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South African (JSE) Insurance Industry Analysis

UpdatedMay 19, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.4%
  • 3M-8.2%
  • 1Y7.4%
  • YTD-2.2%

Over the last 7 days, the Insurance industry has dropped 2.4%, driven by Discovery declining 2.5%. This takes the industry's 12 month performance to a gain of 5.2%. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 19 May 2026R621.0bR625.3bR50.9b10.6x12.2x1x
Thu, 16 Apr 2026R628.2bR625.3bR50.9b11x12.4x1x
Sat, 14 Mar 2026R629.4bR604.6bR48.9b11.4x12.9x1x
Mon, 09 Feb 2026R655.6bR582.0bR51.2b10.7x12.8x1.1x
Wed, 07 Jan 2026R648.1bR582.0bR51.2b10.9x12.7x1.1x
Fri, 05 Dec 2025R619.5bR582.0bR51.2b10.1x12.1x1.1x
Sun, 02 Nov 2025R602.8bR582.0bR51.2b9.7x11.8x1x
Tue, 30 Sep 2025R562.0bR582.0bR51.2b8.8x11x1x
Thu, 28 Aug 2025R608.6bR538.6bR48.6b9.9x12.5x1.1x
Sat, 26 Jul 2025R589.8bR538.6bR48.6b9.4x12.1x1.1x
Mon, 23 Jun 2025R596.8bR538.6bR48.6b9.7x12.3x1.1x
Wed, 21 May 2025R579.7bR538.6bR48.6b9.5x11.9x1.1x
Fri, 18 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Sun, 16 Mar 2025R538.0bR533.9bR47.7b10.2x11.3x1x
Tue, 11 Feb 2025R539.3bR499.5bR42.9b12.5x12.6x1.1x
Thu, 09 Jan 2025R557.7bR499.5bR42.9b12.3x13x1.1x
Sat, 07 Dec 2024R572.5bR499.5bR42.9b13.2x13.3x1.1x
Mon, 04 Nov 2024R533.0bR499.5bR42.9b12.4x12.4x1.1x
Wed, 02 Oct 2024R532.9bR499.5bR42.9b12.1x12.4x1.1x
Fri, 30 Aug 2024R496.2bR587.7bR34.6b15.4x14.3x0.8x
Sun, 28 Jul 2024R452.6bR587.7bR34.6b14x13.1x0.8x
Tue, 25 Jun 2024R447.2bR587.7bR34.6b14x12.9x0.8x
Thu, 23 May 2024R415.6bR587.7bR34.6b13.3x12x0.7x
Sat, 20 Apr 2024R374.4bR587.7bR34.6b11.4x10.8x0.6x
Mon, 18 Mar 2024R411.0bR591.7bR33.9b12.6x12.1x0.7x
Wed, 14 Feb 2024R421.7bR560.1bR33.8b12.2x12.5x0.8x
Fri, 12 Jan 2024R422.9bR560.1bR33.8b11.6x12.5x0.8x
Sun, 10 Dec 2023R413.6bR560.1bR33.8b11.4x12.2x0.7x
Tue, 07 Nov 2023R420.0bR560.1bR33.8b11.6x12.4x0.7x
Thu, 05 Oct 2023R406.6bR560.1bR33.8b11.4x12x0.7x
Sat, 02 Sep 2023R426.4bR383.4bR34.4b12.4x12.4x1.1x
Mon, 31 Jul 2023R426.7bR386.2bR33.7b12.8x12.7x1.1x
Wed, 28 Jun 2023R383.4bR386.2bR33.7b11.1x11.4x1x
Fri, 26 May 2023R351.2bR386.2bR33.7b9.6x10.4x0.9x
Price to Earnings Ratio

10.4x


Total Market Cap: R351.2bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal 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 15% 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 Market-1.35%
Financials0.57%
Insurance-0.37%
Property and Casualty Insurance0.013%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.49%
Industry PE
  • Investors are most optimistic about the Property and Casualty Insurance industry even though it's trading below 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 Life and Health Insurance industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is better than its past earnings growth rate of 9.6% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 12% 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
OUT OUTsurance GroupR71.191.9%
+R2.0b		-4.8%PE22.1x
CLI ClientèleR19.200.5%
+R40.8m		70.7%PE10.6x

Latest News

SNT
R375.96
Santam
7D
-4.7%
1Y
-10.0%
OUT
R71.19
OUTsurance Group
7D
1.9%
1Y
-4.8%
Narrative Update • May 12

OUT: Dividends And CFO Transition Will Support A Stronger Future Earnings Profile

OUTsurance Group’s latest analyst price target has been adjusted slightly, reflecting modest tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E that keep estimated fair value broadly steady at about ZAR85.56 per share, according to analysts. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group and will remain through 2 October 2026 to support an orderly handover and the completion of the 30 June 2026 financial year end process (company announcement).
MTM
R37.11
Momentum Group
7D
-1.1%
1Y
9.8%
Narrative Update • May 02

MTM: Index Inclusion And Dividend Policy Will Support Future P E Rerating

Analysts have nudged their price target for Momentum Group slightly higher to ZAR44.09 from ZAR43.89, citing small refinements to assumptions for fair value, profit margin and forward P/E. What's in the News Momentum Group Limited (JSE: MTM) has been added to the FTSE All-World Index (USD), which can affect how index-tracking funds and benchmarks reference the share (Key Developments).
CLI
R19.20
Clientèle
7D
0.5%
1Y
70.7%
OMU
R12.89
Old Mutual
7D
-1.0%
1Y
10.5%
DSY
R266.79
Discovery
7D
-0.5%
1Y
28.7%
Narrative Update • Apr 26

DSY: Interim Dividend And Strong Earnings Guidance Will Support Future Upside

Analysts have adjusted the price target for Discovery slightly higher to about ZAR299.05 from ZAR298.48. This reflects updated assumptions around fair value, profit margins and the future P/E multiple.
SLM
R86.29
Sanlam
7D
-0.3%
1Y
0.1%