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Ranking of non-life insurance companies in South Africa
December 10, 2024
Figures in thousands ZAR
| Non-life companies | Turnover | 2022-2023 evolution (1) | 2023 shares | |||
|---|---|---|---|---|---|---|
| 2023 | 2022 | |||||
| IFRS 4 | IFRS 17 | IFRS 4 | IFRS 17 | |||
| Santam (2) | - | 33 005 000 | - | 31 500 000 | 4.78% | 15.92% |
| The Hollard Insurance (3) | 16 189 864 | - | 12 047 545 | - | 34.38% | 7.81% |
| Guardrisk Insurance (3) | 15 450 642 | - | 13 250 978 | - | 16.60% | 7.45% |
| Old Mutual Insure | - | 12 526 000 | - | 11 487 000 | 9.05% | 6.04% |
| OUTsurance Insurance (3) | 11 160 232 | - | 10 252 807 | - | 8.85% | 5.38% |
| Bryte Insurance Company | - | 6 919 778 | - | 5 950 453 | 16.29% | 3.34% |
| Discovery Insure Limited (3) | 5 927 000 | - | 5 195 000 | - | 14.09% | 2.86% |
| Old Mutual Alternative Risk Transfer Insure | - | 4 823 026 | - | 4 182 254 | 15.32% | 2.33% |
| Sasria SOC (4) | 4 570 818 | - | 3 152 458 | - | 44.99% | 2.21% |
| Escap (4) | 4 507 809 | - | 4 124 859 | - | 9.28% | 2.18% |
| Lombard Insurance (3) | 3 923 415 | - | 3 232 561 | - | 21.37% | 1.89% |
| ABSA Insurance | - | 3 726 667 | - | 3 435 652 | 8.47% | 1.80% |
| Miway Insurance | - | 3 391 871 | - | 3 240 085 | 4.68% | 1.64% |
| Centriq Insurance Company | - | 3 209 093 | - | 2 795 683 | 14.79% | 1.55% |
| Auto and General Insurance (3) | 3 261 776 | - | 3 067 547 | - | 6.33% | 1.57% |
| King Price Insurance (3) | 3 181 016 | - | 2 808 529 | - | 13.26% | 1.53% |
| Momentum Insure Company (3) | 3 061 234 | - | 2 848 781 | - | 7.46% | 1.48% |
| Compass Insurance | - | 2 119 968 | - | 1 915 420 | 10.68% | 1.02% |
| Budget Insurance (3) | 1 963 026 | - | 1 865 294 | - | 5.24% | 0.95% |
| Infiniti Insurance (4) | 1 398 381 | - | 1 331 607 | - | 5.01% | 0.67% |
| Nedgroup Insurance | - | 1 305 203 | - | 1 186 949 | 9.96% | 0.63% |
| The Federated Employers Mutual Assurance Company | - | 1 017 000 | - | 914 000 | 11.27% | 0.49% |
| First for Women Insurance (3) | 1 000 662 | - | 958 065 | - | 4.45% | 0.48% |
| Chubb Insurance | - | 744 879 | - | 852 975 | -12.67% | 0.36% |
| Dial Direct Insurance (3) | 683 412 | - | 742 735 | - | -7.99% | 0.33% |
| Hollard Specialist Insurance (3) | 530 005 | - | 996 518 | - | -46.81% | 0.26% |
| Total top 26 insurers | 149 597 777 | 133 335 755 | 12.20% | 72.18% | ||
| Rest of the market (5) | 57 656 223 | 49 524 245 | 16.42% | 27.82% | ||
| Total non life | 207 254 000 | 182 860 000 | 13.34% | 100.00% | ||
(1) Growth rate in local currency
(2) Conventional insurance only for Santam
(3) Financial year at th end of june
(4) Financial year at th end of march
(5) 44 companies
Figures in thousands USD
| Non-life companies | Turnover | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| IFRS 4 | IFRS 17 | IFRS 4 | IFRS 17 | |
| Santam (1) | - | 1 802 073 | - | 1 853 460 |
| The Hollard Insurance (2) | 864 053 | - | 745 382 | - |
| Guardrisk Insurance (2) | 824 601 | - | 819 838 | - |
| Old Mutual Insure | - | 683 920 | - | 675 895 |
| OUTsurance Insurance (2) | 595 622 | - | 634 341 | - |
| Bryte Insurance Company | - | 377 820 | - | 350 125 |
| Discovery Insure Limited (2) | 316 324 | - | 321 415 | - |
| Old Mutual Alternative Risk Transfer Insure | - | 263 337 | - | 246 084 |
| Sasria SOC (3) | 254 137 | - | 217 425 | - |
| Escap (3) | 250 634 | - | 284 492 | - |
| Lombard Insurance (2) | 209 393 | - | 199 999 | - |
| ABSA Insurance | - | 203 476 | - | 202 154 |
| Miway Insurance | - | 185 196 | - | 190 647 |
| Centriq Insurance Company | - | 175 216 | - | 164 498 |
| Auto and General Insurance (2) | 174 081 | - | 189 789 | - |
| King Price Insurance (2) | 169 771 | - | 173 764 | - |
| Momentum Insure Company (2) | 163 378 | - | 176 254 | - |
| Compass Insurance | - | 115 750 | - | 112 703 |
| Budget Insurance (2) | 104 767 | - | 115 406 | - |
| Infiniti Insurance (3) | 77 750 | - | 91 841 | - |
| Nedgroup Insurance | - | 71 264 | - | 69 840 |
| The Federated Employers Mutual Assurance Company | - | 55 528 | - | 53 780 |
| First for Women Insurance (2) | 53 405 | - | 59 275 | - |
| Chubb Insurance | - | 40 670 | - | 50 189 |
| Dial Direct Insurance (2) | 36 474 | - | 45 953 | - |
| Hollard Specialist Insurance (2) | 28 286 | - | 61 655 | - |
| Total top 26 insurers | 8 096 927 | 8 106 201 | ||
| Rest of the market (4) | 3 219 141 | 2 653 281 | ||
| Total non-life | 11 316 068 | 10 759 482 | ||
(1) Conventional insurance only for Santam
(2) Financial year at th end of june
(3) Financial year at th end of march
(5) 44 companies
Exchange rate as at 31/12/2023 : ZAR = 0.05460 USD ; as at 31/12/2022 : ZAR = 0.05884 USD
Exchange rate as at 30/06/2023 : ZAR = 0.05337 USD ; as at 30/06/2022 : ZAR = 0.06187 USD
Exchange rate as at 31/03/2023 : ZAR = 0.0556 USD ; as at 31/03/2022 : ZAR = 0.06897 USD
Read also | South African life insurance companies
