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South African (JSE) Insurance Industry Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies7
  • 7D-0.6%
  • 3M-0.6%
  • 1Y16.8%
  • YTD-1.4%

Last week, the Insurance industry hasn't moved much but Clientèle is up 3.1% in that time. The past year has been better, since the industry has gained 17% in that time. 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
Wed, 15 Apr 2026R625.6bR625.3bR50.9b10.9x12.3x1x
Fri, 13 Mar 2026R633.8bR604.6bR48.9b11.2x13x1x
Sun, 08 Feb 2026R655.6bR582.0bR51.2b10.7x12.8x1.1x
Tue, 06 Jan 2026R634.9bR582.0bR51.2b10.5x12.4x1.1x
Thu, 04 Dec 2025R617.4bR582.0bR51.2b10x12.1x1.1x
Sat, 01 Nov 2025R602.8bR582.0bR51.2b9.7x11.8x1x
Mon, 29 Sep 2025R562.7bR582.0bR51.2b8.8x11x1x
Wed, 27 Aug 2025R604.6bR538.6bR48.6b9.8x12.4x1.1x
Fri, 25 Jul 2025R593.7bR538.6bR48.6b9.6x12.2x1.1x
Sun, 22 Jun 2025R596.8bR538.6bR48.6b9.7x12.3x1.1x
Tue, 20 May 2025R583.2bR538.6bR48.6b9.5x12x1.1x
Thu, 17 Apr 2025R536.9bR538.6bR48.6b8.8x11x1x
Sat, 15 Mar 2025R536.6bR533.9bR47.7b10.2x11.2x1x
Mon, 10 Feb 2025R538.6bR499.5bR42.9b13.2x12.5x1.1x
Wed, 08 Jan 2025R563.8bR499.5bR42.9b12.3x13.1x1.1x
Fri, 06 Dec 2024R569.8bR499.5bR42.9b13.2x13.3x1.1x
Sun, 03 Nov 2024R533.0bR499.5bR42.9b12.4x12.4x1.1x
Tue, 01 Oct 2024R536.1bR499.5bR42.9b12.6x12.5x1.1x
Thu, 29 Aug 2024R491.3bR587.7bR34.6b15.3x14.2x0.8x
Sat, 27 Jul 2024R452.6bR587.7bR34.6b14x13.1x0.8x
Mon, 24 Jun 2024R450.1bR587.7bR34.6b14x13x0.8x
Wed, 22 May 2024R412.8bR587.7bR34.6b13.1x11.9x0.7x
Fri, 19 Apr 2024R374.4bR587.7bR34.6b11.4x10.8x0.6x
Sun, 17 Mar 2024R411.0bR591.7bR33.9b12.6x12.1x0.7x
Tue, 13 Feb 2024R421.6bR560.1bR33.8b12.2x12.5x0.8x
Thu, 11 Jan 2024R424.2bR560.1bR33.8b11.8x12.6x0.8x
Sat, 09 Dec 2023R413.6bR560.1bR33.8b11.4x12.2x0.7x
Mon, 06 Nov 2023R421.6bR560.1bR33.8b11.8x12.5x0.8x
Wed, 04 Oct 2023R406.6bR560.1bR33.8b12.2x12x0.7x
Fri, 01 Sep 2023R424.8bR386.2bR33.7b13.2x12.6x1.1x
Sun, 30 Jul 2023R426.7bR386.2bR33.7b12.8x12.7x1.1x
Tue, 27 Jun 2023R383.4bR386.2bR33.7b11.1x11.4x1x
Thu, 25 May 2023R351.2bR386.2bR33.7b9.6x10.4x0.9x
Sat, 22 Apr 2023R371.7bR386.2bR33.7b10.2x11x1x
Price to Earnings Ratio

11x


Total Market Cap: R371.7bTotal Earnings: R33.7bTotal Revenue: R386.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 12.2x202420252026
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 12.2x.
  • 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-0.22%
Financials-1.08%
Insurance-0.59%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-0.086%
Life and Health Insurance-0.75%
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 18.4x.
    • 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
CLI ClientèleR16.493.1%
+R222.1m		44.8%PE9.1x
DSY DiscoveryR253.230.1%
+R208.5m		30.4%PE16.1x
OUT OUTsurance GroupR73.940.2%
+R185.7m		6.7%PE22.9x

Latest News

MTM
R37.16
Momentum Group
7D
-0.9%
1Y
24.3%

MTM: Higher Margins And Dividend Support Will Drive Future P E Rerating

Analysts have lifted their ZAR price target for Momentum Group from ZAR42.46 to ZAR43.89, citing updated assumptions around fair value, profit margin and future P/E that slightly adjust the risk reward profile investors are watching. What's in the News Momentum Group Limited has been added to the FTSE All-World Index (USD), which can affect how index trackers and global funds view the share (Key Developments).
OUT
R73.94
OUTsurance Group
7D
0.2%
1Y
6.7%

OUT: Special Dividend Payouts Will Support A Higher Future Earnings Profile

Analysts have made a small adjustment to their OUTsurance Group price target to ZAR85.56, reflecting updated assumptions that combine slightly higher revenue growth expectations with a modestly lower profit margin and a marginally higher forward P/E multiple. What's in the News OUTsurance Group declared a special dividend of 30.3 cents per ordinary share out of income reserves for the six months ended 31 December 2025, with the dividend declared on 10 March 2026, shares trading ex dividend from 15 April 2026, a record date of 17 April 2026 and payment on 20 April 2026 (company announcement).
DSY
R253.23
Discovery
7D
0.1%
1Y
30.4%

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

Analysts now place Discovery's fair value at ZAR298.48, up from ZAR292.97. This reflects updated assumptions that include a shift to modest revenue growth expectations of 0.55%, a lower projected profit margin of 18.06% and a slightly adjusted forward P/E of 19.40.
SLM
R88.50
Sanlam
7D
-1.2%
1Y
10.3%
OMU
R13.57
Old Mutual
7D
-2.3%
1Y
26.7%
SNT
R405.60
Santam
7D
-0.7%
1Y
5.9%

Soft Pricing, Tech Demands And Weather Risks Will Shape Insurance Margins Going Forward

Catalysts About Santam Santam is a South African based short term insurer with operations across intermediated, direct and reinsurance channels, and a growing international footprint including a Lloyd's syndicate and an India hub. What are the underlying business or industry changes driving this perspective?
CLI
R16.49
Clientèle
7D
3.1%
1Y
44.8%