European Banks Daily

Research evidence excerpt

European Banks Daily

J P M O R G A N Europe Equity Research

10 July 2026

Daily Valuation Sheet | Banks Analyser & Global Banks and Fintech Valuation European Banks

ACWeekly sheet | *EMEA Banks 2Q Results Calendar: Jul-Aug 2026* Kian Abouhossein

(44-20) 7134-4575

Research kian.abouhossein@jpmorgan.com

J.P. Morgan Securities plc

EMEA

Specialist Sales contact details:

Gigi Sparling - Specialist Sales -

South African Financials:Banks are winning in life—driving a 15% surge in SA European Financials

life-insurance industry policies and capturing 26% of the profit pool (44-20) 7134-0355

Baron Nkomo (27-11) 507-0385 ghislaine.sparling@jpmorgan.com

Our research indicates that South Africa’s total life insurance policy count has stepped J.P. Morgan Cazenove is acting as

up sharply over the past 12 months, averaging 15% YoY growth across the last four corporate broker and financial adviser to

quarters (accelerating to +23% YoY in Q1) and reaching 60 million policies (see DCC plc in connection with an indicative

Figure 1). This inflection matters because policy growth was largely subdued from cash proposal (the "Proposal") from

2014 to 2024. Funeral insurance remains an important driver of volumes, but the Energy Capital Partners, LLC and

recent surge in both policy count and premiums also coincides with Capitec’s Kohlberg Kravis Roberts & Co. L.P.

expansion into life insurance, following the launch of its limited‑underwriting life

(together the "Consortium") as announced

product in June 2024. More broadly, we see traditional banks pushing an increasingly

on 29th April 2026.

aggressive digital and bancassurance distribution model, accelerating sales of simple

life products—helping to address South Africa’s low insurance penetration—while

This research report and the information