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South African (JSE) Insurance Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies7
  • 7D0.1%
  • 3M6.3%
  • 1Y12.1%
  • YTD3.7%

The Insurance industry has stayed flat over the last week. The past year has been better, since the industry has gained 12% in that time. 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
Thu, 25 Jun 2026R658.4bR625.3bR50.9b10.9x12.9x1.1x
Sat, 23 May 2026R617.3bR625.3bR50.9b10.6x12.1x1x
Mon, 20 Apr 2026R634.3bR625.3bR50.9b11.1x12.5x1x
Wed, 18 Mar 2026R626.8bR613.5bR48.9b11x12.8x1x
Fri, 13 Feb 2026R664.5bR582.0bR51.2b10.9x13x1.1x
Sun, 11 Jan 2026R641.9bR582.0bR51.2b10.9x12.5x1.1x
Tue, 09 Dec 2025R623.2bR582.0bR51.2b10.3x12.2x1.1x
Thu, 06 Nov 2025R602.3bR582.0bR51.2b9.8x11.8x1x
Sat, 04 Oct 2025R576.3bR582.0bR51.2b9.1x11.3x1x
Mon, 01 Sep 2025R611.8bR538.6bR48.6b10x12.6x1.1x
Wed, 30 Jul 2025R589.3bR538.6bR48.6b9.5x12.1x1.1x
Fri, 27 Jun 2025R586.3bR538.6bR48.6b9.6x12.1x1.1x
Sun, 25 May 2025R581.7bR538.6bR48.6b9.4x12x1.1x
Tue, 22 Apr 2025R540.3bR538.6bR48.6b8.9x11.1x1x
Thu, 20 Mar 2025R551.8bR534.6bR47.4b10.4x11.6x1x
Sat, 15 Feb 2025R542.4bR499.5bR42.9b12.4x12.6x1.1x
Mon, 13 Jan 2025R537.9bR499.5bR42.9b12.3x12.5x1.1x
Wed, 11 Dec 2024R570.5bR499.5bR42.9b12.7x13.3x1.1x
Fri, 08 Nov 2024R539.8bR499.5bR42.9b12.5x12.6x1.1x
Sun, 06 Oct 2024R526.6bR499.5bR42.9b13.2x12.3x1.1x
Tue, 03 Sep 2024R487.3bR590.1bR35.1b13.3x13.9x0.8x
Thu, 01 Aug 2024R466.9bR587.7bR34.6b14.3x13.5x0.8x
Sat, 29 Jun 2024R452.4bR587.7bR34.6b14.4x13.1x0.8x
Mon, 27 May 2024R413.1bR587.7bR34.6b13.1x11.9x0.7x
Wed, 24 Apr 2024R377.2bR587.7bR34.6b11.5x10.9x0.6x
Fri, 22 Mar 2024R406.2bR597.5bR34.4b12.4x11.8x0.7x
Sun, 18 Feb 2024R422.3bR560.1bR33.8b12.2x12.5x0.8x
Tue, 16 Jan 2024R425.1bR560.1bR33.8b11.8x12.6x0.8x
Thu, 14 Dec 2023R420.5bR560.1bR33.8b11.4x12.5x0.8x
Sat, 11 Nov 2023R415.2bR560.1bR33.8b11.4x12.3x0.7x
Mon, 09 Oct 2023R408.8bR560.1bR33.8b11.6x12.1x0.7x
Wed, 06 Sep 2023R429.3bR383.4bR34.4b12.8x12.5x1.1x
Fri, 04 Aug 2023R418.4bR386.2bR33.7b12.5x12.4x1.1x
Sun, 02 Jul 2023R388.3bR386.2bR33.7b11.3x11.5x1x
Price to Earnings Ratio

11.5x


Total Market Cap: R388.3bTotal 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 3-year average PS ratio of 0.95x is lower than the industry's current PS ratio of 1.1x.
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-3.82%
Financials-1.58%
Insurance0.14%
Life and Health Insurance0.24%
Insurance Brokers0%0
General Insurance0%0
Property and Casualty Insurance-0.16%
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 11.7%, 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
DSY DiscoveryR288.001.9%
+R3.7b		36.0%PE18.3x
OUT OUTsurance GroupR77.070.5%
+R619.0m		0.06%PE23.9x
CLI ClientèleR19.710.6%
+R49.9m		64.3%PE10.9x

Latest News

SNT
R389.37
Santam
7D
-2.0%
1Y
-6.2%
OUT
R77.07
OUTsurance Group
7D
0.5%
1Y
0.06%
Narrative Update • Jun 22

OUT: Stable Leadership Transition Will Support Future Earnings And Dividend Strength

Analysts have made only marginal adjustments to their valuation inputs for OUTsurance Group, leaving the implied fair value effectively unchanged around ZAR86.26. A largely stable discount rate, revenue growth outlook, profit margin assumptions and future P/E of about 29.16x underpin the steady price target view.
DSY
R288.00
Discovery
7D
1.9%
1Y
36.0%
Narrative Update • Jun 16

DSY: Stable Outlook Will Rely On Unchanged Assumptions For Future Upside Potential

The latest Discovery price target remains steady at ZAR301.19, as analysts cite unchanged fair value, discount rate, revenue growth, profit margin and future P/E assumptions in their updated models. What’s in the News for Discovery No recent Discovery news items are available from the provided primary sources.
SLM
R89.31
Sanlam
7D
-0.6%
1Y
2.4%
MTM
R40.24
Momentum Group
7D
-0.8%
1Y
19.8%
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.
OMU
R13.39
Old Mutual
7D
-1.9%
1Y
13.5%
CLI
R19.71
Clientèle
7D
0.6%
1Y
64.3%