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South African (JSE) Insurance Industry Analysis

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies6
  • 7D0.04%
  • 3M2.4%
  • 1Y10.3%
  • YTD1.1%

The Insurance industry has stayed flat over the last week. As for the the longer term, the industry is up 10% over the past 12 months. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Jul 2026R635.9bR620.3bR50.0b11.3x12.7x1x
Thu, 11 Jun 2026R624.9bR625.3bR50.9b10.8x12.3x1x
Sat, 09 May 2026R631.3bR625.3bR50.9b10.7x12.4x1x
Mon, 06 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Wed, 04 Mar 2026R657.9bR582.0bR51.2b10.6x12.9x1.1x
Fri, 30 Jan 2026R655.0bR582.0bR51.2b11.1x12.8x1.1x
Sun, 28 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Tue, 25 Nov 2025R612.6bR582.0bR51.2b9.8x12x1.1x
Thu, 23 Oct 2025R612.9bR582.0bR51.2b9.9x12x1.1x
Sat, 20 Sep 2025R588.0bR582.2bR51.2b9.2x11.5x1x
Mon, 18 Aug 2025R594.1bR538.6bR48.6b9.7x12.2x1.1x
Wed, 16 Jul 2025R581.7bR538.6bR48.6b9.4x12x1.1x
Fri, 13 Jun 2025R609.8bR538.6bR48.6b9.8x12.5x1.1x
Sun, 11 May 2025R582.7bR538.6bR48.6b9.4x12x1.1x
Tue, 08 Apr 2025R496.5bR538.6bR48.6b7.9x10.2x0.9x
Thu, 06 Mar 2025R556.6bR507.0bR44.7b12.3x12.5x1.1x
Sat, 01 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Mon, 30 Dec 2024R555.0bR499.5bR42.9b12.2x12.9x1.1x
Wed, 27 Nov 2024R559.7bR499.5bR42.9b13.3x13x1.1x
Fri, 25 Oct 2024R528.3bR499.5bR42.9b12.1x12.3x1.1x
Sun, 22 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Tue, 20 Aug 2024R483.6bR587.7bR34.6b15.1x14x0.8x
Thu, 18 Jul 2024R451.1bR587.7bR34.6b14.2x13x0.8x
Sat, 15 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Mon, 13 May 2024R401.8bR587.7bR34.6b12.6x11.6x0.7x
Wed, 10 Apr 2024R394.0bR587.7bR34.6b11.9x11.4x0.7x
Fri, 08 Mar 2024R424.4bR573.3bR33.6b13.5x12.6x0.7x
Sun, 04 Feb 2024R424.8bR560.1bR33.8b11.9x12.6x0.8x
Tue, 02 Jan 2024R437.8bR560.1bR33.8b11.8x13x0.8x
Thu, 30 Nov 2023R414.2bR560.1bR33.8b11.8x12.3x0.7x
Sat, 28 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Mon, 25 Sep 2023R426.5bR550.6bR34.2b12.3x12.5x0.8x
Wed, 23 Aug 2023R409.5bR386.2bR33.7b12.3x12.2x1.1x
Fri, 21 Jul 2023R413.6bR386.2bR33.7b12.4x12.3x1.1x
Price to Earnings Ratio

12.3x


Total Market Cap: R413.6bTotal 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 0.96x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 14% 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-0.13%
Financials-0.65%
Insurance0.042%
Property and Casualty Insurance0.40%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.088%
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 11.7%, 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 Property and Casualty Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 11% 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
MTM Momentum GroupR40.592.1%
+R1.1b		22.4%PE8.6x
OMU Old MutualR13.281.2%
+R668.2m		17.3%PE6.6x
SNT SantamR401.051.0%
+R442.4m		-7.9%PE10.8x
OUT OUTsurance GroupR80.540.2%
+R232.1m		5.4%PE25x

Latest News

SNT
R401.05
Santam
7D
1.0%
1Y
-7.9%
Narrative Update • Jul 10

nan

Santam’s updated analyst price target has moved from ZAR503.51 to ZAR449.33, as analysts adjust their assumptions for fair value, discount rate, expected revenue growth, profit margin and future P/E multiples. What’s in the News for Santam No recent Santam specific news, periodical coverage or key developments were provided in the available sources.
DSY
R257.65
Discovery
7D
-1.1%
1Y
21.4%
OUT
R80.54
OUTsurance Group
7D
0.2%
1Y
5.4%
Narrative Update • Jun 22

OUT: Stable Leadership Transition Will Support Future Earnings And Dividend Strength

Analysts have made only marginal adjustments to their valuation inputs for OUTsurance Group, leaving the implied fair value effectively unchanged around ZAR86.26. A largely stable discount rate, revenue growth outlook, profit margin assumptions and future P/E of about 29.16x underpin the steady price target view.
SLM
R89.38
Sanlam
7D
-0.09%
1Y
4.7%
MTM
R40.59
Momentum Group
7D
2.1%
1Y
22.4%
Narrative Update • Jun 13

MTM: Index Inclusion And Dividend Payout Will Support Future Repricing

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09 per share, with only marginal technical adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E. This supports the view that no material change in the price target is warranted at this stage.
OMU
R13.28
Old Mutual
7D
1.2%
1Y
17.3%