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South African (JSE) Insurance Industry Analysis

UpdatedJun 11, 2026
DataAggregated Company Financials
Companies7
  • 7D2.4%
  • 3M-0.2%
  • 1Y2.8%
  • YTD-1.5%

In the last week, the Insurance industry is up 2.4%, with all of the companies up. The industry has been flat over the past 12 months despite the gain this week. As for the next few years, earnings are expected to grow by 12% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 12 Jun 2026R624.9bR625.3bR50.9b10.8x12.3x1x
Sun, 10 May 2026R631.3bR625.3bR50.9b10.7x12.4x1x
Tue, 07 Apr 2026R622.3bR625.3bR50.9b10.7x12.2x1x
Thu, 05 Mar 2026R663.1bR585.8bR52.2b10.7x12.7x1.1x
Sat, 31 Jan 2026R648.2bR582.0bR51.2b10.8x12.7x1.1x
Mon, 29 Dec 2025R637.4bR582.0bR51.2b10.5x12.5x1.1x
Wed, 26 Nov 2025R616.1bR582.0bR51.2b9.9x12x1.1x
Fri, 24 Oct 2025R616.6bR582.0bR51.2b10x12x1.1x
Sun, 21 Sep 2025R589.4bR582.0bR51.2b9.2x11.5x1x
Tue, 19 Aug 2025R591.6bR538.6bR48.6b9.6x12.2x1.1x
Thu, 17 Jul 2025R588.0bR538.6bR48.6b9.5x12.1x1.1x
Sat, 14 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Mon, 12 May 2025R582.7bR538.6bR48.6b9.4x12x1.1x
Wed, 09 Apr 2025R517.3bR538.6bR48.6b8.2x10.6x1x
Fri, 07 Mar 2025R550.8bR532.0bR47.0b11.7x11.7x1x
Sun, 02 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Tue, 31 Dec 2024R552.3bR499.5bR42.9b12.7x12.9x1.1x
Thu, 28 Nov 2024R553.3bR499.5bR42.9b13.7x12.9x1.1x
Sat, 26 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Mon, 23 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Wed, 21 Aug 2024R480.7bR587.7bR34.6b15x13.9x0.8x
Fri, 19 Jul 2024R450.8bR587.7bR34.6b14.1x13x0.8x
Sun, 16 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Tue, 14 May 2024R403.8bR587.7bR34.6b12.6x11.7x0.7x
Thu, 11 Apr 2024R391.0bR587.7bR34.6b11.9x11.3x0.7x
Sat, 09 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Mon, 05 Feb 2024R424.8bR560.1bR33.8b11.9x12.6x0.8x
Wed, 03 Jan 2024R434.3bR560.1bR33.8b11.8x12.9x0.8x
Fri, 01 Dec 2023R410.3bR560.1bR33.8b12x12.2x0.7x
Sun, 29 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Tue, 26 Sep 2023R426.5bR550.6bR34.2b12.3x12.5x0.8x
Thu, 24 Aug 2023R413.4bR386.2bR33.7b12.4x12.3x1.1x
Sat, 22 Jul 2023R412.8bR386.2bR33.7b12.2x12.3x1.1x
Mon, 19 Jun 2023R391.4bR386.2bR33.7b11.1x11.6x1x
Price to Earnings Ratio

11.6x


Total Market Cap: R391.4bTotal 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-2.08%
Financials1.15%
Insurance2.39%
Property and Casualty Insurance3.02%
Life and Health Insurance2.19%
Insurance Brokers0%0
General Insurance0%0
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 11.6%, 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
DSY DiscoveryR278.344.5%
+R8.1b		27.1%PE17.7x
SLM SanlamR86.403.3%
+R5.7b		-3.2%PE11.3x
OUT OUTsurance GroupR71.974.5%
+R4.8b		-10.6%PE22.3x
SNT SantamR382.945.7%
+R2.3b		-11.7%PE10.3x
OMU Old MutualR13.273.3%
+R1.8b		7.1%PE6.6x

Latest News

SNT
R382.94
Santam
7D
5.7%
1Y
-11.7%
OUT
R71.97
OUTsurance Group
7D
4.5%
1Y
-10.6%
Narrative Update • Jun 08

OUT: Dividends Will Support A Stronger Future Earnings Profile

Analysts have made a small upward adjustment to the OUTsurance Group price target to ZAR86.26, reflecting refreshed assumptions around fair value and forward P/E, while keeping revenue growth and profit margin expectations broadly unchanged. What's in the News Group CFO Jan Hofmeyr has resigned after more than 18 years with OUTsurance Group to join a new fintech venture, with his notice period running to 2 October 2026, according to a company announcement.
OMU
R13.27
Old Mutual
7D
3.3%
1Y
7.1%
CLI
R19.49
Clientèle
7D
0.9%
1Y
76.2%
DSY
R278.34
Discovery
7D
4.5%
1Y
27.1%
Narrative Update • Jun 02

DSY: Stable Assumptions And Slight Model Tweaks Will Shape Future Upside Potential

Analysts have nudged their ZAR price target for Discovery slightly higher, from about ZAR299 to roughly ZAR301. This reflects updated views on fair value, the discount rate, and longer term P/E assumptions.
MTM
R38.71
Momentum Group
7D
3.3%
1Y
8.9%
Narrative Update • May 30

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

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09, with only slight adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E. This reflects fine tuning of their models rather than a shift in overall view.
SLM
R86.40
Sanlam
7D
3.3%
1Y
-3.2%