November 2026
Largest Insurance Carriers Public Companies in South Africa
Benchmark revenue and EBITDA valuation multiples for public comps like
Discovery, Sanlam, OUTsurance Group, Old Mutual and Santam.
 | Discovery Ltd is a financial services organization. It operates in the healthcare, life insurance, short-term insurance, long-term savings, banking and wellness markets. It specializes in health insurance, life assurance, wellness, investments and savings, short-term insurance, and banking. The company generates revenue through its insurance and financial services, with primary markets in South Africa and the UK, and presence in Canada, the USA, Singapore, Australia, and China. | $17 | +30% | $11B | $13B | 1.9x | 9.9x | ||
| Sanlam Ltd is a financial services group and the largest non-banking financial services group in Africa. It was established in 1918 as a life insurance company and is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and A2X. The group provides life insurance and health cover, general insurance, investment management, and credit and structuring solutions to retail and institutional clients. It holds majority and minority interests in insurers and asset managers across Southern and East Africa and other emerging markets, often through partnerships and joint ventures. Sanlam Life, its wholly owned life insurance subsidiary, is the vehicle through which the group holds its stake in South African general insurer Santam. Revenue comes from insurance premiums, fees on assets under management and investment income. | $5 | -5% | $11B | $10B | 0.6x | 5.6x | ||
| OUTsurance Group Ltd is an insurance group that specialises in Property and Casualty insurance. Its main segments include personal insurance, business insurance, compulsory third-party vehicle insurance, life insurance, and administration services. The company provides motor, home, business, life, funeral, and pet insurance products through its subsidiaries. The company’s primary source of revenue is insurance premiums. The group’s activities are focused on the South African, Australian and Irish markets. | $5 | +23% | $8.1B | $8.1B | 3.1x | 14.9x | ||
| Old Mutual Ltd provides financial services that include wealth management, banking, asset management, and insurance. The firm is organized into the following operational segments: the mass and foundation cluster; Personal Finance and Wealth Management; Old Mutual Investments; Old Mutual corporate; Old Mutual Insure; Old Mutual Africa Regions; and other group activities. | $1 | +5% | $3.4B | $2.8B | 0.2x | 1.8x | ||
| Santam Ltd is a South African general insurance group. The company offer a range of policies against eventualities such as property damage, motor accidents, loss of income, crop losses and catastrophe events, as well as reinsurance. The company helps mitigate risk to protect and grow financial wellbeing, and clients’ insured losses are paid out of invested premiums. | $29 | +19% | $3.2B | $3.2B | 1.2x | 6.2x | ||
| Momentum Group Ltd is engaged in life insurance and integrated financial services sectors. It operates in South Africa, the UK, Guernsey, India, Botswana, Ghana, Lesotho, Mozambique, and Namibia. The company operates through brands like Momentum, Metropolitan, Guardrisk, and Eris Properties. | $2 | +10% | $3B | $1.2B | 0.1x | 1.3x | ||
| Median | $5 | +15% | $5.7B | $5.7B | 0.9x | 5.9x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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