OUTsurance Trading Statement Flags 15%–21% NEPS Growth

In Short

• OUTsurance says it expects higher earnings for the year ended 30 June 2026.
• Normalised EPS is forecast to rise 15% to 21%, with HEPS up 21% to 26%.
• The company points to stronger underwriting margins in South Africa, and results are due 10 September 2026.

What Happened

OUTsurance issued a trading update and trading statement on 27 August 2026 covering its financial year ended 30 June 2026. The group guided for normalised earnings per share (NEPS) of 352.1 to 370.5 cents, up 15% to 21% year on year.

It also forecast headline earnings per share (HEPS) of 360.9 to 375.9 cents, up 21% to 26%. HEPS is a common South African profit measure that strips out certain once-off items to make companies easier to compare. Earnings per share (EPS) is expected to increase 16% to 22% to a range of 355.2 to 373.6 cents.

The group said performance was mainly supported by higher underwriting margins in its South African property and casualty insurance operations. Underwriting margin is what an insurer keeps after paying claims and operating costs, before investment returns.

In its operating update, OUTsurance flagged mixed performance across subsidiaries. South African property and casualty operations were expected to show strong earnings growth, helped by lower claims and improved cost-to-income ratios. Australia-focused Youi performed strongly operationally, but was hit by higher natural perils losses.

OUTsurance Life saw strong new business growth and improved cost efficiency, but faced a tougher comparison base. In Ireland, losses continued but the monthly loss profile started declining as the business moved past its peak loss period.

Why It Matters

For investors and operators tracking OUTsurance, the guidance signals that core insurance profitability in South Africa is carrying group earnings. It also shows how weather-related losses can still weigh on results, even when customer and premium growth are healthy.

The company said it expects to publish full results on 10 September 2026, which should give more detail on claims trends, pricing, and how international units are tracking toward profitability.