SUMMARY OF
FINANCIAL
RESULTS
For the Period H1.23 | August 30, 2023
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Statements concerning the Company's future business, financial position and results of operations are subject to risks and uncertainties, which may cause actual results to differ materially from those forecasted. Such forward-looking information includes, but is not limited to, product demand, pricing, changing economic conditions, product and technology development risks, the effect of the Company's accounting policies as well as certain other risk factors which are specified from time to time in the Company's reports to the Securities Authority.
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THE BIG PICTURE
Data at June 30, 2023
19(NIS bn, H1.23) | 401(NIS bn) |
GROSS PREMIUMS | ASSETS UNDER |
EARNED, | MANAGEMENT |
Benefit Contributions and | |
amounts received for | |
Investment Contracts |
126(NIS m, H1.23) | 93(NIS m, Q2.23) |
COMPREHENSIVE | COMPREHENSIVE |
INCOME AFTER TAX | INCOME AFTER TAX |
Attributed to the | Attributed to the |
shareholders | shareholders |
169%At December 31, 2022 | Aa2.il | ||
SOLVENCY RATIO | HAREL INVESTMENTS | ||
Midroog | |||
Including the transitional | |||
provisions Aa2 RATING | Over | ||
HAREL INVESTMENTS | 4 MILLION | ilAA+ | |
AA+ RATING | customers | ||
HAREL INSURANCE | |||
HAREL INSURANCE | |||
8.4(NIS bn) | S&P Maalot | ||
PLATINA PLUS | |||
SHAREHOLDERS | |||
EQUITY | Rating by MAALA CSR | ||
9 years in a row |
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KEY HIGHLIGHTS FOR THE PERIOD
SHIFT TO
PROFITABILITY
CONTINUOUS
GROWTH
IMPROVING
YIELDS
UNDERWRITING IMPROVEMENT IN MOTOR
UNDERWRITING IMPROVEMENT IN HEALTH
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In Q2.23 shareholders' comprehensive income was NIS 93 million compared with a loss of NIS 436 million in Q2.22. In H1.23 shareholders' comprehensive income was NIS 126 million compared with a loss of NIS 110 million in H1.22
Premiums, benefit contributions and amounts received for investment contracts increased by 9.6% in Q2.23 and by 1.4% in H1.23. AUM increased by 10% from YE22, reaching NIS 401 billion
Real Nostro yield improved compared with the corresponding period last year. In H1.23 the real yield was zero and in Q2.23 the real yield was positive
Compulsory motor - decline in average cost of claim, motor property - increase in average premium. Results in H1.23 were also impacted by changes in the risk-free interest curve and decline in illiquidity premium*, that led to a reduction of the liabilities.
Mainly in group policies and cover for medications, due to inclusion of additional medications in the health services basket. Q2.23 results in LTC were impacted by a decline of the risk-free interest curve and decline in illiquidity premium*
- And additional effects including changes in the difference between the fair value and book value of the non-marketable assets and actuarial changes in the corresponding quarter last year.
CONTINIUOUS ACTIVITY GROWTH
33 3.9 3.8
10
4 5.4 5.9
Gross Earned Premiums, Benefit Contributions And Amounts Received For Investment Contracts (NIS bn)
+14%
37 5 | H1.23 vs. H1.22: | |||||
3.9 | ||||||
4.7 | Pension and | +12% | ||||
+1% | Provident Deposits | |||||
11.8 | +10% | Health Insurance | +10% | |||
2.3 | 1.4 | Non Life Insurance | +7% | |||
18.7 | 19 | |||||
4.7 | 2.3 | 2.3 | (4%) | |||
9.8 | Life Assurance | |||||
6.4 | ||||||
5.9 | 5.5 | 8.9 | ||||
0.7 | ||||||
0.9 | ||||||
2.2 | 2.4 | 1.1 | ||||
1.1 | 3.3 | |||||
2.9 | 3.1 | 2.8 | ||||
1.2 | ||||||
6.5 | 1.1 | |||||
1.6 | ||||||
3.5 | 3.4 | 1.5 | ||||
1.5 | 1.9 | |||||
2 | 21 | 2 | 22 | H1.22 | H1.23 | Q2.22 | Q2.23 |
LIFE ASSURANCE | HEALTH INSURANCE | ||||||
NON-LIFE INSURANCE* | PENSION FUNDS CONTRIBUTIONS | ||||||
PROVIDENT FUND CONTRIBUTIONS | AMOUNTS RECEIVED FOR INVESTMENT CONTRACTS |
*Including results of overseas insurance segment
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Harel Insurance Investments & Financial Services Ltd. published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 13:17:09 UTC.