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South African (JSE) Insurance Industry Analysis

UpdatedFeb 03, 2026
DataAggregated Company Financials
Companies7
  • 7D2.2%
  • 3M10.9%
  • 1Y26.8%
  • YTD4.0%

In the last week, the Insurance industry is up 2.2%, with Discovery up 4.3%. This means that the industry has gained 27% over the past year. Earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Feb 2026R661.9bR582.0bR51.2b11.1x12.9x1.1x
Thu, 01 Jan 2026R636.7bR582.0bR51.2b10.5x12.4x1.1x
Sat, 29 Nov 2025R610.0bR582.0bR51.2b9.8x11.9x1x
Mon, 27 Oct 2025R615.0bR582.0bR51.2b10x12x1.1x
Wed, 24 Sep 2025R577.8bR582.0bR51.2b9.1x11.3x1x
Fri, 22 Aug 2025R595.6bR538.6bR48.6b9.7x12.3x1.1x
Sun, 20 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Tue, 17 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Thu, 15 May 2025R584.1bR538.6bR48.6b9.6x12x1.1x
Sat, 12 Apr 2025R510.5bR538.6bR48.6b8.3x10.5x0.9x
Mon, 10 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Wed, 05 Feb 2025R520.9bR499.5bR42.9b12.5x12.1x1x
Fri, 03 Jan 2025R552.4bR499.5bR42.9b12.7x12.9x1.1x
Sun, 01 Dec 2024R552.6bR499.5bR42.9b14.2x12.9x1.1x
Tue, 29 Oct 2024R535.5bR499.5bR42.9b12.2x12.5x1.1x
Thu, 26 Sep 2024R529.3bR568.8bR42.7b12.9x12.4x0.9x
Sat, 24 Aug 2024R488.3bR587.7bR34.6b15.2x14.1x0.8x
Mon, 22 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Wed, 19 Jun 2024R455.1bR587.7bR34.6b13.8x13.1x0.8x
Fri, 17 May 2024R410.2bR587.7bR34.6b13x11.8x0.7x
Sun, 14 Apr 2024R376.9bR587.7bR34.6b11.3x10.9x0.6x
Tue, 12 Mar 2024R426.5bR598.6bR33.9b13.2x12.6x0.7x
Thu, 08 Feb 2024R430.0bR560.1bR33.8b12.4x12.7x0.8x
Sat, 06 Jan 2024R427.3bR560.1bR33.8b11.8x12.7x0.8x
Mon, 04 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Wed, 01 Nov 2023R401.0bR560.1bR33.8b11.3x11.9x0.7x
Fri, 29 Sep 2023R419.3bR550.6bR34.2b12.4x12.2x0.8x
Sun, 27 Aug 2023R418.0bR386.2bR33.7b12.6x12.4x1.1x
Tue, 25 Jul 2023R412.7bR386.2bR33.7b12.3x12.3x1.1x
Thu, 22 Jun 2023R388.6bR386.2bR33.7b11.1x11.5x1x
Sat, 20 May 2023R352.1bR386.2bR33.7b9.6x10.5x0.9x
Mon, 17 Apr 2023R377.5bR386.2bR33.7b10.4x11.2x1x
Wed, 15 Mar 2023R381.3bR412.8bR34.2b10.4x11.1x0.9x
Fri, 10 Feb 2023R388.6bR463.2bR33.4b10.5x11.6x0.8x
Price to Earnings Ratio

11.6x


Total Market Cap: R388.6bTotal 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 Market-3.78%
Financials2.53%
Insurance2.21%
Property and Casualty Insurance3.22%
Life and Health Insurance1.89%
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 9.0% 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 DiscoveryR238.144.3%
+R6.5b		33.6%PE17x
OUT OUTsurance GroupR72.813.0%
+R3.3b		13.8%PE23.9x
OMU Old MutualR15.642.9%
+R1.9b		28.4%PE10.2x
SNT SantamR440.613.7%
+R1.8b		20.4%PE12.4x
SLM SanlamR104.390.5%
+R1.1b		29.5%PE11.1x

Latest News

DSY
R238.14
Discovery
7D
4.3%
1Y
33.6%

DSY: Refined Assumptions And Stable Margins Will Support Future Shareholder Value

Analysts have raised their price target on Discovery to US$255.79 from US$245.50, citing updated assumptions around a slightly lower expected revenue decline, a modest shift in profit margin expectations, and a small adjustment to the future P/E multiple and discount rate. Valuation Changes Fair Value: updated from US$245.50 to US$255.79, representing a modest upward adjustment to the target estimate.
MTM
R38.57
Momentum Group
7D
0.1%
1Y
33.8%

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
R72.81
OUTsurance Group
7D
3.0%
1Y
13.8%
OMU
R15.64
Old Mutual
7D
2.9%
1Y
28.4%

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
R104.39
Sanlam
7D
0.5%
1Y
29.5%

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
R440.61
Santam
7D
3.7%
1Y
20.4%
CLI
R14.44
Clientèle
7D
-3.7%
1Y
16.9%