South African Life Insurers: A simple framework for a complicated sector, two rerating catalysts per stock, and why we prefer value (SLM & OMU) over growth (DSY & MTM)

South Africa's life insurers are increasingly complex as they continue to evolve into global diversified financial groups spanning life, health, short-term insurance, investment management and banking, and the volume of reported metrics can obscure the real value drivers. We therefore present a simple, investor-oriented framework for analysis, benchmarking and valuation, focused on the key metrics we believe will drive share prices. On recent (Jun-26) results, Discovery and Momentum stand out on earnings, value creation and returns;