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South African (JSE) Insurance Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies7
  • 7D1.0%
  • 3M10.1%
  • 1Y12.4%
  • YTD14.7%

Over the last 7 days, the Insurance industry has remained flat, although notably Momentum Group gained 3.3%. The past year has been better, since the industry has gained 13% in that time. Looking forward, 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
Wed, 24 Dec 2025R636.0bR582.0bR51.2b10.5x12.4x1.1x
Fri, 21 Nov 2025R622.1bR582.0bR51.2b10x12.2x1.1x
Sun, 19 Oct 2025R593.6bR582.0bR51.2b9.5x11.6x1x
Tue, 16 Sep 2025R595.7bR580.3bR50.2b9.2x11.9x1x
Thu, 14 Aug 2025R595.4bR538.6bR48.6b9.7x12.3x1.1x
Sat, 12 Jul 2025R593.7bR538.6bR48.6b9.7x12.2x1.1x
Mon, 09 Jun 2025R609.1bR538.6bR48.6b10x12.5x1.1x
Wed, 07 May 2025R575.3bR538.6bR48.6b9.2x11.8x1.1x
Fri, 04 Apr 2025R517.9bR538.6bR48.6b8.1x10.7x1x
Sun, 02 Mar 2025R570.4bR499.5bR42.9b12.6x13.3x1.1x
Tue, 28 Jan 2025R521.5bR499.5bR42.9b12.9x12.1x1x
Thu, 26 Dec 2024R563.7bR499.5bR42.9b12.2x13.1x1.1x
Sat, 23 Nov 2024R562.6bR499.5bR42.9b12.5x13.1x1.1x
Mon, 21 Oct 2024R538.2bR499.5bR42.9b12.5x12.5x1.1x
Wed, 18 Sep 2024R506.8bR581.4bR40.8b10.8x12.4x0.9x
Fri, 16 Aug 2024R474.1bR587.7bR34.6b14.8x13.7x0.8x
Sun, 14 Jul 2024R459.3bR587.7bR34.6b14.6x13.3x0.8x
Tue, 11 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Thu, 09 May 2024R398.6bR587.7bR34.6b12.4x11.5x0.7x
Sat, 06 Apr 2024R389.3bR587.7bR34.6b11.5x11.2x0.7x
Mon, 04 Mar 2024R432.0bR573.9bR33.6b13.5x12.9x0.8x
Wed, 31 Jan 2024R426.9bR560.1bR33.8b11.9x12.6x0.8x
Fri, 29 Dec 2023R436.3bR560.1bR33.8b12x12.9x0.8x
Sun, 26 Nov 2023R426.0bR560.1bR33.8b11.7x12.6x0.8x
Tue, 24 Oct 2023R402.5bR560.1bR33.8b11.2x11.9x0.7x
Thu, 21 Sep 2023R431.5bR531.5bR34.1b12.6x12.6x0.8x
Sat, 19 Aug 2023R407.3bR386.2bR33.7b12.1x12.1x1.1x
Mon, 17 Jul 2023R407.4bR386.2bR33.7b12.2x12.1x1.1x
Wed, 14 Jun 2023R384.7bR386.2bR33.7b11x11.4x1x
Fri, 12 May 2023R347.0bR386.2bR33.7b9.4x10.3x0.9x
Sun, 09 Apr 2023R383.5bR386.2bR33.7b10.3x11.4x1x
Tue, 07 Mar 2023R398.1bR464.8bR32.8b10.6x12.2x0.9x
Thu, 02 Feb 2023R388.5bR463.2bR33.4b10.4x11.6x0.8x
Sat, 31 Dec 2022R337.8bR463.2bR33.4b8.7x10.1x0.7x
Price to Earnings Ratio

10.1x


Total Market Cap: R337.8bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.1x202320242025
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 0.93x 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 Market3.47%
Financials1.91%
Insurance1.01%
Property and Casualty Insurance1.68%
Life and Health Insurance0.79%
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 18.1x.
    • Analysts are expecting annual earnings growth of 10.7%, 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
MTM Momentum GroupR38.003.3%
+R1.6b		23.9%PE8.4x
OMU Old MutualR14.722.4%
+R1.5b		15.9%PE9.6x
SLM SanlamR98.610.7%
+R1.4b		12.4%PE10.5x
OUT OUTsurance GroupR72.041.3%
+R1.4b		3.5%PE23.7x
SNT SantamR428.842.7%
+R1.3b		12.6%PE12.1x

Latest News

DSY
R226.91
Discovery
7D
-0.4%
1Y
14.5%
MTM
R38.00
Momentum Group
7D
3.3%
1Y
23.9%

Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price

Dec 19
Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price
SNT
R428.84
Santam
7D
2.7%
1Y
12.6%

Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)

Dec 19
Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)
OUT
R72.04
OUTsurance Group
7D
1.3%
1Y
3.5%

OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk

Dec 10
OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk
OMU
R14.72
Old Mutual
7D
2.4%
1Y
15.9%
SLM
R98.61
Sanlam
7D
0.7%
1Y
12.4%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.
CLI
R13.70
Clientèle
7D
-2.1%
1Y
14.2%