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European Banks Daily
研报英文原文证据摘录
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
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