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South African (JSE) Insurance Industry Analysis

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies6
  • 7D-1.0%
  • 3M2.6%
  • 1Y9.8%
  • YTD1.1%

Over the last 7 days, the Insurance industry has dropped 1.0%, driven by pullbacks in Sanlam and Discovery of 2.0% and 1.9%, respectively. Over the past 12 months, the industry was up 9.8%. Looking forward, 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
Sun, 12 Jul 2026R635.5bR620.3bR50.0b11.2x12.7x1x
Tue, 09 Jun 2026R621.5bR625.3bR50.9b10.7x12.2x1x
Thu, 07 May 2026R634.3bR625.3bR50.9b10.8x12.5x1x
Sat, 04 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Mon, 02 Mar 2026R688.7bR582.0bR51.2b11.3x13.5x1.2x
Wed, 28 Jan 2026R646.2bR582.0bR51.2b11x12.6x1.1x
Fri, 26 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Sun, 23 Nov 2025R611.7bR582.0bR51.2b9.8x12x1.1x
Tue, 21 Oct 2025R600.0bR582.0bR51.2b9.7x11.7x1x
Thu, 18 Sep 2025R589.9bR582.2bR51.2b9.2x11.5x1x
Sat, 16 Aug 2025R594.1bR538.6bR48.6b9.7x12.2x1.1x
Mon, 14 Jul 2025R584.0bR538.6bR48.6b9.5x12x1.1x
Wed, 11 Jun 2025R611.7bR538.6bR48.6b9.9x12.6x1.1x
Fri, 09 May 2025R571.4bR538.6bR48.6b9.2x11.8x1.1x
Sun, 06 Apr 2025R496.9bR538.6bR48.6b7.8x10.2x0.9x
Tue, 04 Mar 2025R567.6bR499.5bR42.9b13x13.2x1.1x
Thu, 30 Jan 2025R526.9bR499.5bR42.9b12.5x12.3x1.1x
Sat, 28 Dec 2024R555.0bR499.5bR42.9b12.2x12.9x1.1x
Mon, 25 Nov 2024R562.6bR499.5bR42.9b12.5x13.1x1.1x
Wed, 23 Oct 2024R526.8bR499.5bR42.9b12x12.3x1.1x
Fri, 20 Sep 2024R510.7bR581.8bR40.8b10.7x12.5x0.9x
Sun, 18 Aug 2024R481.3bR587.7bR34.6b15.1x13.9x0.8x
Tue, 16 Jul 2024R461.3bR587.7bR34.6b14.5x13.3x0.8x
Thu, 13 Jun 2024R399.0bR587.7bR34.6b12.7x11.5x0.7x
Sat, 11 May 2024R401.8bR587.7bR34.6b12.6x11.6x0.7x
Mon, 08 Apr 2024R389.3bR587.7bR34.6b11.5x11.2x0.7x
Wed, 06 Mar 2024R425.4bR573.3bR33.6b13.3x12.7x0.7x
Fri, 02 Feb 2024R430.5bR560.1bR33.8b12x12.7x0.8x
Sun, 31 Dec 2023R437.8bR560.1bR33.8b11.8x13x0.8x
Tue, 28 Nov 2023R422.0bR560.1bR33.8b11.7x12.5x0.8x
Thu, 26 Oct 2023R407.9bR560.1bR33.8b11.3x12.1x0.7x
Sat, 23 Sep 2023R426.5bR550.6bR34.3b12.3x12.4x0.8x
Mon, 21 Aug 2023R407.3bR386.2bR33.7b12.1x12.1x1.1x
Wed, 19 Jul 2023R410.9bR386.2bR33.7b12.3x12.2x1.1x
Price to Earnings Ratio

12.2x


Total Market Cap: R410.9bTotal 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-0.85%
Financials-0.28%
Insurance-1.04%
Property and Casualty Insurance0.72%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-1.65%
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 11.8%, 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
OUT OUTsurance GroupR80.370.7%
+R804.8m		4.9%PE24.9x
SNT SantamR398.150.9%
+R399.8m		-8.6%PE10.7x
MTM Momentum GroupR40.240.6%
+R306.6m		20.3%PE8.5x

Latest News

SNT
R398.15
Santam
7D
0.9%
1Y
-8.6%
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
R259.37
Discovery
7D
-1.9%
1Y
22.9%
OUT
R80.37
OUTsurance Group
7D
0.7%
1Y
4.9%
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
R89.27
Sanlam
7D
-2.0%
1Y
3.7%
MTM
R40.24
Momentum Group
7D
0.6%
1Y
20.3%
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
R13.23
Old Mutual
7D
-1.7%
1Y
15.0%