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South African (JSE) Insurance Industry Analysis

UpdatedSep 10, 2026
DataAggregated Company Financials
Companies6
  • 7D-0.7%
  • 3M-0.7%
  • 1Y10.3%
  • YTD0.8%

The Insurance industry is up 1.6% in the last week, with Discovery up 2.0%. This means that the industry has gained 8.8% over the past year. 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, 10 Sep 2026R631.7bR611.3bR52.4b10.8x12.1x1x
Sat, 08 Aug 2026R645.0bR620.3bR50.0b11.3x12.9x1x
Mon, 06 Jul 2026R642.2bR620.3bR50.0b11.3x12.8x1x
Wed, 03 Jun 2026R607.0bR625.3bR50.9b10.7x11.9x1x
Fri, 01 May 2026R619.3bR625.3bR50.9b10.7x12.2x1x
Sun, 29 Mar 2026R619.8bR625.3bR50.9b10.7x12.2x1x
Tue, 24 Feb 2026R678.4bR582.0bR51.2b11.3x13.3x1.2x
Thu, 22 Jan 2026R630.3bR582.0bR51.2b10.5x12.3x1.1x
Sat, 20 Dec 2025R636.8bR582.0bR51.2b10.6x12.4x1.1x
Mon, 17 Nov 2025R621.4bR582.0bR51.2b10.1x12.1x1.1x
Wed, 15 Oct 2025R597.5bR582.0bR51.2b9.5x11.7x1x
Fri, 12 Sep 2025R582.1bR572.0bR48.6b9.1x12x1x
Sun, 10 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Tue, 08 Jul 2025R599.6bR538.6bR48.6b9.7x12.3x1.1x
Thu, 05 Jun 2025R608.0bR538.6bR48.6b9.9x12.5x1.1x
Sat, 03 May 2025R585.9bR538.6bR48.6b9.5x12.1x1.1x
Mon, 31 Mar 2025R560.8bR538.6bR48.6b9.3x11.5x1x
Wed, 26 Feb 2025R564.8bR499.5bR42.9b12.4x13.2x1.1x
Fri, 24 Jan 2025R528.4bR499.5bR42.9b12.8x12.3x1.1x
Sun, 22 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Tue, 19 Nov 2024R550.8bR499.5bR42.9b12.5x12.8x1.1x
Thu, 17 Oct 2024R530.1bR499.5bR42.9b12.5x12.3x1.1x
Sat, 14 Sep 2024R493.9bR577.1bR40.1b10.7x12.3x0.9x
Mon, 12 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Wed, 10 Jul 2024R460.4bR587.7bR34.6b14.6x13.3x0.8x
Fri, 07 Jun 2024R392.0bR587.7bR34.6b12.6x11.3x0.7x
Sun, 05 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Tue, 02 Apr 2024R403.0bR587.7bR34.6b12.3x11.6x0.7x
Thu, 29 Feb 2024R422.8bR560.1bR33.8b12.4x12.5x0.8x
Sat, 27 Jan 2024R426.0bR560.1bR33.8b11.9x12.6x0.8x
Mon, 25 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Wed, 22 Nov 2023R423.0bR560.1bR33.8b11.6x12.5x0.8x
Fri, 20 Oct 2023R406.0bR560.1bR33.8b11.2x12x0.7x
Sun, 17 Sep 2023R418.8bR531.4bR34.1b12.7x12.3x0.8x
Price to Earnings Ratio

12.3x


Total Market Cap: R418.8bTotal Earnings: R34.1bTotal Revenue: R531.4bTotal 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 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 5.0% 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-0.011%
Financials-0.56%
Insurance-0.74%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.60%
Property and Casualty Insurance-1.09%
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 11.3%, 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 11% over the next 5 years.
  • However this is lower than its past earnings growth rate of 15% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 10% 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
OMU Old MutualR13.061.2%
+R604.2m		-6.5%PE6.4x

Latest News

OMU
R13.06
Old Mutual
7D
1.2%
1Y
-6.5%
DSY
R257.50
Discovery
7D
-0.8%
1Y
25.9%
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.
SNT
R399.59
Santam
7D
-1.1%
1Y
-4.1%
SLM
R85.22
Sanlam
7D
-0.4%
1Y
-0.09%
OUT
R86.77
OUTsurance Group
7D
-1.1%
1Y
19.9%
MTM
R39.07
Momentum Group
7D
-2.2%
1Y
15.4%
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...