Victor and Keret Keshet Etty Elishkov Libra (Photo by Ronen Ackerman)
Etty Elishkov’s insurance company published annual reports when gross premiums in 2021 amounted to NIS 304.1 million, compared with NIS 178.6 million in 2020, which is an increase of 70.2%.
The insurance company concludes 2021 with an increase in revenues, an increase resulting from continued accelerated growth in the company’s activity in the industry as well as high customer loyalty, which is reflected in a high rate of innovations, along with operational efficiencies in the company’s expenses.
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In the profit category, Libra presented a slight decrease in profit before tax in 2021, when last year’s profit amounted to NIS 5 million compared to NIS 5.2 million in 2020. Total profit after tax in 2021 amounted to NIS 3.2 million, compared to NIS 3.3 million in 2020 .
According to Etty Elishkov, founder and CEO of Libra, “The company continues to grow and concludes 2021 with a significant increase in the number of insured and an increase in premiums in accordance with the company’s goals, along with an improvement in operational parameters and quality of the insured portfolio. Thanks to the personnel model, the quality of the company’s insured portfolio is good, which helped the company meet the challenges of the fourth quarter of 2022 which was not simple in the insurance industry, given the growing trend in claims, severity of accidents, increased spare parts cost and increased vehicle theft. Libra continues to operate according to its strategy, focuses on innovation and the development of differentiated solutions tailored to customer needs, and is preparing to launch products that will form an additional tier for our expected growth in the coming years. ”
Speaking of Libra, it is impossible not to mention the well-publicized deal with Keshet that began with a business model of profit sharing while allocating shares from emerging companies versus bringing in advertising space in prime time – moves sponsored by “Keshet Holdings” led by Victor and Carat. The insurance company Libera, despite its low value compared to the major competitors, received high-priced commercials in prime time television, on the most powerful channel.
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If the recent commercials are a little weird for you, maybe it’s not for nothing. Thus, an advertisement for the relatively anonymous company EPM that deals with the development of cannabis-based drugs. The presenter, Prof. Zeev Rothstein in his honor, appears on television screens and convinces viewers with the advanced technologies based on the cannabis plant, through which the company seeks solutions to many diseases. So the story is simple: at the beginning of 2022, Keshet signed an agreement with the company with an advertising transaction value of NIS 10 million, in exchange for shares. By the way, the competitor chain also did this in a smaller deal worth NIS 3 million.
Walla Brenze’s editor, David Wertheim, raised another issue today (Wednesday) in that advertising in an investment in an IPO may be contrary to the legislation of the second authority, and that according to an investigation no coordination was made with the authority: “Investing in companies such as For investing in a start-up, but the cannabis case is different. A clear active that creates quite a few distortions, “Wertheim wrote.
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Either way, Keshet’s new business model in an attempt to generate profits despite the tough bureaucracy of regulation, is done in front of several companies: from Aventer to Silver Castel and bringing the crypto worlds to the heart of Israeli prime-time.
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Regarding the Keshet and Libra deal, according to the reports published today, it appears that during February 2018 a cooperation agreement was signed between the two companies according to which Keshet will provide advertising services in exchange for 2,000 shares which constituted about 5% of the company. Dilution. So far everything is known.
However, later the collaboration developed: Keshet will also participate in the company’s profits, and it was also determined that Libra will receive advertising services between the years 2021-2025 in the amount of NIS 70 million. Thus, in addition to the shares it has already received, in accordance with the company’s revenues.
Libra places significant emphasis on marketing and advertising, and is willing to invest a lot of money for this purpose. Thus, if in 2019 the company spent about NIS 12 million on advertising, in 2020 the amount has already increased to NIS 14.6 million, and in 2021 in Libra they spent NIS 19.1 million on advertising and marketing. In such sums, Libra achieved a good deal with Keshet and received advertisements that cost high sums as part of a collaboration that is an essential part of Keshet’s new business model.
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