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South African (JSE) Insurance Industry Analysis

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies7
  • 7D1.1%
  • 3M9.9%
  • 1Y14.9%
  • YTD0.9%

Over the last 7 days, the Insurance industry has risen 1.1%, driven by gains from Sanlam of 3.6%. This means that the industry has gained 15% over the past year. As for the next few years, earnings are expected to grow by 9.3% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 09 Jan 2026R643.5bR582.0bR51.2b10.9x12.6x1.1x
Sun, 07 Dec 2025R627.1bR582.0bR51.2b10.3x12.3x1.1x
Tue, 04 Nov 2025R603.2bR582.0bR51.2b9.7x11.8x1x
Thu, 02 Oct 2025R567.7bR582.0bR51.2b8.9x11.1x1x
Sat, 30 Aug 2025R611.8bR538.6bR48.6b10x12.6x1.1x
Mon, 28 Jul 2025R589.8bR538.6bR48.6b9.4x12.1x1.1x
Wed, 25 Jun 2025R599.0bR538.6bR48.6b9.8x12.3x1.1x
Fri, 23 May 2025R579.0bR538.6bR48.6b9.4x11.9x1.1x
Sun, 20 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Tue, 18 Mar 2025R546.9bR533.4bR47.7b10.4x11.5x1x
Thu, 13 Feb 2025R544.7bR499.5bR42.9b12.5x12.7x1.1x
Sat, 11 Jan 2025R537.9bR499.5bR42.9b12.3x12.5x1.1x
Mon, 09 Dec 2024R572.5bR499.5bR42.9b13.2x13.3x1.1x
Wed, 06 Nov 2024R544.5bR499.5bR42.9b13.2x12.7x1.1x
Fri, 04 Oct 2024R523.6bR499.5bR42.9b13.3x12.2x1x
Sun, 01 Sep 2024R495.4bR589.3bR35.1b13.3x14.1x0.8x
Tue, 30 Jul 2024R452.1bR587.7bR34.6b14x13.1x0.8x
Thu, 27 Jun 2024R445.4bR587.7bR34.6b14.1x12.9x0.8x
Sat, 25 May 2024R413.1bR587.7bR34.6b13.1x11.9x0.7x
Mon, 22 Apr 2024R374.3bR587.7bR34.6b11.5x10.8x0.6x
Wed, 20 Mar 2024R407.1bR594.5bR34.3b12.5x11.9x0.7x
Fri, 16 Feb 2024R422.3bR560.1bR33.8b12.2x12.5x0.8x
Sun, 14 Jan 2024R425.9bR560.1bR33.8b11.6x12.6x0.8x
Tue, 12 Dec 2023R417.1bR560.1bR33.8b11.4x12.4x0.7x
Thu, 09 Nov 2023R414.8bR560.1bR33.8b11.6x12.3x0.7x
Sat, 07 Oct 2023R408.8bR560.1bR33.8b11.6x12.1x0.7x
Mon, 04 Sep 2023R426.4bR383.4bR34.4b12.4x12.4x1.1x
Wed, 02 Aug 2023R425.3bR386.2bR33.7b12.7x12.6x1.1x
Fri, 30 Jun 2023R384.0bR386.2bR33.7b11.2x11.4x1x
Sun, 28 May 2023R350.3bR386.2bR33.7b9.7x10.4x0.9x
Tue, 25 Apr 2023R371.6bR386.2bR33.7b10.2x11x1x
Thu, 23 Mar 2023R368.8bR391.5bR32.6b10.1x11.3x0.9x
Sat, 18 Feb 2023R389.1bR463.2bR33.4b10.4x11.7x0.8x
Mon, 16 Jan 2023R363.4bR463.2bR33.4b9.5x10.9x0.8x
Price to Earnings Ratio

10.9x


Total Market Cap: R363.4bTotal 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 0.93x 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 Market2.02%
Financials1.07%
Insurance1.07%
Life and Health Insurance2.53%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-3.32%
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 10.7%, 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 8.9% 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 SanlamR102.003.6%
+R7.3b		18.8%PE10.9x
MTM Momentum GroupR39.112.3%
+R1.1b		30.4%PE8.6x
DSY DiscoveryR229.200.7%
+R1.1b		16.6%PE16.4x
OMU Old MutualR15.101.3%
+R853.7m		21.3%PE9.9x
CLI ClientèleR14.161.2%
+R77.1m		16.7%PE6.1x

Latest News

CLI
R14.16
Clientèle
7D
1.2%
1Y
16.7%
DSY
R229.20
Discovery
7D
0.7%
1Y
16.6%
MTM
R39.11
Momentum Group
7D
2.3%
1Y
30.4%

Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price

Dec 19
Subdued Growth No Barrier To Momentum Group Limited's (JSE:MTM) Price
SNT
R424.07
Santam
7D
-0.8%
1Y
10.7%

Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)

Dec 19
Risks To Shareholder Returns Are Elevated At These Prices For Santam Ltd (JSE:SNT)
OUT
R69.25
OUTsurance Group
7D
-3.4%
1Y
6.2%

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
R15.10
Old Mutual
7D
1.3%
1Y
21.3%
SLM
R102.00
Sanlam
7D
3.6%
1Y
18.8%

Assupol Integration And Digital Shift Will Unlock Future Potential

Analysts have raised their price target for Sanlam from R99.21 to R101.55, citing significantly improved profit margin forecasts, even though there are expectations of steeper revenue contraction. Valuation Changes Fair Value increased from ZAR 99.21 to ZAR 101.55, reflecting a modest upward revision.