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South African (JSE) Insurance Industry Analysis

UpdatedMay 03, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.1%
  • 3M-4.2%
  • 1Y6.0%
  • YTD-2.4%

In the last week, Insurance has been flat. The past year has been better, since the industry has gained 6.0% in that time. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 03 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Tue, 31 Mar 2026R611.9bR625.3bR50.9b10.5x12x1x
Thu, 26 Feb 2026R674.0bR582.0bR51.2b11.2x13.2x1.2x
Sat, 24 Jan 2026R645.5bR582.0bR51.2b10.9x12.6x1.1x
Mon, 22 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Wed, 19 Nov 2025R618.9bR582.0bR51.2b9.9x12.1x1.1x
Fri, 17 Oct 2025R600.3bR582.0bR51.2b9.6x11.7x1x
Sun, 14 Sep 2025R586.1bR577.1bR49.7b9.2x11.8x1x
Tue, 12 Aug 2025R588.3bR538.6bR48.6b9.4x12.1x1.1x
Thu, 10 Jul 2025R601.7bR538.6bR48.6b9.7x12.4x1.1x
Sat, 07 Jun 2025R609.1bR538.6bR48.6b10x12.5x1.1x
Mon, 05 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Wed, 02 Apr 2025R561.3bR538.6bR48.6b9.2x11.5x1x
Fri, 28 Feb 2025R576.4bR499.5bR42.9b12.5x13.4x1.2x
Sun, 26 Jan 2025R521.5bR499.5bR42.9b12.8x12.1x1x
Tue, 24 Dec 2024R559.9bR499.5bR42.9b12.2x13x1.1x
Thu, 21 Nov 2024R557.3bR499.5bR42.9b12.9x13x1.1x
Sat, 19 Oct 2024R538.2bR499.5bR42.9b12.5x12.5x1.1x
Mon, 16 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Wed, 14 Aug 2024R460.5bR587.7bR34.6b14.3x13.3x0.8x
Fri, 12 Jul 2024R459.4bR587.7bR34.6b14.6x13.3x0.8x
Sun, 09 Jun 2024R394.6bR587.7bR34.6b12.7x11.4x0.7x
Tue, 07 May 2024R396.0bR587.7bR34.6b12.3x11.4x0.7x
Thu, 04 Apr 2024R386.6bR587.7bR34.6b11.4x11.2x0.7x
Sat, 02 Mar 2024R432.0bR573.9bR33.6b13.5x12.9x0.8x
Mon, 29 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Wed, 27 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Fri, 24 Nov 2023R421.3bR560.1bR33.8b11.7x12.5x0.8x
Sun, 22 Oct 2023R401.8bR560.1bR33.8b11.2x11.9x0.7x
Tue, 19 Sep 2023R418.0bR531.4bR34.1b12.8x12.2x0.8x
Thu, 17 Aug 2023R417.8bR386.2bR33.7b12.5x12.4x1.1x
Sat, 15 Jul 2023R407.4bR386.2bR33.7b12.2x12.1x1.1x
Mon, 12 Jun 2023R382.0bR386.2bR33.7b10.9x11.3x1x
Wed, 10 May 2023R364.5bR386.2bR33.7b10x10.8x0.9x
Price to Earnings Ratio

10.8x


Total Market Cap: R364.5bTotal 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 Market-1.02%
Financials0.39%
Insurance-0.12%
Life and Health Insurance0.62%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-2.31%
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
SLM SanlamR85.570.7%
+R1.2b		-1.2%PE11.2x
CLI ClientèleR18.6016.3%
+R1.2b		61.7%PE10.3x
MTM Momentum GroupR37.851.9%
+R907.1m		9.1%PE8x
OMU Old MutualR13.591.5%
+R835.3m		18.6%PE6.8x

Latest News

CLI
R18.60
Clientèle
7D
16.3%
1Y
61.7%
OMU
R13.59
Old Mutual
7D
1.5%
1Y
18.6%
OUT
R70.77
OUTsurance Group
7D
-2.7%
1Y
-9.8%

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
R258.42
Discovery
7D
-0.7%
1Y
24.8%

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.
MTM
R37.85
Momentum Group
7D
1.9%
1Y
9.1%

MTM: Higher Margins And Dividend Support Will Drive Future P E Rerating

Analysts have lifted their ZAR price target for Momentum Group from ZAR42.46 to ZAR43.89, citing updated assumptions around fair value, profit margin and future P/E that slightly adjust the risk reward profile investors are watching. What's in the News Momentum Group Limited has been added to the FTSE All-World Index (USD), which can affect how index trackers and global funds view the share (Key Developments).
SLM
R85.57
Sanlam
7D
0.7%
1Y
-1.2%
SNT
R398.90
Santam
7D
-1.3%
1Y
-3.2%

Soft Pricing, Tech Demands And Weather Risks Will Shape Insurance Margins Going Forward

Catalysts About Santam Santam is a South African based short term insurer with operations across intermediated, direct and reinsurance channels, and a growing international footprint including a Lloyd's syndicate and an India hub. What are the underlying business or industry changes driving this perspective?