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South African (JSE) Insurance Industry Analysis

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies7
  • 7D0.6%
  • 3M7.7%
  • 1Y23.5%
  • YTD1.9%

The Insurance industry has stayed flat over the last week. As for the the longer term, the industry is up 23% 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
Sun, 01 Feb 2026R648.2bR582.0bR51.2b10.8x12.7x1.1x
Tue, 30 Dec 2025R640.5bR582.0bR51.2b10.6x12.5x1.1x
Thu, 27 Nov 2025R620.5bR582.0bR51.2b10x12.1x1.1x
Sat, 25 Oct 2025R615.0bR582.0bR51.2b10x12x1.1x
Mon, 22 Sep 2025R589.4bR582.0bR51.2b9.2x11.5x1x
Wed, 20 Aug 2025R592.4bR538.6bR48.6b9.6x12.2x1.1x
Fri, 18 Jul 2025R588.0bR538.6bR48.6b9.5x12.1x1.1x
Sun, 15 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Tue, 13 May 2025R582.9bR538.6bR48.6b9.5x12x1.1x
Thu, 10 Apr 2025R499.4bR538.6bR48.6b7.9x10.3x0.9x
Sat, 08 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Mon, 03 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Wed, 01 Jan 2025R555.0bR499.5bR42.9b12.7x12.9x1.1x
Fri, 29 Nov 2024R554.7bR499.5bR42.9b13.7x12.9x1.1x
Sun, 27 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Tue, 24 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Thu, 22 Aug 2024R482.0bR587.7bR34.6b15x13.9x0.8x
Sat, 20 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Mon, 17 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Wed, 15 May 2024R393.6bR587.7bR34.6b12.5x11.4x0.7x
Fri, 12 Apr 2024R388.1bR587.7bR34.6b11.8x11.2x0.7x
Sun, 10 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Tue, 06 Feb 2024R425.2bR560.1bR33.8b12.1x12.6x0.8x
Thu, 04 Jan 2024R427.6bR560.1bR33.8b11.9x12.7x0.8x
Sat, 02 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Mon, 30 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Wed, 27 Sep 2023R422.1bR550.6bR34.2b12.3x12.3x0.8x
Fri, 25 Aug 2023R420.5bR386.2bR33.7b12.6x12.5x1.1x
Sun, 23 Jul 2023R412.8bR386.2bR33.7b12.2x12.3x1.1x
Tue, 20 Jun 2023R394.1bR386.2bR33.7b11.2x11.7x1x
Thu, 18 May 2023R348.4bR386.2bR33.7b9.5x10.3x0.9x
Sat, 15 Apr 2023R377.5bR386.2bR33.7b10.4x11.2x1x
Mon, 13 Mar 2023R393.0bR412.8bR34.2b10.9x11.5x1x
Wed, 08 Feb 2023R385.6bR463.2bR33.4b10.4x11.5x0.8x
Price to Earnings Ratio

11.5x


Total Market Cap: R385.6bTotal 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-1.53%
Financials0.55%
Insurance0.59%
Property and Casualty Insurance1.66%
Life and Health Insurance0.25%
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
DSY DiscoveryR235.212.0%
+R3.1b		30.0%PE16.8x
OMU Old MutualR15.602.9%
+R1.9b		26.3%PE10.2x
OUT OUTsurance GroupR71.411.5%
+R1.6b		13.3%PE23.5x
SNT SantamR430.302.1%
+R1.0b		17.5%PE12.1x
CLI ClientèleR14.300.07%
+R4.5m		14.7%PE6.1x

Latest News

DSY
R235.21
Discovery
7D
2.0%
1Y
30.0%

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
R37.67
Momentum Group
7D
-1.4%
1Y
30.8%

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
R71.41
OUTsurance Group
7D
1.5%
1Y
13.3%
OMU
R15.60
Old Mutual
7D
2.9%
1Y
26.3%

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
SLM
R101.00
Sanlam
7D
-1.5%
1Y
24.1%

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
R430.30
Santam
7D
2.1%
1Y
17.5%
CLI
R14.30
Clientèle
7D
0.07%
1Y
14.7%