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South African (JSE) Insurance Industry Analysis

UpdatedJun 15, 2026
DataAggregated Company Financials
Companies7
  • 7D5.7%
  • 3M3.5%
  • 1Y8.8%
  • YTD1.9%

Over the last 7 days, the Insurance industry has risen 5.7%, driven by gains from every company within the industry. This takes the industry's 12 month performance to a gain of 8.8%. 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
Mon, 15 Jun 2026R646.9bR625.3bR50.9b10.9x12.7x1x
Wed, 13 May 2026R623.2bR625.3bR50.9b10.6x12.3x1x
Fri, 10 Apr 2026R622.4bR625.3bR50.9b10.9x12.2x1x
Sun, 08 Mar 2026R631.5bR585.8bR52.2b9.8x12.1x1.1x
Tue, 03 Feb 2026R661.9bR582.0bR51.2b11.1x12.9x1.1x
Thu, 01 Jan 2026R636.7bR582.0bR51.2b10.5x12.4x1.1x
Sat, 29 Nov 2025R610.0bR582.0bR51.2b9.8x11.9x1x
Mon, 27 Oct 2025R615.0bR582.0bR51.2b10x12x1.1x
Wed, 24 Sep 2025R577.8bR582.0bR51.2b9.1x11.3x1x
Fri, 22 Aug 2025R595.6bR538.6bR48.6b9.7x12.3x1.1x
Sun, 20 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Tue, 17 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Thu, 15 May 2025R584.1bR538.6bR48.6b9.6x12x1.1x
Sat, 12 Apr 2025R510.5bR538.6bR48.6b8.3x10.5x0.9x
Mon, 10 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Wed, 05 Feb 2025R520.9bR499.5bR42.9b12.5x12.1x1x
Fri, 03 Jan 2025R552.4bR499.5bR42.9b12.7x12.9x1.1x
Sun, 01 Dec 2024R552.6bR499.5bR42.9b14.2x12.9x1.1x
Tue, 29 Oct 2024R535.5bR499.5bR42.9b12.2x12.5x1.1x
Thu, 26 Sep 2024R529.3bR568.8bR42.7b12.9x12.4x0.9x
Sat, 24 Aug 2024R488.3bR587.7bR34.6b15.2x14.1x0.8x
Mon, 22 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Wed, 19 Jun 2024R455.1bR587.7bR34.6b13.8x13.1x0.8x
Fri, 17 May 2024R410.2bR587.7bR34.6b13x11.8x0.7x
Sun, 14 Apr 2024R376.9bR587.7bR34.6b11.3x10.9x0.6x
Tue, 12 Mar 2024R426.5bR598.6bR33.9b13.2x12.6x0.7x
Thu, 08 Feb 2024R430.0bR560.1bR33.8b12.4x12.7x0.8x
Sat, 06 Jan 2024R427.3bR560.1bR33.8b11.8x12.7x0.8x
Mon, 04 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Wed, 01 Nov 2023R401.0bR560.1bR33.8b11.3x11.9x0.7x
Fri, 29 Sep 2023R419.3bR550.6bR34.2b12.4x12.2x0.8x
Sun, 27 Aug 2023R418.0bR386.2bR33.7b12.6x12.4x1.1x
Tue, 25 Jul 2023R412.7bR386.2bR33.7b12.3x12.3x1.1x
Thu, 22 Jun 2023R388.6bR386.2bR33.7b11.1x11.5x1x
Price to Earnings Ratio

11.5x


Total Market Cap: R388.6bTotal 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 Market1.40%
Financials3.70%
Insurance5.72%
Property and Casualty Insurance7.45%
Life and Health Insurance5.18%
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 11.6%, 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 DiscoveryR283.016.3%
+R11.3b		31.0%PE18x
SLM SanlamR88.044.4%
+R7.8b		1.5%PE11.5x
OUT OUTsurance GroupR73.804.9%
+R5.3b		-6.9%PE22.9x
SNT SantamR393.364.9%
+R2.0b		-7.5%PE10.6x
MTM Momentum GroupR39.064.0%
+R1.9b		13.1%PE8.3x

Latest News

MTM
R39.06
Momentum Group
7D
4.0%
1Y
13.1%
Narrative Update • Jun 13

MTM: Index Inclusion And Dividend Payout Will Support Future Repricing

Analysts have kept their fair value estimate for Momentum Group steady at ZAR44.09 per share, with only marginal technical adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E. This supports the view that no material change in the price target is warranted at this stage.
SNT
R393.36
Santam
7D
4.9%
1Y
-7.5%
OUT
R73.80
OUTsurance Group
7D
4.9%
1Y
-6.9%
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
R13.53
Old Mutual
7D
1.7%
1Y
13.7%
CLI
R19.77
Clientèle
7D
2.4%
1Y
72.7%
DSY
R283.01
Discovery
7D
6.3%
1Y
31.0%
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.
SLM
R88.04
Sanlam
7D
4.4%
1Y
1.5%