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South African (JSE) Insurance Industry Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies7
  • 7D0.7%
  • 3M-2.0%
  • 1Y23.1%
  • YTD-1.3%

Over the last 7 days, the Insurance industry has remained flat. As for the the longer term, the industry is up 23% over the past 12 months. 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
Sun, 12 Apr 2026R626.5bR625.3bR50.9b10.9x12.3x1x
Tue, 10 Mar 2026R626.5bR585.8bR52.2b9.9x12x1.1x
Thu, 05 Feb 2026R654.9bR582.0bR51.2b10.8x12.8x1.1x
Sat, 03 Jan 2026R637.5bR582.0bR51.2b10.6x12.5x1.1x
Mon, 01 Dec 2025R610.0bR582.0bR51.2b9.8x11.9x1x
Wed, 29 Oct 2025R621.5bR582.0bR51.2b10x12.1x1.1x
Fri, 26 Sep 2025R566.0bR582.0bR51.2b8.9x11.1x1x
Sun, 24 Aug 2025R607.7bR538.6bR48.6b10x12.5x1.1x
Tue, 22 Jul 2025R599.4bR538.6bR48.6b9.7x12.3x1.1x
Thu, 19 Jun 2025R590.2bR538.6bR48.6b9.5x12.1x1.1x
Sat, 17 May 2025R587.3bR538.6bR48.6b9.6x12.1x1.1x
Mon, 14 Apr 2025R510.5bR538.6bR48.6b8.3x10.5x0.9x
Wed, 12 Mar 2025R535.5bR531.2bR47.6b10x11.3x1x
Fri, 07 Feb 2025R533.8bR499.5bR42.9b13.2x12.4x1.1x
Sun, 05 Jan 2025R555.3bR499.5bR42.9b12.2x12.9x1.1x
Tue, 03 Dec 2024R561.2bR499.5bR42.9b13.2x13.1x1.1x
Thu, 31 Oct 2024R534.5bR499.5bR42.9b12.1x12.4x1.1x
Sat, 28 Sep 2024R540.5bR573.0bR43.6b12.7x12.4x0.9x
Mon, 26 Aug 2024R488.3bR587.7bR34.6b15.2x14.1x0.8x
Wed, 24 Jul 2024R448.7bR587.7bR34.6b14.1x13x0.8x
Fri, 21 Jun 2024R448.1bR587.7bR34.6b14x12.9x0.8x
Sun, 19 May 2024R410.8bR587.7bR34.6b13.1x11.9x0.7x
Tue, 16 Apr 2024R375.9bR587.7bR34.6b11.2x10.9x0.6x
Thu, 14 Mar 2024R427.5bR598.6bR33.9b13.4x12.6x0.7x
Sat, 10 Feb 2024R423.3bR560.1bR33.8b12.3x12.5x0.8x
Mon, 08 Jan 2024R427.3bR560.1bR33.8b11.8x12.7x0.8x
Wed, 06 Dec 2023R416.0bR560.1bR33.8b11.7x12.3x0.7x
Fri, 03 Nov 2023R421.0bR560.1bR33.8b11.9x12.5x0.8x
Sun, 01 Oct 2023R414.4bR556.9bR33.8b12.5x12.3x0.7x
Tue, 29 Aug 2023R422.4bR386.2bR33.7b12.7x12.5x1.1x
Thu, 27 Jul 2023R415.9bR386.2bR33.7b12.4x12.4x1.1x
Sat, 24 Jun 2023R379.3bR386.2bR33.7b10.6x11.3x1x
Mon, 22 May 2023R352.1bR386.2bR33.7b9.6x10.5x0.9x
Wed, 19 Apr 2023R372.2bR386.2bR33.7b10.3x11.1x1x
Price to Earnings Ratio

11.1x


Total Market Cap: R372.2bTotal 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 Market2.44%
Financials2.98%
Insurance0.67%
Property and Casualty Insurance3.15%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-0.14%
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
DSY DiscoveryR253.502.9%
+R4.8b		38.1%PE16.1x
OUT OUTsurance GroupR74.023.7%
+R4.0b		9.7%PE22.9x
SNT SantamR404.271.9%
+R802.9m		9.8%PE10.9x
MTM Momentum GroupR36.990.4%
+R178.9m		28.4%PE7.8x

Latest News

DSY
R253.50
Discovery
7D
2.9%
1Y
38.1%

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
R88.60
Sanlam
7D
-2.4%
1Y
17.0%
OMU
R13.85
Old Mutual
7D
-0.9%
1Y
41.3%
OUT
R74.02
OUTsurance Group
7D
3.7%
1Y
9.7%
SNT
R404.27
Santam
7D
1.9%
1Y
9.8%

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?
MTM
R36.99
Momentum Group
7D
0.4%
1Y
28.4%

MTM: Index Inclusion And Higher Margins Will Support Future P E Rerating Potential

Analysts have trimmed their price target for Momentum Group to ZAR42.46 from ZAR43.44, reflecting updated assumptions that pair slightly lower revenue growth with a somewhat higher profit margin and a reduced forward P/E multiple. What's in the News Momentum Group has been added to the FTSE All-World Index (USD), which may affect how index-tracking funds and global investors view and access the share (Key Developments).
CLI
R15.50
Clientèle
7D
-6.6%
1Y
42.3%