OUTsurance Group posted normalised earnings of ZAR 5.6 billion at the holding company level for the full year 2026, up 18.5% from the prior year, and ZAR 6.0 billion on an OHL basis, up 20.9%, according to the Johannesburg-listed insurer's earnings call on September 10, 2026.
Normalised earnings per share came in at ZAR 3.622, up 18.3%. The group's board recommended a total dividend of ZAR 4.093 per share — a ZAR 2.915 ordinary dividend, up 22%, plus a ZAR 1.178 special dividend including a final FY 2026 component of ZAR 0.875 per share. The OGL dividend payout ratio rose to 80.5% from 77.6%.
OUTsurance South Africa delivered the strongest performance, with normalised operating profit jumping 62.4% to ZAR 5.09 billion. Gross written premium grew 7.4% to ZAR 14.3 billion, with net earned premium rising 7.6% to ZAR 14.1 billion. Personal lines operating profit rose 14.4% to ZAR 4.29 billion on GWP growth of 7.7% excluding run-off homeowners cover. Business insurance operating profit surged 49.8% to ZAR 1 billion as its combined ratio improved sharply to 69.9% from 78.5%, with the claims ratio falling to 41.2% from 46.7%.
Australian operations provided a mixed picture. Youi Group's operating profit declined 6.5% to ZAR 2.8 billion, with Youi Direct reporting a 4.4% drop in AUD terms to ZAR 2.78 billion. Youi Direct's combined ratio deteriorated to 88.3% from 84.8%, and the claims ratio rose to 58.8% from 55.2%. The Youi CTP segment widened to an operating loss of ZAR 328 million from ZAR 126 million, though management indicated materially better results expected in FY 2027.
Blue Zebra Insurance contributed operating profit of ZAR 347 million, up from ZAR 210 million. The group's total gross written premium reached ZAR 43.8 billion, with the Australian segment excluding BZI accounting for roughly two-thirds of group premiums.
OUTsurance Ireland continues to weigh on results, posting an operating loss of ZAR 489 million, equivalent to €41 million in gross written premium against €14 million in 2025. Management said the Irish operation is targeting monthly breakeven around 2029, five years post-launch, with real payback expected beyond a decade.
OUTsurance Life operating profit fell 7.1% to ZAR 407 million, dragged by a decline in Life Direct to ZAR 372 million from ZAR 546 million. However, value of new business margin improved to 23.7% from 22.1%, with VNB growing 41.5% to ZAR 457 million. The life central segment narrowed its loss to ZAR 63 million from ZAR 160 million, helping reduce the overall OUTsurance Central operating loss to ZAR 244 million from ZAR 1.3 billion.
The group recorded new venture losses of 9.8% of operating profit, within its appetite cap of 10%. Retained natural perils rose to 9.1% of net earned premium at group level from 7.5%, reflecting KwaZulu-Natal and Australian flood exposure from prior years.
Group-level return on equity came in at 38.3%, exceeding the 30%-35% target band. OUTsurance Personal's cost-to-income ratio improved to 18.1%, described by CEO Marthinus Visser as "world-class," while its combined ratio tightened to 61.5% from 64.6%.
Visser cautioned against overly rapid expansion, noting that "if you scale too fast, you just amplify your pricing errors," and observed that premium inflation remained below CPI.
The stock closed at $28.64 on September 9, 2026, down 0.59%, trading roughly 18.1% below its 52-week high of $34.96.
Incoming CFO Francois van Rooyen confirmed the ZAR 5.6 billion normalised earnings figure during the call, which also noted a 50 basis point increase in the Australian cash rate over the period.
