Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Insurance Industry Analysis

UpdatedAug 27, 2026
DataAggregated Company Financials
Companies6
  • 7D1.0%
  • 3M1.4%
  • 1Y2.8%
  • YTD-0.5%

The Insurance industry is up 1.0% in the last week, with Discovery up 2.2%. The industry has been flat over the past 12 months despite the gain this week. 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
Thu, 27 Aug 2026R625.5bR620.3bR50.0b11.2x12.5x1x
Sat, 25 Jul 2026R622.3bR620.3bR50.0b10.9x12.4x1x
Mon, 22 Jun 2026R663.6bR625.3bR50.9b10.9x13.1x1.1x
Wed, 20 May 2026R621.3bR625.3bR50.9b10.8x12.2x1x
Fri, 17 Apr 2026R628.4bR625.3bR50.9b10.9x12.4x1x
Sun, 15 Mar 2026R628.1bR613.5bR48.9b11x12.8x1x
Tue, 10 Feb 2026R656.0bR582.0bR51.2b10.7x12.8x1.1x
Thu, 08 Jan 2026R643.5bR582.0bR51.2b10.9x12.6x1.1x
Sat, 06 Dec 2025R627.1bR582.0bR51.2b10.3x12.3x1.1x
Mon, 03 Nov 2025R602.8bR582.0bR51.2b9.7x11.8x1x
Wed, 01 Oct 2025R565.9bR582.0bR51.2b8.9x11.1x1x
Fri, 29 Aug 2025R614.7bR538.6bR48.6b10.1x12.6x1.1x
Sun, 27 Jul 2025R589.8bR538.6bR48.6b9.4x12.1x1.1x
Tue, 24 Jun 2025R587.2bR538.6bR48.6b9.6x12.1x1.1x
Thu, 22 May 2025R580.8bR538.6bR48.6b9.5x11.9x1.1x
Sat, 19 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Mon, 17 Mar 2025R538.0bR533.9bR47.7b10.2x11.3x1x
Wed, 12 Feb 2025R541.1bR499.5bR42.9b13.2x12.6x1.1x
Fri, 10 Jan 2025R550.3bR499.5bR42.9b12.3x12.8x1.1x
Sun, 08 Dec 2024R572.5bR499.5bR42.9b13.2x13.3x1.1x
Tue, 05 Nov 2024R539.5bR499.5bR42.9b13.1x12.6x1.1x
Thu, 03 Oct 2024R532.9bR499.5bR42.9b12.1x12.4x1.1x
Sat, 31 Aug 2024R495.4bR589.3bR35.1b13.3x14.1x0.8x
Mon, 29 Jul 2024R452.6bR587.7bR34.6b14x13.1x0.8x
Wed, 26 Jun 2024R445.7bR587.7bR34.6b13.9x12.9x0.8x
Fri, 24 May 2024R412.9bR587.7bR34.6b13.2x11.9x0.7x
Sun, 21 Apr 2024R374.3bR587.7bR34.6b11.5x10.8x0.6x
Tue, 19 Mar 2024R407.1bR591.7bR33.9b12.6x12x0.7x
Thu, 15 Feb 2024R423.4bR560.1bR33.8b12.2x12.5x0.8x
Sat, 13 Jan 2024R425.9bR560.1bR33.8b11.6x12.6x0.8x
Mon, 11 Dec 2023R413.6bR560.1bR33.8b11.4x12.2x0.7x
Wed, 08 Nov 2023R411.0bR560.1bR33.8b11.4x12.2x0.7x
Fri, 06 Oct 2023R403.0bR560.1bR33.8b11.6x11.9x0.7x
Sun, 03 Sep 2023R426.4bR383.4bR34.4b12.4x12.4x1.1x
Price to Earnings Ratio

12.4x


Total Market Cap: R426.4bTotal Earnings: R34.4bTotal Revenue: R383.4bTotal 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 0.95x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 13% 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 Market0.39%
Financials0.27%
Insurance1.04%
Property and Casualty Insurance1.24%
Life and Health Insurance0.96%
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 11.7%, 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
DSY DiscoveryR258.512.2%
+R3.8b		19.0%PE16.4x
SLM SanlamR85.101.4%
+R2.4b		-7.5%PE11.2x
SNT SantamR415.803.3%
+R1.5b		-6.4%PE11.2x
OUT OUTsurance GroupR81.100.5%
+R619.0m		7.7%PE25.1x

Latest News

SLM
R85.10
Sanlam
7D
1.4%
1Y
-7.5%
OUT
R81.10
OUTsurance Group
7D
0.5%
1Y
7.7%
Narrative Update • Aug 21

OUT: Refined Earnings And Margin Outlook Will Support Future Upside Potential

Analysts have raised the OUTsurance Group price target from ZAR86.26 to ZAR88.86, citing updated fair value work that reflects a slightly lower discount rate, a modestly different revenue growth outlook, a small shift in the assumed profit margin, and an updated future P/E assumption. What’s in the News for OUTsurance Group Analysts updated their fair value work for OUTsurance Group, which informed the revised price target of ZAR88.86 based on adjustments to discount rate, revenue assumptions, profit margin outlook, and future P/E.
DSY
R258.51
Discovery
7D
2.2%
1Y
19.0%
Narrative Update • Jul 29

DSY: Higher Margin Outlook And Lower Discount Rate Suggest Balanced Future Prospects

The analyst price target for Discovery has been raised from ZAR207.10 to ZAR240.00, with analysts pointing to updated assumptions that include a lower discount rate, a wider profit margin, weaker revenue growth and a slightly higher future P/E multiple. What’s in the News for Discovery No recent Discovery specific press releases or news headlines were provided in the source feed as of 28 July 2026.
MTM
R39.03
Momentum Group
7D
-3.0%
1Y
8.5%
Analysis Article • Jul 21

If EPS Growth Is Important To You, Momentum Group (JSE:MTM) Presents An Opportunity

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
SNT
R415.80
Santam
7D
3.3%
1Y
-6.4%
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.
OMU
R12.68
Old Mutual
7D
-0.6%
1Y
-10.4%