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South African (JSE) Insurance Industry Analysis

UpdatedMay 12, 2026
DataAggregated Company Financials
Companies7
  • 7D1.5%
  • 3M-4.5%
  • 1Y8.0%
  • YTD-0.8%

In the last week, the Insurance industry is up 1.5%, with Discovery up 4.8%. This means that the industry has gained 8.0% over the past year. 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
Tue, 12 May 2026R629.7bR625.3bR50.9b10.7x12.4x1x
Thu, 09 Apr 2026R629.3bR625.3bR50.9b11x12.4x1x
Sat, 07 Mar 2026R631.5bR585.8bR52.2b9.8x12.1x1.1x
Mon, 02 Feb 2026R648.2bR582.0bR51.2b10.8x12.7x1.1x
Wed, 31 Dec 2025R639.2bR582.0bR51.2b10.6x12.5x1.1x
Fri, 28 Nov 2025R608.6bR582.0bR51.2b9.8x11.9x1x
Sun, 26 Oct 2025R615.0bR582.0bR51.2b10x12x1.1x
Tue, 23 Sep 2025R579.5bR582.0bR51.2b9x11.3x1x
Thu, 21 Aug 2025R595.0bR538.6bR48.6b9.6x12.2x1.1x
Sat, 19 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Mon, 16 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Wed, 14 May 2025R584.8bR538.6bR48.6b9.6x12x1.1x
Fri, 11 Apr 2025R513.7bR538.6bR48.6b8.3x10.6x1x
Sun, 09 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Tue, 04 Feb 2025R523.6bR499.5bR42.9b12.6x12.2x1x
Thu, 02 Jan 2025R555.0bR499.5bR42.9b12.7x12.9x1.1x
Sat, 30 Nov 2024R552.6bR499.5bR42.9b14.2x12.9x1.1x
Mon, 28 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Wed, 25 Sep 2024R525.7bR568.8bR42.7b12.5x12.3x0.9x
Fri, 23 Aug 2024R480.5bR587.7bR34.6b14.9x13.9x0.8x
Sun, 21 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Tue, 18 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Thu, 16 May 2024R402.5bR587.7bR34.6b12.8x11.6x0.7x
Sat, 13 Apr 2024R376.9bR587.7bR34.6b11.3x10.9x0.6x
Mon, 11 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Wed, 07 Feb 2024R426.5bR560.1bR33.8b12.2x12.6x0.8x
Fri, 05 Jan 2024R424.0bR560.1bR33.8b11.8x12.6x0.8x
Sun, 03 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Tue, 31 Oct 2023R398.7bR560.1bR33.8b11.1x11.8x0.7x
Thu, 28 Sep 2023R421.8bR550.6bR34.2b12.3x12.3x0.8x
Sat, 26 Aug 2023R418.0bR386.2bR33.7b12.6x12.4x1.1x
Mon, 24 Jul 2023R412.8bR386.2bR33.7b12.2x12.3x1.1x
Wed, 21 Jun 2023R393.1bR386.2bR33.7b11.2x11.7x1x
Fri, 19 May 2023R349.4bR386.2bR33.7b9.5x10.4x0.9x
Price to Earnings Ratio

10.4x


Total Market Cap: R349.4bTotal 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 Market1.91%
Financials0.37%
Insurance1.55%
Life and Health Insurance1.99%
Property and Casualty Insurance0.18%
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 DiscoveryR273.664.8%
+R8.4b		31.7%PE17.4x
SLM SanlamR87.081.2%
+R2.1b		0.2%PE11.4x
OUT OUTsurance GroupR70.500.3%
+R325.0m		-7.0%PE21.8x
CLI ClientèleR19.100.8%
+R68.0m		66.1%PE10.5x

Latest News

SNT
R396.00
Santam
7D
-0.1%
1Y
-5.7%
CLI
R19.10
Clientèle
7D
0.8%
1Y
66.1%
OMU
R13.07
Old Mutual
7D
-2.2%
1Y
10.9%
OUT
R70.50
OUTsurance Group
7D
0.3%
1Y
-7.0%
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
R273.66
Discovery
7D
4.8%
1Y
31.7%
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
R87.08
Sanlam
7D
1.2%
1Y
0.2%