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South African (JSE) Insurance Industry Analysis

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies6
  • 7D-2.5%
  • 3M0.3%
  • 1Y5.6%
  • YTD-1.1%

Over the last 7 days, the Insurance industry has dropped 2.5%, driven by a pullback from Discovery of 4.8%. In the past year, the industry has gained 5.6%. Looking forward, earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Jul 2026R621.6bR620.3bR50.0b11x12.4x1x
Sat, 06 Jun 2026R611.9bR625.3bR50.9b10.7x12x1x
Mon, 04 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Wed, 01 Apr 2026R614.9bR625.3bR50.9b10.5x12.1x1x
Fri, 27 Feb 2026R691.5bR582.0bR51.2b11.4x13.5x1.2x
Sun, 25 Jan 2026R644.4bR582.0bR51.2b10.9x12.6x1.1x
Tue, 23 Dec 2025R632.8bR582.0bR51.2b10.4x12.4x1.1x
Thu, 20 Nov 2025R622.1bR582.0bR51.2b10x12.2x1.1x
Sat, 18 Oct 2025R593.6bR582.0bR51.2b9.5x11.6x1x
Mon, 15 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Wed, 13 Aug 2025R591.7bR538.6bR48.6b9.5x12.2x1.1x
Fri, 11 Jul 2025R593.7bR538.6bR48.6b9.7x12.2x1.1x
Sun, 08 Jun 2025R609.1bR538.6bR48.6b10x12.5x1.1x
Tue, 06 May 2025R581.1bR538.6bR48.6b9.4x12x1.1x
Thu, 03 Apr 2025R545.2bR538.6bR48.6b8.5x11.2x1x
Sat, 01 Mar 2025R576.4bR499.5bR42.9b12.6x13.4x1.2x
Mon, 27 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Wed, 25 Dec 2024R563.7bR499.5bR42.9b12.2x13.1x1.1x
Fri, 22 Nov 2024R561.9bR499.5bR42.9b12.5x13.1x1.1x
Sun, 20 Oct 2024R538.2bR499.5bR42.9b12.5x12.5x1.1x
Tue, 17 Sep 2024R494.1bR577.1bR40.1b10.6x12.3x0.9x
Thu, 15 Aug 2024R468.4bR587.7bR34.6b14.6x13.5x0.8x
Sat, 13 Jul 2024R459.3bR587.7bR34.6b14.6x13.3x0.8x
Mon, 10 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Wed, 08 May 2024R396.3bR587.7bR34.6b12.3x11.4x0.7x
Fri, 05 Apr 2024R393.1bR587.7bR34.6b11.7x11.3x0.7x
Sun, 03 Mar 2024R432.0bR573.9bR33.6b13.5x12.9x0.8x
Tue, 30 Jan 2024R422.7bR560.1bR33.8b11.7x12.5x0.8x
Thu, 28 Dec 2023R434.5bR560.1bR33.8b11.9x12.9x0.8x
Sat, 25 Nov 2023R426.0bR560.1bR33.8b11.7x12.6x0.8x
Mon, 23 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Wed, 20 Sep 2023R424.2bR531.5bR34.1b12.7x12.4x0.8x
Fri, 18 Aug 2023R414.7bR386.2bR33.7b12.4x12.3x1.1x
Sun, 16 Jul 2023R407.4bR386.2bR33.7b12.2x12.1x1.1x
Price to Earnings Ratio

12.1x


Total Market Cap: R407.4bTotal 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 industry is trading close to its 3-year average PS ratio of 0.96x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 14% 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 Market-1.72%
Financials-1.65%
Insurance-2.49%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-0.68%
Life and Health Insurance-3.13%
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 11.8%, 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 Property and Casualty Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 11% 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 GroupR39.840.8%
+R383.3m		18.5%PE8.4x
OUT OUTsurance GroupR79.410.3%
+R340.5m		2.2%PE24.6x
SNT SantamR392.400.2%
+R79.7m		-9.9%PE10.6x

Latest News

DSY
R256.58
Discovery
7D
-4.2%
1Y
19.1%
SNT
R392.40
Santam
7D
0.2%
1Y
-9.9%
Narrative Update • Jun 26

None

The analyst price target for Santam has been revised from ZAR573.53 to ZAR520.83, with analysts citing updated assumptions on revenue growth, profit margins, and forward P/E as key drivers of the change. What’s in the News for Santam No recent Santam company specific news items were provided in the primary sources.
OUT
R79.41
OUTsurance Group
7D
0.3%
1Y
2.2%
Narrative Update • Jun 22

OUT: Stable Leadership Transition Will Support Future Earnings And Dividend Strength

Analysts have made only marginal adjustments to their valuation inputs for OUTsurance Group, leaving the implied fair value effectively unchanged around ZAR86.26. A largely stable discount rate, revenue growth outlook, profit margin assumptions and future P/E of about 29.16x underpin the steady price target view.
SLM
R88.25
Sanlam
7D
-0.5%
1Y
0.4%
MTM
R39.84
Momentum Group
7D
0.8%
1Y
18.5%
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.
OMU
R13.11
Old Mutual
7D
-2.5%
1Y
10.9%