South African (JSE) Insurance Industry Analysis

UpdatedApr 21, 2026

DataAggregated Company Financials

Companies7

7D0.7%
3M0.4%
1Y16.6%
YTD-0.7%

In the last week, the Insurance industry is up 1.2%, with Discovery up 3.4%. This means that the industry has gained 18% 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?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 21 Apr 2026	R630.0b	R625.3b	R50.9b	10.9x	12.4x	1x
Thu, 19 Mar 2026	R618.7b	R623.8b	R50.8b	11x	12.2x	1x
Sat, 14 Feb 2026	R653.4b	R582.0b	R51.2b	10.8x	12.8x	1.1x
Mon, 12 Jan 2026	R641.9b	R582.0b	R51.2b	10.9x	12.5x	1.1x
Wed, 10 Dec 2025	R628.8b	R582.0b	R51.2b	10.3x	12.3x	1.1x
Fri, 07 Nov 2025	R601.8b	R582.0b	R51.2b	9.8x	11.8x	1x
Sun, 05 Oct 2025	R576.3b	R582.0b	R51.2b	9.1x	11.3x	1x
Tue, 02 Sep 2025	R603.3b	R541.2b	R48.9b	9.8x	12.3x	1.1x
Thu, 31 Jul 2025	R590.8b	R538.6b	R48.6b	9.5x	12.2x	1.1x
Sat, 28 Jun 2025	R592.3b	R538.6b	R48.6b	9.7x	12.2x	1.1x
Mon, 26 May 2025	R581.7b	R538.6b	R48.6b	9.4x	12x	1.1x
Wed, 23 Apr 2025	R541.9b	R538.6b	R48.6b	8.8x	11.1x	1x
Fri, 21 Mar 2025	R560.1b	R538.6b	R48.6b	9.4x	11.5x	1x
Sun, 16 Feb 2025	R542.4b	R499.5b	R42.9b	12.4x	12.6x	1.1x
Tue, 14 Jan 2025	R537.1b	R499.5b	R42.9b	12.3x	12.5x	1.1x
Thu, 12 Dec 2024	R569.3b	R499.5b	R42.9b	12.7x	13.3x	1.1x
Sat, 09 Nov 2024	R539.9b	R499.5b	R42.9b	12.5x	12.6x	1.1x
Mon, 07 Oct 2024	R526.6b	R499.5b	R42.9b	13.2x	12.3x	1.1x
Wed, 04 Sep 2024	R483.5b	R590.1b	R35.1b	13.1x	13.8x	0.8x
Fri, 02 Aug 2024	R461.7b	R587.7b	R34.6b	14.3x	13.3x	0.8x
Sun, 30 Jun 2024	R452.4b	R587.7b	R34.6b	14.4x	13.1x	0.8x
Tue, 28 May 2024	R411.7b	R587.7b	R34.6b	13.1x	11.9x	0.7x
Thu, 25 Apr 2024	R375.3b	R587.7b	R34.6b	11.6x	10.8x	0.6x
Sat, 23 Mar 2024	R407.9b	R599.8b	R34.4b	12.4x	11.9x	0.7x
Mon, 19 Feb 2024	R422.3b	R560.1b	R33.8b	12.2x	12.5x	0.8x
Wed, 17 Jan 2024	R423.9b	R560.1b	R33.8b	11.7x	12.6x	0.8x
Fri, 15 Dec 2023	R434.0b	R560.1b	R33.8b	11.6x	12.9x	0.8x
Sun, 12 Nov 2023	R415.2b	R560.1b	R33.8b	11.4x	12.3x	0.7x
Tue, 10 Oct 2023	R404.7b	R560.1b	R33.8b	11.3x	12x	0.7x
Thu, 07 Sep 2023	R427.4b	R383.4b	R34.4b	12.9x	12.4x	1.1x
Sat, 05 Aug 2023	R424.9b	R386.2b	R33.7b	12.8x	12.6x	1.1x
Mon, 03 Jul 2023	R388.3b	R386.2b	R33.7b	11.3x	11.5x	1x
Wed, 31 May 2023	R346.2b	R386.2b	R33.7b	9.5x	10.3x	0.9x
Fri, 28 Apr 2023	R371.5b	R386.2b	R33.7b	10.2x	11x	1x

Price to Earnings Ratio

11x

Fri, 28 Apr 2023

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 Market	0.30%
Financials	-0.19%
Insurance	0.70%
Life and Health Insurance	1.27%
Insurance Brokers	0%	0
General Insurance	0%	0
Property and Casualty Insurance	-0.96%

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 18.4x.

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.