Outsurance has emerged as South Africa’s top performer in total shareholder returns (TSR) over the past five years, according to the Boston Consulting Group’s 2025 Value Creators report. The insurance group delivered an impressive 38% TSR, outpacing other local heavyweights like Harmony Gold (25%) and Gold Fields (17%). Despite most SA companies struggling to match global peers, Outsurance stood out as a rare success story, joining global “Highflyers” in the report. The group, now valued at R120 billion, was originally a FirstRand start-up and has seen its share price surge over 350% since 2020.
The insurer’s strong performance was bolstered by reduced natural disaster claims in its Youi Australia and SA operations, alongside robust premium growth and higher investment income. For the six months ending December 2024, Outsurance reported a 53% jump in normalised earnings to R2.16 billion, with dividends rising 45%. Its property and casualty business grew premiums by 17.4%, though currency fluctuations temporarily dampened Australian earnings.
While premium inflation remains elevated due to climate risks and tech-driven vehicle repair costs, Outsurance expects it to stabilise near CPI levels long-term. The report highlights how the company’s focus on fundamentals—revenue growth, profitability, and cash payouts—helped it thrive amid economic uncertainty. Other SA firms in the top 10 TSR rankings include Pepkor, Discovery, and MTN, but Outsurance’s consistent outperformance cements its status as one of SA’s most resilient corporate success stories.