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South African (JSE) Insurance Industry Analysis

UpdatedMay 29, 2026
DataAggregated Company Financials
Companies7
  • 7D1.3%
  • 3M-9.0%
  • 1Y5.3%
  • YTD-1.5%

In the last week, the Insurance industry is up 1.3%, with Discovery leading the way, up 2.4%. This means that the industry has gained 5.3% over the past year. 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, 29 May 2026R625.3bR625.3bR50.9b10.7x12.3x1x
Sun, 26 Apr 2026R620.0bR625.3bR50.9b10.9x12.2x1x
Tue, 24 Mar 2026R611.0bR625.4bR50.9b10.7x12x1x
Thu, 19 Feb 2026R678.0bR582.0bR51.2b11.3x13.2x1.2x
Sat, 17 Jan 2026R634.3bR582.0bR51.2b10.6x12.4x1.1x
Mon, 15 Dec 2025R621.6bR582.0bR51.2b10.2x12.1x1.1x
Wed, 12 Nov 2025R607.1bR582.0bR51.2b9.8x11.9x1x
Fri, 10 Oct 2025R585.3bR582.0bR51.2b9.3x11.4x1x
Sun, 07 Sep 2025R586.8bR568.2bR49.5b8.9x11.8x1x
Tue, 05 Aug 2025R586.4bR538.6bR48.6b9.4x12.1x1.1x
Thu, 03 Jul 2025R595.8bR538.6bR48.6b9.7x12.3x1.1x
Sat, 31 May 2025R595.5bR538.6bR48.6b9.7x12.3x1.1x
Mon, 28 Apr 2025R562.7bR538.6bR48.6b9.1x11.6x1x
Wed, 26 Mar 2025R563.8bR538.6bR48.6b9.4x11.6x1x
Fri, 21 Feb 2025R559.7bR499.5bR42.9b12.6x13x1.1x
Sun, 19 Jan 2025R548.0bR499.5bR42.9b13.2x12.8x1.1x
Tue, 17 Dec 2024R568.6bR499.5bR42.9b13x13.2x1.1x
Thu, 14 Nov 2024R541.6bR499.5bR42.9b12.7x12.6x1.1x
Sat, 12 Oct 2024R530.0bR499.5bR42.9b12.3x12.3x1.1x
Mon, 09 Sep 2024R487.1bR577.1bR40.1b10.4x12.1x0.8x
Wed, 07 Aug 2024R445.5bR587.7bR34.6b13.7x12.9x0.8x
Fri, 05 Jul 2024R463.9bR587.7bR34.6b14.8x13.4x0.8x
Sun, 02 Jun 2024R392.2bR587.7bR34.6b12.6x11.3x0.7x
Tue, 30 Apr 2024R389.3bR587.7bR34.6b11.9x11.2x0.7x
Thu, 28 Mar 2024R406.9bR599.8bR34.4b12.5x11.8x0.7x
Sat, 24 Feb 2024R430.2bR560.1bR33.8b12.5x12.7x0.8x
Mon, 22 Jan 2024R421.9bR560.1bR33.8b11.8x12.5x0.8x
Wed, 20 Dec 2023R415.7bR560.1bR33.8b11.5x12.3x0.7x
Fri, 17 Nov 2023R428.5bR560.1bR33.8b11.4x12.7x0.8x
Sun, 15 Oct 2023R416.1bR560.1bR33.8b11.7x12.3x0.7x
Tue, 12 Sep 2023R425.2bR464.0bR34.5b12.7x12.3x0.9x
Thu, 10 Aug 2023R421.7bR386.2bR33.7b12.6x12.5x1.1x
Sat, 08 Jul 2023R392.1bR386.2bR33.7b11.6x11.6x1x
Mon, 05 Jun 2023R358.2bR386.2bR33.7b9.9x10.6x0.9x
Price to Earnings Ratio

10.6x


Total Market Cap: R358.2bTotal 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 0.95x.
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 Market1.82%
Financials1.56%
Insurance1.30%
Life and Health Insurance1.48%
Property and Casualty Insurance0.74%
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 DiscoveryR274.502.4%
+R4.3b		25.9%PE17.4x
SLM SanlamR86.302.1%
+R3.7b		-2.6%PE11.3x
OUT OUTsurance GroupR71.141.1%
+R1.2b		-6.3%PE22x
CLI ClientèleR19.451.2%
+R108.8m		73.7%PE10.7x

Latest News

SLM
R86.30
Sanlam
7D
2.1%
1Y
-2.6%
MTM
R36.27
Momentum Group
7D
-1.3%
1Y
3.9%
SNT
R378.96
Santam
7D
-0.3%
1Y
-9.8%
Analysis Article • May 21

Santam (JSE:SNT) Ticks All The Boxes When It Comes To Earnings Growth

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
OUT
R71.14
OUTsurance Group
7D
1.1%
1Y
-6.3%
Narrative Update • May 12

OUT: Dividends And CFO Transition Will Support A Stronger Future Earnings Profile

OUTsurance Group’s latest analyst price target has been adjusted slightly, reflecting modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that keep estimated fair value broadly steady at about ZAR85.56 per share, according to analysts. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group and will remain through 2 October 2026 to support an orderly handover and the completion of the 30 June 2026 financial year end process (company announcement).
CLI
R19.45
Clientèle
7D
1.2%
1Y
73.7%
OMU
R12.86
Old Mutual
7D
-1.2%
1Y
10.2%
DSY
R274.50
Discovery
7D
2.4%
1Y
25.9%
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.