Harel's profits jumped to NIS 233 million; The Phoenix earned NIS 284 million

A windfall from the stock market, which improved the returns from the capital market, as well as a negative effect, amounting to NIS 19 million, of the changes in interest rates and their impact on the fair value of the assets in the first quarter of 2024 – affected the results of the insurance companies.

The Harel Group owned by Yair Hamburger presents good financial reports in all parameters. The profit in the second quarter amounted to NIS 233 million compared to NIS 33 million in the corresponding period last year and reflects a return of 11% on the capital which was NIS 8.7 billion.

Underwriting profits from the insurance business amounted to NIS 269 million compared to NIS 91 million in the corresponding period. In health insurance, Harel went from a loss of NIS 58 million to a profit of NIS 126 million, thanks to an improvement in underwriting operations.

The company managed by Nir Cohen shows growth in premiums and an increase in the volume of managed assets. The increase in profit was achieved despite an increase in the cost of life and health insurance claims, amounting to NIS 34 million, due to the war in Gaza.

In the insurance business there was an underwriting improvement of NIS 178 million which brought the profit to NIS 269 million. The volume of managed assets increased by 6% to NIS 453 billion. The company provides credit to the construction industry and mortgages in the amount of NIS 4.13 billion through subsidiaries.

Phoenix's profit amounted to NIS 284 million compared to NIS 81 million in the corresponding quarter last year and represents an 11.2% return on capital. The dividend will increase from 30% of the profit to 40%.

The profit before tax in general insurance amounted to 251 million shekels compared to 76 million shekels in the corresponding period thanks to an improvement in underwriting profits in the motor property industry. In health, the company posted a loss of NIS 62 million compared to a profit of NIS 150 million in the corresponding period.

Eyal Ben Simon, CEO: "The Phoenix works to leverage the wide range of services and activities for the benefit of its customers while carefully managing risks and maximizing business opportunities. The results reflect a continuation of the trend line of growth in assets under management and an increase in profit. The group is on track to achieve its goals for 2025."

The insurance company Libra, managed and owned by Eti Elishkov, opens the year 2024 with a strong quarter and a first profit of NIS 11.1 million, compared to a loss of NIS 1.9 million, thanks to effective underwriting activity and an increase in premiums and growth.


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