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South African (JSE) Insurance Industry Analysis

UpdatedJan 30, 2026
DataAggregated Company Financials
Companies7
  • 7D1.4%
  • 3M8.8%
  • 1Y24.2%
  • YTD2.9%

Over the last 7 days, the Insurance industry has risen 1.4%, driven by gains from every company within the industry. This takes the industry's 12 month performance to a gain of 24%. Looking forward, earnings are forecast to grow by 9.3% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 30 Jan 2026R655.0bR582.0bR51.2b11.1x12.8x1.1x
Sun, 28 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Tue, 25 Nov 2025R612.6bR582.0bR51.2b9.8x12x1.1x
Thu, 23 Oct 2025R612.9bR582.0bR51.2b9.9x12x1.1x
Sat, 20 Sep 2025R588.0bR582.2bR51.2b9.2x11.5x1x
Mon, 18 Aug 2025R594.1bR538.6bR48.6b9.7x12.2x1.1x
Wed, 16 Jul 2025R581.7bR538.6bR48.6b9.4x12x1.1x
Fri, 13 Jun 2025R609.8bR538.6bR48.6b9.8x12.5x1.1x
Sun, 11 May 2025R582.7bR538.6bR48.6b9.4x12x1.1x
Tue, 08 Apr 2025R496.5bR538.6bR48.6b7.9x10.2x0.9x
Thu, 06 Mar 2025R556.6bR507.0bR44.7b12.3x12.5x1.1x
Sat, 01 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Mon, 30 Dec 2024R555.0bR499.5bR42.9b12.2x12.9x1.1x
Wed, 27 Nov 2024R559.7bR499.5bR42.9b13.3x13x1.1x
Fri, 25 Oct 2024R528.3bR499.5bR42.9b12.1x12.3x1.1x
Sun, 22 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Tue, 20 Aug 2024R483.6bR587.7bR34.6b15.1x14x0.8x
Thu, 18 Jul 2024R451.1bR587.7bR34.6b14.2x13x0.8x
Sat, 15 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Mon, 13 May 2024R401.8bR587.7bR34.6b12.6x11.6x0.7x
Wed, 10 Apr 2024R394.0bR587.7bR34.6b11.9x11.4x0.7x
Fri, 08 Mar 2024R424.4bR573.3bR33.6b13.5x12.6x0.7x
Sun, 04 Feb 2024R424.8bR560.1bR33.8b11.9x12.6x0.8x
Tue, 02 Jan 2024R437.8bR560.1bR33.8b11.8x13x0.8x
Thu, 30 Nov 2023R414.2bR560.1bR33.8b11.8x12.3x0.7x
Sat, 28 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Mon, 25 Sep 2023R426.5bR550.6bR34.2b12.3x12.5x0.8x
Wed, 23 Aug 2023R409.5bR386.2bR33.7b12.3x12.2x1.1x
Fri, 21 Jul 2023R413.6bR386.2bR33.7b12.4x12.3x1.1x
Sun, 18 Jun 2023R391.4bR386.2bR33.7b11.1x11.6x1x
Tue, 16 May 2023R352.9bR386.2bR33.7b9.7x10.5x0.9x
Thu, 13 Apr 2023R377.0bR386.2bR33.7b10.4x11.2x1x
Sat, 11 Mar 2023R393.0bR412.8bR34.2b10.9x11.5x1x
Mon, 06 Feb 2023R390.0bR463.2bR33.4b10.6x11.7x0.8x
Price to Earnings Ratio

11.7x


Total Market Cap: R390.0bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.1x202420252026
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 12.1x.
  • The 3-year average PS ratio of 0.94x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 15% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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 Market2.61%
Financials0.78%
Insurance1.43%
Life and Health Insurance1.56%
Property and Casualty Insurance1.03%
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 18.3x.
    • Analysts are expecting annual earnings growth of 10.6%, which is lower than the prior year's growth of 25.1% 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 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 25% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 8.9% 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 SanlamR104.411.5%
+R3.3b		28.1%PE11.1x
DSY DiscoveryR234.001.4%
+R2.2b		29.1%PE16.7x
OMU Old MutualR15.703.0%
+R1.9b		27.5%PE10.3x
OUT OUTsurance GroupR70.841.2%
+R1.3b		10.5%PE23.3x
SNT SantamR432.000.7%
+R322.9m		17.1%PE12.2x

Latest News

DSY
R234.00
Discovery
7D
1.4%
1Y
29.1%

Aging Populations And AI Investment Will Shape Health Insurance Margins Over Time

Catalysts About Discovery Discovery operates insurance, health, banking and wellness businesses, primarily in South Africa and through its Vitality platform globally. What are the underlying business or industry changes driving this perspective?
MTM
R38.10
Momentum Group
7D
0.03%
1Y
30.4%

MTM: Fair Pricing Outlook Will Depend On Stable Margins And Lower P/E Expectations

Analysts have updated their price targets for Momentum Group in line with revised valuation work, which keeps fair value estimates broadly unchanged while slightly adjusting future P/E assumptions. This reflects a reassessment of how the market may be willing to price the company’s earnings over time.
OUT
R70.84
OUTsurance Group
7D
1.2%
1Y
10.5%
OMU
R15.70
Old Mutual
7D
3.0%
1Y
27.5%

Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking

Jan 23
Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking
SLM
R104.41
Sanlam
7D
1.5%
1Y
28.1%

What Sanlam Limited's (JSE:SLM) P/E Is Not Telling You

Jan 20
What Sanlam Limited's (JSE:SLM) P/E Is Not Telling You
SNT
R432.00
Santam
7D
0.7%
1Y
17.1%
CLI
R14.70
Clientèle
7D
2.9%
1Y
19.8%