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South African (JSE) Insurance Industry Analysis

UpdatedSep 11, 2026
DataAggregated Company Financials
Companies6
  • 7D-3.9%
  • 3M-3.3%
  • 1Y6.6%
  • YTD-1.8%

Over the last 7 days, the Insurance industry has dropped 3.9%, driven by a pullback from Sanlam of 5.7%. Over the past 12 months, the industry was up 6.6%. Looking forward, earnings are forecast to grow by 10% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 11 Sep 2026R614.9bR611.3bR52.4b10.5x11.7x1x
Sun, 09 Aug 2026R645.0bR620.3bR50.0b11.3x12.9x1x
Tue, 07 Jul 2026R642.9bR620.3bR50.0b11.3x12.8x1x
Thu, 04 Jun 2026R606.9bR625.3bR50.9b10.7x11.9x1x
Sat, 02 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Mon, 30 Mar 2026R619.8bR625.3bR50.9b10.7x12.2x1x
Wed, 25 Feb 2026R680.9bR582.0bR51.2b11.4x13.3x1.2x
Fri, 23 Jan 2026R646.8bR582.0bR51.2b11x12.6x1.1x
Sun, 21 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Tue, 18 Nov 2025R631.4bR582.0bR51.2b10.2x12.3x1.1x
Thu, 16 Oct 2025R600.0bR582.0bR51.2b9.6x11.7x1x
Sat, 13 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Mon, 11 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Wed, 09 Jul 2025R603.3bR538.6bR48.6b9.7x12.4x1.1x
Fri, 06 Jun 2025R603.6bR538.6bR48.6b9.8x12.4x1.1x
Sun, 04 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Tue, 01 Apr 2025R552.2bR538.6bR48.6b9.1x11.4x1x
Thu, 27 Feb 2025R578.0bR499.5bR42.9b12.4x13.5x1.2x
Sat, 25 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Mon, 23 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Wed, 20 Nov 2024R552.3bR499.5bR42.9b12.8x12.9x1.1x
Fri, 18 Oct 2024R533.3bR499.5bR42.9b12.5x12.4x1.1x
Sun, 15 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Tue, 13 Aug 2024R453.9bR587.7bR34.6b14x13.1x0.8x
Thu, 11 Jul 2024R455.4bR587.7bR34.6b14.5x13.1x0.8x
Sat, 08 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Mon, 06 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Wed, 03 Apr 2024R398.0bR587.7bR34.6b12.1x11.5x0.7x
Fri, 01 Mar 2024R429.5bR560.1bR33.8b12.5x12.7x0.8x
Sun, 28 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Tue, 26 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Thu, 23 Nov 2023R420.5bR560.1bR33.8b11.6x12.5x0.8x
Sat, 21 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Mon, 18 Sep 2023R418.8bR531.4bR34.1b12.7x12.3x0.8x
Price to Earnings Ratio

12.3x


Total Market Cap: R418.8bTotal Earnings: R34.1bTotal Revenue: R531.4bTotal 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 15% per year over the last three years.
  • Revenues for these companies have grown 4.8% 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-1.18%
Financials-2.53%
Insurance-3.89%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-3.64%
Property and Casualty Insurance-4.52%
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 8.4%, which is lower than the prior year's growth of 11.8% 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 Life and Health Insurance industry, expecting annual earnings growth of 10% over the next 5 years.
  • However this is lower than its past earnings growth rate of 23% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 8.4% 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
DSY DiscoveryR266.151.4%
+R2.5b		27.2%PE13.8x
OMU Old MutualR13.112.5%
+R1.3b		-4.9%PE6.4x

Latest News

OUT
R84.03
OUTsurance Group
7D
-3.8%
1Y
16.2%
SLM
R80.40
Sanlam
7D
-7.2%
1Y
-6.7%
SNT
R407.12
Santam
7D
-0.9%
1Y
-2.2%
Narrative Update • Sep 10

SNT: Higher Profitability Outlook Will Support A Stronger Future P/E

Analysts have lifted their price target for Santam from ZAR449.33 to ZAR471.81. They point to updated assumptions that include a slightly lower discount rate, a different revenue growth profile and a higher projected profit margin, alongside a broadly similar future P/E multiple.
OMU
R13.11
Old Mutual
7D
2.5%
1Y
-4.9%
DSY
R266.15
Discovery
7D
1.4%
1Y
27.2%
Narrative Update • Sep 07

DSY: Earnings Guidance And Margin Outlook Will Support A Higher Future P/E

Analysts have raised their price target for Discovery to ZAR355.38 from ZAR340.82, reflecting updated assumptions on discount rates, revenue trends, profit margins and future P/E expectations. What's in the News for Discovery Discovery released earnings guidance for the year ending June 30, 2026, with basic earnings per share expected in a range of 1,893.0 cents to 1,963.1 cents, according to company guidance.
MTM
R38.82
Momentum Group
7D
-2.0%
1Y
14.5%
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...