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South African (JSE) Insurance Industry Analysis

UpdatedSep 22, 2025
DataAggregated Company Financials
Companies7
  • 7D0.3%
  • 3M0.3%
  • 1Y13.1%
  • YTD6.3%

The Insurance industry has been flat over the last week, but Discovery has lost 5.0%. The past year has been better, since the industry has gained 13% in that time. Earnings are forecast to grow by 9.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 22 Sep 2025R589.4bR582.0bR51.2b9.2x11.5x1x
Wed, 20 Aug 2025R592.4bR538.6bR48.6b9.6x12.2x1.1x
Fri, 18 Jul 2025R588.0bR538.6bR48.6b9.5x12.1x1.1x
Sun, 15 Jun 2025R596.5bR538.6bR48.6b9.5x12.3x1.1x
Tue, 13 May 2025R582.9bR538.6bR48.6b9.5x12x1.1x
Thu, 10 Apr 2025R499.4bR538.6bR48.6b7.9x10.3x0.9x
Sat, 08 Mar 2025R550.5bR530.5bR47.0b11.6x11.7x1x
Mon, 03 Feb 2025R523.6bR499.5bR42.9b12.7x12.2x1x
Wed, 01 Jan 2025R555.0bR499.5bR42.9b12.7x12.9x1.1x
Fri, 29 Nov 2024R554.7bR499.5bR42.9b13.7x12.9x1.1x
Sun, 27 Oct 2024R527.2bR499.5bR42.9b12.3x12.3x1.1x
Tue, 24 Sep 2024R518.7bR568.8bR42.7b12.1x12.2x0.9x
Thu, 22 Aug 2024R482.0bR587.7bR34.6b15x13.9x0.8x
Sat, 20 Jul 2024R451.8bR587.7bR34.6b14.2x13x0.8x
Mon, 17 Jun 2024R425.8bR587.7bR34.6b13x12.3x0.7x
Wed, 15 May 2024R393.6bR587.7bR34.6b12.5x11.4x0.7x
Fri, 12 Apr 2024R388.1bR587.7bR34.6b11.8x11.2x0.7x
Sun, 10 Mar 2024R427.4bR573.3bR33.6b13.4x12.7x0.7x
Tue, 06 Feb 2024R425.2bR560.1bR33.8b12.1x12.6x0.8x
Thu, 04 Jan 2024R427.6bR560.1bR33.8b11.9x12.7x0.8x
Sat, 02 Dec 2023R411.2bR560.1bR33.8b11.7x12.2x0.7x
Mon, 30 Oct 2023R395.1bR560.1bR33.8b11.3x11.7x0.7x
Wed, 27 Sep 2023R422.1bR550.6bR34.2b12.3x12.3x0.8x
Fri, 25 Aug 2023R420.5bR386.2bR33.7b12.6x12.5x1.1x
Sun, 23 Jul 2023R412.8bR386.2bR33.7b12.2x12.3x1.1x
Tue, 20 Jun 2023R394.1bR386.2bR33.7b11.2x11.7x1x
Thu, 18 May 2023R348.4bR386.2bR33.7b9.5x10.3x0.9x
Sat, 15 Apr 2023R377.5bR386.2bR33.7b10.4x11.2x1x
Mon, 13 Mar 2023R393.0bR412.8bR34.2b10.9x11.5x1x
Wed, 08 Feb 2023R385.6bR463.2bR33.4b10.4x11.5x0.8x
Fri, 06 Jan 2023R350.5bR463.2bR33.4b9.1x10.5x0.8x
Sun, 04 Dec 2022R335.1bR463.2bR33.4b9.2x10x0.7x
Tue, 01 Nov 2022R337.6bR463.2bR33.4b9.6x10.1x0.7x
Thu, 29 Sep 2022R323.0bR463.2bR33.4b9.3x9.7x0.7x
Price to Earnings Ratio

9.7x


Total Market Cap: R323.0bTotal Earnings: R33.4bTotal Revenue: R463.2bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Insurance Industry Price to Earnings3Y Average 11.9x202320242025
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 11.9x.
  • The 3-year average PS ratio of 0.90x is lower than the industry's current PS ratio of 1.0x.
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 7.9% 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 Market1.75%
Financials0.48%
Insurance0.30%
Property and Casualty Insurance5.66%
Insurance Brokers0%0
General Insurance0%0
Life and Health Insurance-1.69%
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 17.6x.
    • Analysts are expecting annual earnings growth of 9.8%, which is lower than the prior year's growth of 25.1% per year.
  • Investors are most pessimistic about the Life and Health Insurance industry, which is trading close to its 3-year average of 10.9x.
Forecasted Growth
  • Analysts are most optimistic on the Property and Casualty Insurance industry, expecting annual earnings growth of 9.8% over the next 5 years.
  • However this is lower than its past earnings growth rate of 25% per year.
  • In contrast, the Life and Health Insurance industry is expected to see its earnings grow by 8.7% 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 GroupR33.43-1.4%
R754.8m		13.7%PE7.4x
CLI ClientèleR14.786.2%
+R389.8m		20.2%PE6.4x

Latest News

MTM
R33.43
Momentum Group
7D
-1.4%
1Y
13.7%
OUT
R76.80
OUTsurance Group
7D
-1.0%
1Y
32.8%

Operational Adjustments Will Expand Market Opportunities In Australia And Ireland

Despite a notable downgrade in consensus revenue growth forecasts from 8.0% to 5.9% per annum, OUTsurance Group’s fair value estimate has been largely maintained, with the analyst price target seeing only a minor increase from ZAR81.22 to ZAR82.58. What's in the News OUTsurance Group expects EPS for the six months ended June 30, 2025, to be 297.4–313.3 cents; NEPS 299.8–313.6 cents; HEPS 290.3–304.1 cents.
CLI
R14.78
Clientèle
7D
6.2%
1Y
20.2%
DSY
R195.62
Discovery
7D
-6.6%
1Y
14.7%
OMU
R13.41
Old Mutual
7D
-3.9%
1Y
2.3%
SLM
R84.91
Sanlam
7D
-1.5%
1Y
-3.6%
SNT
R399.50
Santam
7D
-4.2%
1Y
10.8%

Santam (JSE:SNT) Has Announced A Dividend Of ZAR5.90

Sep 04
Santam (JSE:SNT) Has Announced A Dividend Of ZAR5.90