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South African (JSE) Insurance Industry Analysis

UpdatedSep 18, 2026
DataAggregated Company Financials
Companies6
  • 7D2.2%
  • 3M-2.3%
  • 1Y10.2%
  • YTD1.8%

Over the last 7 days, the Insurance industry has risen 2.2%, driven by gains in Sanlam and Old Mutual of 2.2% and 5.9%, respectively. This means that the industry has gained 10% over the past year. As for the next few years, earnings are expected to grow by 8.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 19 Sep 2026R637.5bR599.8bR56.0b9.9x11.4x1.1x
Mon, 17 Aug 2026R635.1bR620.3bR50.0b11.2x12.7x1x
Wed, 15 Jul 2026R635.6bR620.3bR50.0b11.2x12.7x1x
Fri, 12 Jun 2026R634.7bR625.3bR50.9b10.8x12.5x1x
Sun, 10 May 2026R631.3bR625.3bR50.9b10.7x12.4x1x
Tue, 07 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Thu, 05 Mar 2026R663.1bR585.8bR52.2b10.7x12.7x1.1x
Sat, 31 Jan 2026R648.2bR582.0bR51.2b10.8x12.7x1.1x
Mon, 29 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Wed, 26 Nov 2025R616.1bR582.0bR51.2b9.9x12x1.1x
Fri, 24 Oct 2025R616.6bR582.0bR51.2b10x12x1.1x
Sun, 21 Sep 2025R589.4bR582.0bR51.2b9.2x11.5x1x
Tue, 19 Aug 2025R591.6bR538.6bR48.6b9.6x12.2x1.1x
Thu, 17 Jul 2025R588.0bR538.6bR48.6b9.5x12.1x1.1x
Sat, 14 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Mon, 12 May 2025R582.7bR538.6bR48.6b9.4x12x1.1x
Wed, 09 Apr 2025R517.3bR538.6bR48.6b8.2x10.6x1x
Fri, 07 Mar 2025R550.8bR532.0bR47.0b11.7x11.7x1x
Sun, 02 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Tue, 31 Dec 2024R552.3bR499.5bR42.9b12.7x12.9x1.1x
Thu, 28 Nov 2024R553.3bR499.5bR42.9b13.7x12.9x1.1x
Sat, 26 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Mon, 23 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Wed, 21 Aug 2024R480.7bR587.7bR34.6b15x13.9x0.8x
Fri, 19 Jul 2024R450.8bR587.7bR34.6b14.1x13x0.8x
Sun, 16 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Tue, 14 May 2024R403.8bR587.7bR34.6b12.6x11.7x0.7x
Thu, 11 Apr 2024R391.0bR587.7bR34.6b11.9x11.3x0.7x
Sat, 09 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Mon, 05 Feb 2024R424.8bR560.1bR33.8b11.9x12.6x0.8x
Wed, 03 Jan 2024R434.3bR560.1bR33.8b11.8x12.9x0.8x
Fri, 01 Dec 2023R410.3bR560.1bR33.8b12x12.2x0.7x
Sun, 29 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Tue, 26 Sep 2023R426.5bR550.6bR34.2b12.3x12.5x0.8x
Price to Earnings Ratio

12.5x


Total Market Cap: R426.5bTotal Earnings: R34.2bTotal Revenue: R550.6bTotal 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 3-year average PS ratio of 0.95x 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 18% per year over the last three years.
  • Revenues for these companies have grown 2.9% 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-0.81%
Financials-0.45%
Insurance2.17%
Life and Health Insurance2.42%
Property and Casualty Insurance1.53%
Insurance Brokers0%0
General Insurance0%0
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 8.2%, which is lower than the prior year's growth of 12.2% 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 8.5% over the next 5 years.
  • However this is lower than its past earnings growth rate of 23% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 8.2% 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 SanlamR82.162.2%
+R3.7b		-4.6%PE9.1x
OMU Old MutualR13.885.9%
+R3.1b		1.6%PE6.8x
OUT OUTsurance GroupR85.561.8%
+R2.4b		7.9%PE23.6x
SNT SantamR413.991.7%
+R750.5m		3.5%PE10.8x

Latest News

MTM
R37.50
Momentum Group
7D
-3.4%
1Y
10.8%
Narrative Update • Sep 17

MTM: Higher Profitability Assumptions Will Support Future Repricing

Analysts have lifted their fair value estimate for Momentum Group from ZAR44.09 to ZAR46.29, reflecting updated views on the discount rate, revenue growth, profit margins and future P/E assumptions. What’s in the News for Momentum Group No recent news items are available for Momentum Group based on the provided sources as of 17 Sep 2026.
OMU
R13.88
Old Mutual
7D
5.9%
1Y
1.6%
OUT
R85.56
OUTsurance Group
7D
1.8%
1Y
7.9%
SLM
R82.16
Sanlam
7D
2.2%
1Y
-4.6%
SNT
R413.99
Santam
7D
1.7%
1Y
3.5%
Narrative Update • Sep 10

SNT: Higher Profitability Outlook Will Support A Stronger Future P/E

Analysts have lifted their price target for Santam from ZAR449.33 to ZAR471.81. They point to updated assumptions that include a slightly lower discount rate, a different revenue growth profile and a higher projected profit margin, alongside a broadly similar future P/E multiple.
DSY
R265.00
Discovery
7D
-0.4%
1Y
33.1%
Narrative Update • Sep 07

DSY: Earnings Guidance And Margin Outlook Will Support A Higher Future P/E

Analysts have raised their price target for Discovery to ZAR355.38 from ZAR340.82, reflecting updated assumptions on discount rates, revenue trends, profit margins and future P/E expectations. What's in the News for Discovery Discovery released earnings guidance for the year ending June 30, 2026, with basic earnings per share expected in a range of 1,893.0 cents to 1,963.1 cents, according to company guidance.