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South African (JSE) Insurance Industry Analysis

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies7
  • 7D1.8%
  • 3M9.0%
  • 1Y23.4%
  • YTD2.9%

Over the last 7 days, the Insurance industry has risen 1.8%, driven by gains in Discovery and OUTsurance Group of 3.4% and 4.5%, respectively. This takes the industry's 12 month performance to a gain of 23%. Looking forward, earnings are forecast to grow by 9.4% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Feb 2026R654.9bR582.0bR51.2b10.8x12.8x1.1x
Sat, 03 Jan 2026R637.5bR582.0bR51.2b10.6x12.5x1.1x
Mon, 01 Dec 2025R610.0bR582.0bR51.2b9.8x11.9x1x
Wed, 29 Oct 2025R621.5bR582.0bR51.2b10x12.1x1.1x
Fri, 26 Sep 2025R566.0bR582.0bR51.2b8.9x11.1x1x
Sun, 24 Aug 2025R607.7bR538.6bR48.6b10x12.5x1.1x
Tue, 22 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Thu, 19 Jun 2025R590.2bR538.6bR48.6b9.5x12.1x1.1x
Sat, 17 May 2025R587.3bR538.6bR48.6b9.6x12.1x1.1x
Mon, 14 Apr 2025R510.5bR538.6bR48.6b8.3x10.5x0.9x
Wed, 12 Mar 2025R535.5bR531.2bR47.6b10x11.3x1x
Fri, 07 Feb 2025R533.8bR499.5bR42.9b13.2x12.4x1.1x
Sun, 05 Jan 2025R555.3bR499.5bR42.9b12.2x12.9x1.1x
Tue, 03 Dec 2024R561.2bR499.5bR42.9b13.2x13.1x1.1x
Thu, 31 Oct 2024R534.5bR499.5bR42.9b12.1x12.4x1.1x
Sat, 28 Sep 2024R540.5bR573.0bR43.6b12.7x12.4x0.9x
Mon, 26 Aug 2024R488.3bR587.7bR34.6b15.2x14.1x0.8x
Wed, 24 Jul 2024R448.7bR587.7bR34.6b14.1x13x0.8x
Fri, 21 Jun 2024R448.1bR587.7bR34.6b14x12.9x0.8x
Sun, 19 May 2024R410.8bR587.7bR34.6b13.1x11.9x0.7x
Tue, 16 Apr 2024R375.9bR587.7bR34.6b11.2x10.9x0.6x
Thu, 14 Mar 2024R427.5bR598.6bR33.9b13.4x12.6x0.7x
Sat, 10 Feb 2024R423.3bR560.1bR33.8b12.3x12.5x0.8x
Mon, 08 Jan 2024R427.3bR560.1bR33.8b11.8x12.7x0.8x
Wed, 06 Dec 2023R416.0bR560.1bR33.8b11.7x12.3x0.7x
Fri, 03 Nov 2023R421.0bR560.1bR33.8b11.9x12.5x0.8x
Sun, 01 Oct 2023R414.4bR556.9bR33.8b12.5x12.3x0.7x
Tue, 29 Aug 2023R422.4bR386.2bR33.7b12.7x12.5x1.1x
Thu, 27 Jul 2023R415.9bR386.2bR33.7b12.4x12.4x1.1x
Sat, 24 Jun 2023R379.3bR386.2bR33.7b10.6x11.3x1x
Mon, 22 May 2023R352.1bR386.2bR33.7b9.6x10.5x0.9x
Wed, 19 Apr 2023R372.2bR386.2bR33.7b10.3x11.1x1x
Fri, 17 Mar 2023R366.5bR412.8bR34.2b10x10.7x0.9x
Sun, 12 Feb 2023R383.9bR463.2bR33.4b10.2x11.5x0.8x
Price to Earnings Ratio

11.5x


Total Market Cap: R383.9bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.1x202420252026
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 12.1x.
  • The 3-year average PS ratio of 0.94x 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 15% per year over the last three years.
  • Revenues for these companies have grown 7.9% 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-3.15%
Financials2.04%
Insurance1.82%
Property and Casualty Insurance4.54%
Life and Health Insurance0.94%
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 18.3x.
    • Analysts are expecting annual earnings growth of 10.6%, which is lower than the prior year's growth of 25.1% 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 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 9.0% 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
OUT OUTsurance GroupR73.123.2%
+R3.5b		11.7%PE24x
DSY DiscoveryR236.371.0%
+R1.6b		26.0%PE16.9x
SNT SantamR442.752.5%
+R1.2b		19.0%PE12.5x
MTM Momentum GroupR38.300.5%
+R257.3m		34.4%PE8.2x

Latest News

DSY
R236.37
Discovery
7D
1.0%
1Y
26.0%

DSY: Refined Assumptions And Stable Margins Will Support Future Shareholder Value

Analysts have raised their price target on Discovery to US$255.79 from US$245.50, citing updated assumptions around a slightly lower expected revenue decline, a modest shift in profit margin expectations, and a small adjustment to the future P/E multiple and discount rate. Valuation Changes Fair Value: updated from US$245.50 to US$255.79, representing a modest upward adjustment to the target estimate.
MTM
R38.30
Momentum Group
7D
0.5%
1Y
34.4%

MTM: Fair Pricing Outlook Will Depend On Stable Margins And Lower P/E Expectations

Analysts have updated their price targets for Momentum Group in line with revised valuation work, which keeps fair value estimates broadly unchanged while slightly adjusting future P/E assumptions. This reflects a reassessment of how the market may be willing to price the company’s earnings over time.
OUT
R73.12
OUTsurance Group
7D
3.2%
1Y
11.7%
OMU
R15.64
Old Mutual
7D
-0.4%
1Y
26.1%

Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking

Jan 23
Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking
SLM
R100.56
Sanlam
7D
-3.7%
1Y
22.5%

What Sanlam Limited's (JSE:SLM) P/E Is Not Telling You

Jan 20
What Sanlam Limited's (JSE:SLM) P/E Is Not Telling You
SNT
R442.75
Santam
7D
2.5%
1Y
19.0%
CLI
R14.00
Clientèle
7D
-4.8%
1Y
14.8%