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South African (JSE) Insurance Industry Analysis

UpdatedMay 07, 2026
DataAggregated Company Financials
Companies7
  • 7D2.4%
  • 3M-3.0%
  • 1Y11.4%
  • YTD-0.06%

In the last week, the Insurance industry is up 2.4%, with Discovery up 5.8%. In the last 12 months, the industry was up 11%. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 09 May 2026R631.3bR625.3bR50.9b10.7x12.4x1x
Mon, 06 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Wed, 04 Mar 2026R657.9bR582.0bR51.2b10.6x12.9x1.1x
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
Price to Earnings Ratio

10.5x


Total Market Cap: R352.9bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.2x202420252026
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 12.2x.
  • 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 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 Market3.56%
Financials0.73%
Insurance2.43%
Life and Health Insurance2.69%
Property and Casualty Insurance1.63%
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 11.6%, 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
DSY DiscoveryR273.505.8%
+R10.1b		32.3%PE17.4x
SLM SanlamR86.561.2%
+R2.1b		1.6%PE11.3x
MTM Momentum GroupR38.311.2%
+R587.7m		12.9%PE8.1x
CLI ClientèleR19.303.8%
+R317.3m		67.8%PE10.7x
OUT OUTsurance GroupR70.850.1%
+R123.8m		-8.0%PE22x

Latest News

SNT
R396.55
Santam
7D
-0.6%
1Y
-5.3%
MTM
R38.31
Momentum Group
7D
1.2%
1Y
12.9%
Narrative Update • May 02

MTM: Index Inclusion And Dividend Policy Will Support Future P E Rerating

Analysts have nudged their price target for Momentum Group slightly higher to ZAR44.09 from ZAR43.89, citing small refinements to assumptions for fair value, profit margin and forward P/E. What's in the News Momentum Group Limited (JSE: MTM) has been added to the FTSE All-World Index (USD), which can affect how index-tracking funds and benchmarks reference the share (Key Developments).
CLI
R19.30
Clientèle
7D
3.8%
1Y
67.8%
OMU
R13.35
Old Mutual
7D
-1.8%
1Y
10.7%
OUT
R70.85
OUTsurance Group
7D
0.1%
1Y
-8.0%
Narrative Update • Apr 26

OUT: Special And Interim Dividends Will Support A Higher Future Earnings Profile

Analysts have kept their fair value and key assumptions for OUTsurance Group broadly unchanged, and the implied price target remains steady at about ZAR85.56 as updated models reflect only minor tweaks to revenue growth, profit margin and future P/E inputs. What's in the News A special dividend of ZAR0.303 per ordinary share was declared on 10 March 2026 for the six months ended 31 December 2025.
DSY
R273.50
Discovery
7D
5.8%
1Y
32.3%
Narrative Update • Apr 26

DSY: Interim Dividend And Strong Earnings Guidance Will Support Future Upside

Analysts have adjusted the price target for Discovery slightly higher to about ZAR299.05 from ZAR298.48. This reflects updated assumptions around fair value, profit margins and the future P/E multiple.
SLM
R86.56
Sanlam
7D
1.2%
1Y
1.6%