Outsurance lifted normalised earnings 20.9% to R6bn for the year to June and declared a special dividend of 87.5c a share, taking full-year special distributions to 117.8c on top of an ordinary dividend of 291.5c, itself 22.7% higher. Headline earnings per share rose 23.5% to 368.5c and normalised earnings per share 18.9% to 363.3c.
Beneath the group figure sits a sharp geographic divergence. Outsurance South Africa contributed R4.2bn of normalised earnings and lifted normalised operating profit 62.4% to R5.09bn. Youi Group in Australia contributed R2.1bn, Outsurance Life R280m, and Outsurance Ireland recorded a loss of R466m.
Part of the South African surge will not repeat. The group attributed the 43.3% growth in normalised earnings at its South African property and casualty operations to higher underwriting margins from lower claims and cost-to-income ratios, and to a substantial reduction in the share-based payments expense. The last of those is an accounting reset rather than a trading improvement, and it flatters the comparison.
OUTsurance Rebuilds Its Boards
| Measure | FY2026 | Change |
|---|---|---|
| Normalised earnings | R6.0bn | +20.9% |
| Normalised earnings per share | 363.3c | +18.9% |
| Headline earnings per share | 368.5c | +23.5% |
| Insurance revenue | R41.49bn | From R37.13bn |
| Profit | R6.18bn | From R5.22bn |
| Ordinary dividend | 291.5c | +22.7% |
| Special dividend, full year | 117.8c | — |
| Group return on equity | 38.3% | — |
| Property and casualty claims ratio | 54.9% | From 53.6% |
| Natural perils claims ratio | 9.1% | From 7.5% |
Weather accounted for most of the drag. The group’s natural perils claims ratio rose to 9.1% from 7.5%, lifting the property and casualty claims ratio to 54.9% from 53.6% even after more favourable South African weather offset part of the Australian experience. Youi’s own retained natural perils losses reached 11.7% of net premium against 9.8% a year earlier, concentrated in the first half. Stripping perils out, the working claims ratio improved by 0.3 percentage points.
Youi’s compulsory third party business remains the weakest part of the portfolio, with its operating loss widening to R328m from R126m under adverse claims trends in New South Wales. Chief executive Marthinus Visser said the elevated frequency and severity of Australian peril events had made Youi’s earnings materially more volatile than the South African book, and that broader geographic diversification should temper that over time.
Ireland is still in build. Launched in May 2024, the business was guided to record its largest operational loss in the 2026 financial year before working towards break-even, targeted for April 2029. Monthly losses began declining after peaking in the first half, and the group expects further cumulative funding of €60m to €70m, roughly R1.1bn to R1.3bn, over the next four years.
On volumes, gross written premium from property and casualty operations rose 15.7% and net earned premium 18.7%. Insurance revenue increased to R41.49bn from R37.13bn and profit to R6.18bn from R5.22bn. Return on equity reached 38.3% at group level and 40.4% at Outsurance Holdings, both well above target, while the cost-to-income ratio edged down to 29.5% from 29.6%.
Outsurance Life grew new business 41.5% with improved cost efficiency, though earnings growth was constrained by a high prior-year base that had benefited from favourable yield movements.
A gap also opened between the group’s two reporting entities. Normalised earnings growth of 18.5% at Outsurance Group Limited trailed the 20.9% recorded at Outsurance Holdings, a difference the group attributed to lower associate earnings from Polar Star, which had delivered strongly in 2025. After year-end the group entered into an agreement to dispose of its Polar Star investment.
OUTsurance Rewards Shareholders with Bumper Dividend
Two portfolio decisions frame the year. Youi ceased writing new business through the BZI broker channel with effect from 1 July 2025, and the group has separately been working to exit its stake in Prodigy. Outsurance said it enters the new financial year with growing geographic diversification and organic growth opportunities in markets where its share remains low.