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Ranking of life insurance companies in South Africa
December 10, 2024
Figures in thousands ZAR
| Life companies | Turnover | 2022-2023 evolution (1) | 2023 shares | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| IFRS 4 | IFRS 17 | IFRS 4 | IFRS 17 | |||
| Sanlam | - | 112 282 000 | - | 110 526 000 | 1.59% | 16.67% |
| Old Mutual Life | - | 37 432 000 | - | 36 005 000 | 3.96% | 5.56% |
| Liberty Group | - | 31 220 000 | - | 28 450 000 | 9.74% | 4.64% |
| Discovery Life (2) | 31 783 000 | - | 29 115 000 | - | 9.16% | 4.72% |
| MML Group Limited (2) | 31 287 000 | - | 27 429 000 | - | 14.07% | 4.65% |
| Centriq Life Insurance | - | 6 743 072 | - | 5 351 173 | 26.01% | 1.00% |
| Guardrisk Life (2) | 10 817 182 | - | 9 217 064 | - | 17.36% | 1.61% |
| Hollard Life Assurance (2) | 6 848 973 | - | 7 013 107 | - | -2.34% | 1.02% |
| AVBOB Mutual Assurance (2) | 6 233 046 | - | 5 739 498 | - | 8.60% | 0.93% |
| Assupol Life (2) | 5 027 415 | - | 4 714 047 | - | 6.65% | 0.75% |
| ABSA Life | - | 4 788 592 | - | 4 779 761 | 0.18% | 0.71% |
| Nedgroup Life Assurance | - | 2 335 764 | - | 2 441 325 | -4.32% | 0.35% |
| 1 Life (2) | 1 637 405 | - | 1 514 612 | - | 8.11% | 0.24% |
| OUTsurance Life Insurance (2) | 940 090 | - | 797 910 | - | 17.82% | 0.14% |
| Hollard Specialist Life (2) | 655 765 | - | 681 067 | - | -3.72% | 0.10% |
| Bryte Life Company | - | 118 193 | - | 130 120 | -9.17% | 0.02% |
| Total top 16 insurers | 290 149 497 | 273 904 684 | 5.60% | 43.09% | ||
| Rest of the market (3) | 383 210 503 | 352 545 316 | 8.00% | 56.91% | ||
| Total life | 673 360 000 | 626 450 000 | 6.97% | 100% | ||
(1) Growth rate in local currency
(2) Financial year at th end of june
(3) 60 companies
Figures in thousands USD
| Life companies | Turnover | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| IFRS 4 | IFRS 17 | IFRS 4 | IFRS 17 | |
| Sanlam | - | 6 130 597 | - | 6 503 350 |
| Old Mutual Life | - | 2 043 787 | - | 2 118 534 |
| Liberty Group | - | 1 704 612 | - | 1 673 998 |
| Discovery Life (2) | 1 696 259 | - | 1 801 345 | - |
| MML Group Limited (2) | 1 669 787 | - | 1 697 032 | - |
| Centriq Life Insurance | - | 368 172 | - | 314 863 |
| Guardrisk Life (2) | 577 313 | - | 570 260 | - |
| Hollard Life Assurance (2) | 365 530 | - | 433 901 | - |
| AVBOB Mutual Assurance (2) | 332 658 | - | 355 103 | - |
| Assupol Life (2) | 268 313 | - | 291 658 | - |
| ABSA Life | - | 261 457 | - | 281 241 |
| Nedgroup Life Assurance | - | 127 533 | - | 143 648 |
| 1 Life (2) | 87 388 | - | 93 709 | - |
| OUTsurance Life Insurance (2) | 50 173 | - | 49 367 | - |
| Hollard Specialist Life (2) | 34 998 | - | 42 138 | - |
| Bryte Life Company | - | 6 453 | - | 7 656 |
| Total top 16 insurers | 15 725 030 | 16 377 802 | ||
| Rest of the market (3) | 21 040 426 | 20 482 516 | ||
| Total life | 36 765 456 | 36 860 318 | ||
(1) Growth rate in local currency
(2) Financial year at th end of june
(3) 60 companies
| ZAR/USD | 30/12/2023 | 30/12/2022 | 30/06/2023 | 30/06/2022 |
| 0.05460 | 0.05884 | 0.05337 | 0.06187 |
