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South African (JSE) Insurance Industry Analysis

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies7
  • 7D1.3%
  • 3M-7.9%
  • 1Y5.4%
  • YTD-1.4%

In the last week, the Insurance industry is up 1.3%, with Momentum Group up 1.4%. This takes the industry's 12 month performance to a gain of 5.4%. 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, 02 Jun 2026R625.5bR625.3bR50.9b10.6x12.3x1x
Thu, 30 Apr 2026R619.9bR625.3bR50.9b10.9x12.2x1x
Sat, 28 Mar 2026R619.8bR625.3bR50.9b10.7x12.2x1x
Mon, 23 Feb 2026R676.3bR582.0bR51.2b11.3x13.2x1.2x
Wed, 21 Jan 2026R629.6bR582.0bR51.2b10.5x12.3x1.1x
Fri, 19 Dec 2025R643.9bR582.0bR51.2b10.7x12.6x1.1x
Sun, 16 Nov 2025R621.4bR582.0bR51.2b10.1x12.1x1.1x
Tue, 14 Oct 2025R596.4bR582.0bR51.2b9.6x11.7x1x
Thu, 11 Sep 2025R599.2bR569.1bR49.7b9.2x12.1x1.1x
Sat, 09 Aug 2025R588.4bR538.6bR48.6b9.4x12.1x1.1x
Mon, 07 Jul 2025R602.1bR538.6bR48.6b9.8x12.4x1.1x
Wed, 04 Jun 2025R601.3bR538.6bR48.6b9.7x12.4x1.1x
Fri, 02 May 2025R575.0bR538.6bR48.6b9.3x11.8x1.1x
Sun, 30 Mar 2025R560.8bR538.6bR48.6b9.3x11.5x1x
Tue, 25 Feb 2025R561.5bR499.5bR42.9b12.4x13.1x1.1x
Thu, 23 Jan 2025R543.0bR499.5bR42.9b12.5x12.6x1.1x
Sat, 21 Dec 2024R554.6bR499.5bR42.9b12.1x12.9x1.1x
Mon, 18 Nov 2024R547.7bR499.5bR42.9b12.6x12.8x1.1x
Wed, 16 Oct 2024R535.8bR499.5bR42.9b12.4x12.5x1.1x
Fri, 13 Sep 2024R495.1bR577.1bR40.1b10.7x12.3x0.9x
Sun, 11 Aug 2024R456.3bR587.7bR34.6b14.1x13.2x0.8x
Tue, 09 Jul 2024R458.2bR587.7bR34.6b14.5x13.2x0.8x
Thu, 06 Jun 2024R394.4bR587.7bR34.6b12.7x11.4x0.7x
Sat, 04 May 2024R393.8bR587.7bR34.6b12.1x11.4x0.7x
Mon, 01 Apr 2024R403.0bR587.7bR34.6b12.3x11.6x0.7x
Wed, 28 Feb 2024R424.8bR560.1bR33.8b12.4x12.6x0.8x
Fri, 26 Jan 2024R423.4bR560.1bR33.8b11.8x12.5x0.8x
Sun, 24 Dec 2023R427.0bR560.1bR33.8b12x12.6x0.8x
Tue, 21 Nov 2023R423.6bR560.1bR33.8b11.6x12.5x0.8x
Thu, 19 Oct 2023R405.3bR560.1bR33.8b11.2x12x0.7x
Sat, 16 Sep 2023R423.8bR528.5bR33.5b12.9x12.7x0.8x
Mon, 14 Aug 2023R423.4bR386.2bR33.7b12.6x12.6x1.1x
Wed, 12 Jul 2023R391.7bR386.2bR33.7b11.6x11.6x1x
Fri, 09 Jun 2023R378.8bR386.2bR33.7b10.6x11.3x1x
Price to Earnings Ratio

11.3x


Total Market Cap: R378.8bTotal 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 Market1.19%
Financials1.34%
Insurance1.33%
Life and Health Insurance1.72%
Property and Casualty Insurance0.097%
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 11.7%, 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
MTM Momentum GroupR37.171.4%
+R677.2m		5.4%PE7.9x
CLI ClientèleR19.400.8%
+R68.0m		68.8%PE10.7x

Latest News

DSY
R272.51
Discovery
7D
-0.2%
1Y
22.8%
Analysis Article • May 31

Should You Be Adding Discovery (JSE:DSY) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
MTM
R37.17
Momentum Group
7D
1.4%
1Y
5.4%
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
R83.45
Sanlam
7D
-2.8%
1Y
-5.6%
SNT
R365.00
Santam
7D
-4.3%
1Y
-13.5%
Analysis Article • May 21

Santam (JSE:SNT) Ticks All The Boxes When It Comes To Earnings Growth

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
OUT
R69.19
OUTsurance Group
7D
-3.4%
1Y
-11.0%
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).
CLI
R19.40
Clientèle
7D
0.8%
1Y
68.8%
OMU
R12.68
Old Mutual
7D
-3.0%
1Y
8.5%