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South African (JSE) Insurance Industry Analysis

UpdatedAug 15, 2025
DataAggregated Company Financials
Companies7
  • 7D1.0%
  • 3M1.4%
  • 1Y25.0%
  • YTD7.4%

Over the last 7 days, the Insurance industry has risen 1.0%, driven by gains from Sanlam of 2.6%. In the last 12 months, the industry was up 25%. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 16 Aug 2025R594.1bR538.6bR48.6b9.7x12.2x1.1x
Mon, 14 Jul 2025R584.0bR538.6bR48.6b9.5x12x1.1x
Wed, 11 Jun 2025R611.7bR538.6bR48.6b9.9x12.6x1.1x
Fri, 09 May 2025R571.4bR538.6bR48.6b9.2x11.8x1.1x
Sun, 06 Apr 2025R496.9bR538.6bR48.6b7.8x10.2x0.9x
Tue, 04 Mar 2025R567.6bR499.5bR42.9b13x13.2x1.1x
Thu, 30 Jan 2025R526.9bR499.5bR42.9b12.5x12.3x1.1x
Sat, 28 Dec 2024R555.0bR499.5bR42.9b12.2x12.9x1.1x
Mon, 25 Nov 2024R562.6bR499.5bR42.9b12.5x13.1x1.1x
Wed, 23 Oct 2024R526.8bR499.5bR42.9b12x12.3x1.1x
Fri, 20 Sep 2024R510.7bR581.8bR40.8b10.7x12.5x0.9x
Sun, 18 Aug 2024R481.3bR587.7bR34.6b15.1x13.9x0.8x
Tue, 16 Jul 2024R461.3bR587.7bR34.6b14.5x13.3x0.8x
Thu, 13 Jun 2024R399.0bR587.7bR34.6b12.7x11.5x0.7x
Sat, 11 May 2024R401.8bR587.7bR34.6b12.6x11.6x0.7x
Mon, 08 Apr 2024R389.3bR587.7bR34.6b11.5x11.2x0.7x
Wed, 06 Mar 2024R425.4bR573.3bR33.6b13.3x12.7x0.7x
Fri, 02 Feb 2024R430.5bR560.1bR33.8b12x12.7x0.8x
Sun, 31 Dec 2023R437.8bR560.1bR33.8b11.8x13x0.8x
Tue, 28 Nov 2023R422.0bR560.1bR33.8b11.7x12.5x0.8x
Thu, 26 Oct 2023R407.9bR560.1bR33.8b11.3x12.1x0.7x
Sat, 23 Sep 2023R426.5bR550.6bR34.3b12.3x12.4x0.8x
Mon, 21 Aug 2023R407.3bR386.2bR33.7b12.1x12.1x1.1x
Wed, 19 Jul 2023R410.9bR386.2bR33.7b12.3x12.2x1.1x
Fri, 16 Jun 2023R391.4bR386.2bR33.7b11.1x11.6x1x
Sun, 14 May 2023R354.8bR386.2bR33.7b9.7x10.5x0.9x
Tue, 11 Apr 2023R377.5bR386.2bR33.7b10.3x11.2x1x
Thu, 09 Mar 2023R394.4bR464.8bR32.8b10.5x12x0.8x
Sat, 04 Feb 2023R390.0bR463.2bR33.4b10.6x11.7x0.8x
Mon, 02 Jan 2023R337.8bR463.2bR33.4b8.7x10.1x0.7x
Wed, 30 Nov 2022R348.8bR463.2bR33.4b9.9x10.4x0.8x
Fri, 28 Oct 2022R333.3bR463.2bR33.4b9.5x10x0.7x
Sun, 25 Sep 2022R327.8bR462.0bR34.4b9.4x9.5x0.7x
Tue, 23 Aug 2022R358.9bR734.3bR26.3b12.5x13.6x0.5x
Price to Earnings Ratio

13.6x


Total Market Cap: R358.9bTotal Earnings: R26.3bTotal Revenue: R734.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 11.9x202320242025
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 11.9x.
  • The 3-year average PS ratio of 0.88x 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 23% per year over the last three years.
  • Meanwhile revenues for these companies have declined 9.8% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the South African Financials industry?

ZA Market1.80%
Financials3.74%
Insurance1.03%
Life and Health Insurance1.81%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-1.00%
Industry PE
  • Investors are most optimistic about the Property and Casualty Insurance industry which is trading above its 3-year average PE ratio of 17.3x.
    • Analysts are expecting annual earnings growth of 11.7%, which is lower than the prior year's growth of 33.9% 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 12% over the next 5 years.
  • However this is lower than its past earnings growth rate of 34% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 9.4% 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
SLM SanlamR88.092.6%
+R4.7b		3.9%PE9.7x
OMU Old MutualR12.652.8%
+R1.5b		2.9%PE7x
MTM Momentum GroupR35.913.1%
+R1.4b		31.3%PE9.1x
CLI ClientèleR12.991.7%
+R99.7m		14.4%PE6.8x

Latest News

OUT
R74.84
OUTsurance Group
7D
-1.3%
1Y
57.0%

OUTsurance Group Limited's (JSE:OUT) Share Price Not Quite Adding Up

Aug 11
OUTsurance Group Limited's (JSE:OUT) Share Price Not Quite Adding Up
SLM
R88.09
Sanlam
7D
2.6%
1Y
3.9%
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MTM
R35.91
Momentum Group
7D
3.1%
1Y
31.3%

Momentum Group Limited's (JSE:MTM) Business Is Trailing The Market But Its Shares Aren't

Aug 09
Momentum Group Limited's (JSE:MTM) Business Is Trailing The Market But Its Shares Aren't
DSY
R212.57
Discovery
7D
-0.3%
1Y
41.9%

Getting In Cheap On Discovery Limited (JSE:DSY) Is Unlikely

Aug 09
Getting In Cheap On Discovery Limited (JSE:DSY) Is Unlikely
SNT
R431.63
Santam
7D
-0.3%
1Y
22.0%

Do Santam's (JSE:SNT) Earnings Warrant Your Attention?

Aug 05
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OMU
R12.65
Old Mutual
7D
2.8%
1Y
2.9%
CLI
R12.99
Clientèle
7D
1.7%
1Y
14.4%