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South African (JSE) Insurance Industry Analysis

UpdatedJan 21, 2026
DataAggregated Company Financials
Companies7
  • 7D0.4%
  • 3M2.7%
  • 1Y15.5%
  • YTD-1.2%

Over the last 7 days, the Insurance industry has remained flat. As for the the longer term, the industry is up 16% over the past 12 months. 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
Wed, 21 Jan 2026R629.6bR582.0bR51.2b10.5x12.3x1.1x
Fri, 19 Dec 2025R643.9bR582.0bR51.2b10.7x12.6x1.1x
Sun, 16 Nov 2025R621.4bR582.0bR51.2b10.1x12.1x1.1x
Tue, 14 Oct 2025R596.4bR582.0bR51.2b9.6x11.7x1x
Thu, 11 Sep 2025R599.2bR569.1bR49.7b9.2x12.1x1.1x
Sat, 09 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Mon, 07 Jul 2025R602.1bR538.6bR48.6b9.8x12.4x1.1x
Wed, 04 Jun 2025R601.3bR538.6bR48.6b9.7x12.4x1.1x
Fri, 02 May 2025R575.0bR538.6bR48.6b9.3x11.8x1.1x
Sun, 30 Mar 2025R560.8bR538.6bR48.6b9.3x11.5x1x
Tue, 25 Feb 2025R561.5bR499.5bR42.9b12.4x13.1x1.1x
Thu, 23 Jan 2025R543.0bR499.5bR42.9b12.5x12.6x1.1x
Sat, 21 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Mon, 18 Nov 2024R547.7bR499.5bR42.9b12.6x12.8x1.1x
Wed, 16 Oct 2024R535.8bR499.5bR42.9b12.4x12.5x1.1x
Fri, 13 Sep 2024R495.1bR577.1bR40.1b10.7x12.3x0.9x
Sun, 11 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Tue, 09 Jul 2024R458.2bR587.7bR34.6b14.5x13.2x0.8x
Thu, 06 Jun 2024R394.4bR587.7bR34.6b12.7x11.4x0.7x
Sat, 04 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Mon, 01 Apr 2024R403.0bR587.7bR34.6b12.3x11.6x0.7x
Wed, 28 Feb 2024R424.8bR560.1bR33.8b12.4x12.6x0.8x
Fri, 26 Jan 2024R423.4bR560.1bR33.8b11.8x12.5x0.8x
Sun, 24 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Tue, 21 Nov 2023R423.6bR560.1bR33.8b11.6x12.5x0.8x
Thu, 19 Oct 2023R405.3bR560.1bR33.8b11.2x12x0.7x
Sat, 16 Sep 2023R423.8bR528.5bR33.5b12.9x12.7x0.8x
Mon, 14 Aug 2023R423.4bR386.2bR33.7b12.6x12.6x1.1x
Wed, 12 Jul 2023R391.7bR386.2bR33.7b11.6x11.6x1x
Fri, 09 Jun 2023R378.8bR386.2bR33.7b10.6x11.3x1x
Sun, 07 May 2023R367.3bR386.2bR33.7b10.1x10.9x1x
Tue, 04 Apr 2023R380.9bR393.3bR33.7b10.4x11.3x1x
Thu, 02 Mar 2023R399.7bR463.2bR33.1b10.8x12.1x0.9x
Sat, 28 Jan 2023R382.4bR463.2bR33.4b10.1x11.4x0.8x
Price to Earnings Ratio

11.4x


Total Market Cap: R382.4bTotal 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-0.47%
Financials1.31%
Insurance0.40%
Property and Casualty Insurance2.09%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.14%
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 18.2x.
    • Analysts are expecting annual earnings growth of 10.5%, 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 10% 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 9.1% 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 GroupR68.902.3%
+R2.4b		1.8%PE22.6x
DSY DiscoveryR226.181.2%
+R1.9b		19.2%PE16.2x
SNT SantamR420.041.6%
+R742.9m		11.6%PE11.8x

Latest News

SLM
R98.54
Sanlam
7D
-0.4%
1Y
16.9%

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
R420.04
Santam
7D
1.6%
1Y
11.6%
MTM
R37.48
Momentum Group
7D
-2.6%
1Y
26.8%

MTM: Fair Pricing Outlook Will Rely On Stable Margins And P/E Assumptions

Analysts have nudged their price target for Momentum Group from $39.68 to $40.64, citing small refinements in fair value estimates, discount rate assumptions and expected future P/E levels as the key drivers of this change. Valuation Changes Fair Value: The model fair value estimate has been adjusted from ZAR39.68 to ZAR40.64, reflecting a small upward refinement in the valuation output.
DSY
R226.18
Discovery
7D
1.2%
1Y
19.2%
OUT
R68.90
OUTsurance Group
7D
2.3%
1Y
1.8%

OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk

Dec 10
OUTsurance Group Limited's (JSE:OUT) Share Price Could Signal Some Risk
OMU
R14.86
Old Mutual
7D
-0.5%
1Y
24.0%