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South African (JSE) Insurance Industry Analysis

UpdatedAug 08, 2026
DataAggregated Company Financials
Companies6
  • 7D0.8%
  • 3M3.6%
  • 1Y10.6%
  • YTD2.6%

In the last week, Insurance has been flat. As for the the longer term, the industry is up 11% 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
Sat, 08 Aug 2026R645.0bR620.3bR50.0b11.3x12.9x1x
Mon, 06 Jul 2026R642.2bR620.3bR50.0b11.3x12.8x1x
Wed, 03 Jun 2026R607.0bR625.3bR50.9b10.7x11.9x1x
Fri, 01 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Sun, 29 Mar 2026R619.8bR625.3bR50.9b10.7x12.2x1x
Tue, 24 Feb 2026R678.4bR582.0bR51.2b11.3x13.3x1.2x
Thu, 22 Jan 2026R630.3bR582.0bR51.2b10.5x12.3x1.1x
Sat, 20 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Mon, 17 Nov 2025R621.4bR582.0bR51.2b10.1x12.1x1.1x
Wed, 15 Oct 2025R597.5bR582.0bR51.2b9.5x11.7x1x
Fri, 12 Sep 2025R582.1bR572.0bR48.6b9.1x12x1x
Sun, 10 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Tue, 08 Jul 2025R599.6bR538.6bR48.6b9.7x12.3x1.1x
Thu, 05 Jun 2025R608.0bR538.6bR48.6b9.9x12.5x1.1x
Sat, 03 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Mon, 31 Mar 2025R560.8bR538.6bR48.6b9.3x11.5x1x
Wed, 26 Feb 2025R564.8bR499.5bR42.9b12.4x13.2x1.1x
Fri, 24 Jan 2025R528.4bR499.5bR42.9b12.8x12.3x1.1x
Sun, 22 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Tue, 19 Nov 2024R550.8bR499.5bR42.9b12.5x12.8x1.1x
Thu, 17 Oct 2024R530.1bR499.5bR42.9b12.5x12.3x1.1x
Sat, 14 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Mon, 12 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Wed, 10 Jul 2024R460.4bR587.7bR34.6b14.6x13.3x0.8x
Fri, 07 Jun 2024R392.0bR587.7bR34.6b12.6x11.3x0.7x
Sun, 05 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Tue, 02 Apr 2024R403.0bR587.7bR34.6b12.3x11.6x0.7x
Thu, 29 Feb 2024R422.8bR560.1bR33.8b12.4x12.5x0.8x
Sat, 27 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Mon, 25 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Wed, 22 Nov 2023R423.0bR560.1bR33.8b11.6x12.5x0.8x
Fri, 20 Oct 2023R406.0bR560.1bR33.8b11.2x12x0.7x
Sun, 17 Sep 2023R418.8bR531.4bR34.1b12.7x12.3x0.8x
Tue, 15 Aug 2023R422.7bR386.2bR33.7b12.6x12.6x1.1x
Price to Earnings Ratio

12.6x


Total Market Cap: R422.7bTotal 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
SLM SanlamR89.191.5%
+R2.7b		3.9%PE11.7x
MTM Momentum GroupR41.932.7%
+R1.4b		20.4%PE8.9x
DSY DiscoveryR264.070.7%
+R1.3b		23.9%PE16.8x
SNT SantamR409.001.2%
+R546.2m		-5.5%PE11x
OUT OUTsurance GroupR82.680.1%
+R123.8m		9.1%PE25.6x

Latest News

DSY
R264.07
Discovery
7D
0.7%
1Y
23.9%
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
0.1%
1Y
9.1%
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
2.7%
1Y
20.4%
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
1.2%
1Y
-5.5%
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
1.5%
1Y
3.9%
OMU
R13.11
Old Mutual
7D
-1.9%
1Y
6.6%