dividend Strength

Analysts have made only marginal adjustments to their valuation inputs for OUTsurance Group, leaving the implied fair value effectively unchanged around ZAR86.26. A largely stable discount rate, revenue growth outlook, profit margin assumptions and future P/E of about 29.16x underpin the steady price target view.
SLM
R91.08
Sanlam
7D
4.9%
1Y
2.6%
MTM
R40.00
Momentum Group
7D
-0.03%
1Y
17.6%
Narrative Update • Jun 13

MTM: Index Inclusion And Dividend Payout Will Support Future Repricing

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09 per share, with only marginal technical adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E. This supports the view that no material change in the price target is warranted at this stage.
OMU
R13.46
Old Mutual
7D
2.0%
1Y
10.8%