The company’s revenues in 2021 grew by approximately 58% and amounted to approximately NIS 1,423.8 million, compared with approximately NIS 903.4 million last year. The increase in income from management fees is mainly due to an increase in the balance of assets managed by the company, inter alia in light of the Psagot transaction, and an increase in the total deposits to the provident funds and pension funds managed by the company. Revenues in the fourth quarter grew by 51% and amounted to NIS 389.8 million, compared with NIS 257.8 million in the corresponding quarter last year.
Consolidated net profit increased in 2021 by approximately 87% and amounted to approximately NIS 258.3 million, compared with approximately NIS 138.3 million last year. Consolidated net profit increased by 60% in the quarter and amounted to NIS 71.3 million, compared with NIS 44.5 million in the corresponding quarter last year.
The number of members in the company’s pension funds continues to grow and as of the end of 2021 stood at 352,212 compared to 316,815 at the end of the previous quarter, an increase of about 11% and compared to 219,324 at the end of 2020, an increase of about 61%. The company’s market share in the pension market continued to rise and stood as of December 31, 2021 at 5.23% compared to 3.67% last year. The company’s market share in pension deposits at the end of 2021 was 8.42% compared to 5.13% last year.
The Company’s pension fund assets increased from a total of NIS 17.42 billion in assets at the end of 2020 to a total of NIS 30.86 billion in assets as of the end of 2021, an increase of approximately 77.12%.
Most of the increase was due to continued accelerated growth and recruitment of new customers as a result of excess returns in relation to the long-term market, efficient and focused marketing operations to promote and strengthen the company’s pension fund and strengthen the company’s brand position among the Israeli public. In addition, the fact that the company’s pension fund is one of four default funds selected by the Capital Market Authority has increased the company’s awareness among savers and distributors. These moves, together, have led to a significant increase in the number of members and the volume of accruals transferred to the pension funds managed by the company.
The company’s provident assets increased by approximately 45%, a total of approximately NIS 147.4 billion at the end of 2020 to approximately NIS 213.2 billion at the end of 2021.
As of December 31, 2021, Altshuler Shaham Provident and Pension is the largest company in the provident fund market (including a savings plan for each child) and holds a market share of approximately 30.97% of the total assets managed in provident funds and study funds, compared to 25.44% at the end of 2020.
As of December 31, 2021, shareholders’ equity amounted to approximately NIS 551.5 million, compared with approximately NIS 283.5 million as of December 31, 2020. The Company’s Board of Directors is expected to approve a dividend distribution of approximately NIS 150 million so that the total dividend for 2021 It is expected to amount to about NIS 190 million.