Capitec financial results show rapid insurance growth under new licence
Capitec Life now manages over 3.3 million active funeral and life cover policies, insures 15 million lives, and contributes R1.9 billion in net insurance income to the Capitec Group.
This is according to Capitec’s 2025 financial results, which the group recently published.
Capitec Life, a wholly-owned subsidiary of Capitec Group, first obtained its long-term insurance licence in October 2022.
Capitec Life started writing credit life on its own licence in May 2023 and funeral on its own licence in November 2024, following the exit from the Sanlam joint venture.
Capitec Life is currently in the process of moving the remaining Guardrisk-underwritten policies to its own licence, while continuing to write all new policies on its own licence.
Thanks to this licence, Capitec Life has scaled its insurance business impressively, adding in excess of 600,000 active funeral and life cover policies on its own licence since May 2024.
Fourie emphasised that this is incredibly impressive and shows that the offering appeals to the broader market.
“This rapid uptake highlights the unique appeal of our simplified, affordable insurance products and positions Capitec as potentially the fastest-growing Life Insurer in the country,” said Fourie.
Powering business diversification
The success of Capitec Life has played a key role in Capitec Group’s diversification focus, which comprises the introduction of new services that leverage its substantial active client base of over 24 million users.
As one of the primary diversification vehicles, Capitec Life contributed 25% to the headline earnings for the Capitec Group in the past financial year.
Other forms of diversification include the introduction of business banking, valued-added services, and Capitec Connect.
“Our purpose-driven strategy is helping us scale sustainably and, most importantly, it is assisting 24 million South Africans to grow every day,’ said Fourie.
Fourie also highlighted that one of Capitec Group’s biggest focuses is continuing to grow its insurance business.
“We remain passionate about making a meaningful difference and helping our clients and the South African economy grow,” said Fourie.
Click here to learn more about Capitec’s 2025 financial results.
