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South African (JSE) Insurance Industry Analysis

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies7
  • 7D1.6%
  • 3M7.3%
  • 1Y10.5%
  • YTD3.6%

All of the companies in the Insurance industry have been up over the last week, with the industry up 4.2%. In the last 12 months, the industry was up 12%. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Jun 2026R657.5bR625.3bR50.9b10.8x12.9x1.1x
Sun, 17 May 2026R616.0bR625.3bR50.9b10.6x12.1x1x
Tue, 14 Apr 2026R620.2bR625.3bR50.9b10.7x12.2x1x
Thu, 12 Mar 2026R646.4bR589.7bR52.3b10.2x12.4x1.1x
Sat, 07 Feb 2026R655.6bR582.0bR51.2b10.7x12.8x1.1x
Mon, 05 Jan 2026R637.5bR582.0bR51.2b10.6x12.5x1.1x
Wed, 03 Dec 2025R616.0bR582.0bR51.2b9.9x12x1.1x
Fri, 31 Oct 2025R606.7bR582.0bR51.2b9.7x11.9x1x
Sun, 28 Sep 2025R562.7bR582.0bR51.2b8.8x11x1x
Tue, 26 Aug 2025R605.4bR538.6bR48.6b9.9x12.5x1.1x
Thu, 24 Jul 2025R594.0bR538.6bR48.6b9.6x12.2x1.1x
Sat, 21 Jun 2025R596.8bR538.6bR48.6b9.7x12.3x1.1x
Mon, 19 May 2025R587.3bR538.6bR48.6b9.6x12.1x1.1x
Wed, 16 Apr 2025R537.1bR538.6bR48.6b8.8x11x1x
Fri, 14 Mar 2025R535.8bR531.2bR47.6b10x11.3x1x
Sun, 09 Feb 2025R538.6bR499.5bR42.9b13.2x12.5x1.1x
Tue, 07 Jan 2025R554.8bR499.5bR42.9b12.1x12.9x1.1x
Thu, 05 Dec 2024R562.9bR499.5bR42.9b13.2x13.1x1.1x
Sat, 02 Nov 2024R533.0bR499.5bR42.9b12.4x12.4x1.1x
Mon, 30 Sep 2024R540.5bR499.5bR42.9b12.7x12.6x1.1x
Wed, 28 Aug 2024R486.5bR587.7bR34.6b15.2x14x0.8x
Fri, 26 Jul 2024R447.8bR587.7bR34.6b13.9x12.9x0.8x
Sun, 23 Jun 2024R450.1bR587.7bR34.6b14x13x0.8x
Tue, 21 May 2024R414.0bR587.7bR34.6b13.2x12x0.7x
Thu, 18 Apr 2024R374.2bR587.7bR34.6b11.4x10.8x0.6x
Sat, 16 Mar 2024R411.0bR591.7bR33.9b12.6x12.1x0.7x
Mon, 12 Feb 2024R423.3bR560.1bR33.8b12.3x12.5x0.8x
Wed, 10 Jan 2024R425.0bR560.1bR33.8b11.8x12.6x0.8x
Fri, 08 Dec 2023R414.2bR560.1bR33.8b11.6x12.3x0.7x
Sun, 05 Nov 2023R421.6bR560.1bR33.8b11.8x12.5x0.8x
Tue, 03 Oct 2023R414.4bR560.1bR33.8b12.3x12.3x0.7x
Thu, 31 Aug 2023R424.4bR386.2bR33.7b12.8x12.6x1.1x
Sat, 29 Jul 2023R426.7bR386.2bR33.7b12.8x12.7x1.1x
Mon, 26 Jun 2023R385.4bR386.2bR33.7b11.2x11.4x1x
Price to Earnings Ratio

11.4x


Total Market Cap: R385.4bTotal 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 3-year average PS ratio of 0.95x 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 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 Market2.11%
Financials3.26%
Insurance1.64%
Property and Casualty Insurance3.11%
Life and Health Insurance1.17%
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 18.5x.
    • 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 Life and Health Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings growth rate of 9.6% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 12% 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
OUT OUTsurance GroupR76.673.9%
+R4.4b		-3.5%PE23.8x
SLM SanlamR89.822.0%
+R3.7b		2.0%PE11.8x
MTM Momentum GroupR40.573.9%
+R1.9b		19.8%PE8.6x
OMU Old MutualR13.650.9%
+R501.2m		15.8%PE6.8x
SNT SantamR397.481.0%
+R450.1m		-4.7%PE10.7x

Latest News

DSY
R282.52
Discovery
7D
-0.2%
1Y
31.3%
Narrative Update • Jun 16

DSY: Stable Outlook Will Rely On Unchanged Assumptions For Future Upside Potential

The latest Discovery price target remains steady at ZAR301.19, as analysts cite unchanged fair value, discount rate, revenue growth, profit margin and future P/E assumptions in their updated models. What’s in the News for Discovery No recent Discovery news items are available from the provided primary sources.
SLM
R89.82
Sanlam
7D
2.0%
1Y
2.0%
MTM
R40.57
Momentum Group
7D
3.9%
1Y
19.8%
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.
SNT
R397.48
Santam
7D
1.0%
1Y
-4.7%
OUT
R76.67
OUTsurance Group
7D
3.9%
1Y
-3.5%
Narrative Update • Jun 08

OUT: Dividends Will Support A Stronger Future Earnings Profile

Analysts have made a small upward adjustment to the OUTsurance Group price target to ZAR86.26, reflecting refreshed assumptions around fair value and forward P/E, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group to join a new fintech venture, with his notice period running to 2 October 2026, according to a company announcement.
OMU
R13.65
Old Mutual
7D
0.9%
1Y
15.8%
CLI
R19.60
Clientèle
7D
-0.9%
1Y
63.3%