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South African (JSE) Insurance Industry Analysis

UpdatedFeb 13, 2026
DataAggregated Company Financials
Companies7
  • 7D1.8%
  • 3M7.1%
  • 1Y22.3%
  • YTD4.4%

The Insurance industry has stayed flat over the last week. The past year has been better, since the industry has gained 21% in that time. As for the next few years, earnings are expected to grow by 9.4% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Feb 2026R664.5bR582.0bR51.2b10.9x13x1.1x
Sun, 11 Jan 2026R641.9bR582.0bR51.2b10.9x12.5x1.1x
Tue, 09 Dec 2025R623.2bR582.0bR51.2b10.3x12.2x1.1x
Thu, 06 Nov 2025R602.3bR582.0bR51.2b9.8x11.8x1x
Sat, 04 Oct 2025R576.3bR582.0bR51.2b9.1x11.3x1x
Mon, 01 Sep 2025R611.8bR538.6bR48.6b10x12.6x1.1x
Wed, 30 Jul 2025R589.3bR538.6bR48.6b9.5x12.1x1.1x
Fri, 27 Jun 2025R586.3bR538.6bR48.6b9.6x12.1x1.1x
Sun, 25 May 2025R581.7bR538.6bR48.6b9.4x12x1.1x
Tue, 22 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Thu, 20 Mar 2025R551.8bR534.6bR47.4b10.4x11.6x1x
Sat, 15 Feb 2025R542.4bR499.5bR42.9b12.4x12.6x1.1x
Mon, 13 Jan 2025R537.9bR499.5bR42.9b12.3x12.5x1.1x
Wed, 11 Dec 2024R570.5bR499.5bR42.9b12.7x13.3x1.1x
Fri, 08 Nov 2024R539.8bR499.5bR42.9b12.5x12.6x1.1x
Sun, 06 Oct 2024R526.6bR499.5bR42.9b13.2x12.3x1.1x
Tue, 03 Sep 2024R487.3bR590.1bR35.1b13.3x13.9x0.8x
Thu, 01 Aug 2024R466.9bR587.7bR34.6b14.3x13.5x0.8x
Sat, 29 Jun 2024R452.4bR587.7bR34.6b14.4x13.1x0.8x
Mon, 27 May 2024R413.1bR587.7bR34.6b13.1x11.9x0.7x
Wed, 24 Apr 2024R377.2bR587.7bR34.6b11.5x10.9x0.6x
Fri, 22 Mar 2024R406.2bR597.5bR34.4b12.4x11.8x0.7x
Sun, 18 Feb 2024R422.3bR560.1bR33.8b12.2x12.5x0.8x
Tue, 16 Jan 2024R425.1bR560.1bR33.8b11.8x12.6x0.8x
Thu, 14 Dec 2023R420.5bR560.1bR33.8b11.4x12.5x0.8x
Sat, 11 Nov 2023R415.2bR560.1bR33.8b11.4x12.3x0.7x
Mon, 09 Oct 2023R408.8bR560.1bR33.8b11.6x12.1x0.7x
Wed, 06 Sep 2023R429.3bR383.4bR34.4b12.8x12.5x1.1x
Fri, 04 Aug 2023R418.4bR386.2bR33.7b12.5x12.4x1.1x
Sun, 02 Jul 2023R388.3bR386.2bR33.7b11.3x11.5x1x
Tue, 30 May 2023R349.0bR386.2bR33.7b9.6x10.4x0.9x
Thu, 27 Apr 2023R371.5bR386.2bR33.7b10.2x11x1x
Sat, 25 Mar 2023R367.1bR393.2bR33.7b10x10.9x0.9x
Mon, 20 Feb 2023R389.1bR463.2bR33.4b10.4x11.7x0.8x
Price to Earnings Ratio

11.7x


Total Market Cap: R389.1bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal 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 12.1x.
  • 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 Market2.75%
Financials2.65%
Insurance1.77%
Life and Health Insurance1.87%
Property and Casualty Insurance1.44%
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 18.3x.
    • Analysts are expecting annual earnings growth of 10.6%, 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 11% 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 9.0% 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 SanlamR102.401.8%
+R3.8b		22.5%PE10.9x
DSY DiscoveryR239.401.3%
+R2.0b		25.5%PE17.1x
OMU Old MutualR16.072.7%
+R1.8b		29.7%PE10.5x
OUT OUTsurance GroupR74.001.2%
+R1.4b		12.1%PE24.3x
SNT SantamR451.562.0%
+R994.6m		13.6%PE12.7x

Latest News

CLI
R15.50
Clientèle
7D
10.7%
1Y
26.0%
SLM
R102.40
Sanlam
7D
1.8%
1Y
22.5%

Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today

Feb 10
Here's Why We Think Sanlam (JSE:SLM) Might Deserve Your Attention Today
DSY
R239.40
Discovery
7D
1.3%
1Y
25.5%

DSY: Refined Assumptions And Stable Margins Will Support Future Shareholder Value

Analysts have raised their price target on Discovery to US$255.79 from US$245.50, citing updated assumptions around a slightly lower expected revenue decline, a modest shift in profit margin expectations, and a small adjustment to the future P/E multiple and discount rate. Valuation Changes Fair Value: updated from US$245.50 to US$255.79, representing a modest upward adjustment to the target estimate.
MTM
R38.92
Momentum Group
7D
1.6%
1Y
38.0%

MTM: Fair Pricing Outlook Will Depend On Stable Margins And Lower P/E Expectations

Analysts have updated their price targets for Momentum Group in line with revised valuation work, which keeps fair value estimates broadly unchanged while slightly adjusting future P/E assumptions. This reflects a reassessment of how the market may be willing to price the company’s earnings over time.
OUT
R74.00
OUTsurance Group
7D
1.2%
1Y
12.1%
OMU
R16.07
Old Mutual
7D
2.7%
1Y
29.7%

Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking

Jan 23
Investor Optimism Abounds Old Mutual Limited (JSE:OMU) But Growth Is Lacking
SNT
R451.56
Santam
7D
2.0%
1Y
13.6%