Yair Levinstein and Gilad Altshuler (Photo Press, Sam Yitzhakov)
The provident company of Altshuler Investment House Shaham continues to lead the industry. While the investment house has been suffering from negative communication lately, the company’s performance continues to be good, despite everything.
The company’s reports show that revenues in 2021 grew by 58% and amounted to more than NIS 1.4 billion, compared with NIS 903.4 million in 2020. The increase in revenues from management fees is mainly due to an increase in the balance of assets managed by the company, including in light of the transaction Psagot, and an increase in the total deposits in 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.
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The consolidated net profit increased in 2021 by approximately 87% and amounted to approximately NIS 258.3 million, compared with approximately NIS 138.3 million in 2020. 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 352,000 compared to 316,000 at the end of the previous quarter, an increase of about 11% and compared to 219,000 at the end of 2020, an increase of about 61%. The company’s market share in the pension market continued to rise and stood at 5.23% at the end of the year 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 NIS 17.42 billion at the end of 2020 to NIS 30.86 billion as of the end of 2021, an increase of approximately 77.12%.
Altshuler Gamel says today that most of the increase was due to continued accelerated growth and new customers as a result of excess returns in relation to the market in the long term, effective and focused marketing actions to promote and strengthen the company’s pension fund and strengthen the company’s brand. .
In total, the company’s provident assets grew by 45%, from NIS 147.4 billion at the end of 2020 to NIS 213.2 billion at the end of 2021. As of the end of the year, Altshuler Shaham Provident and Pension is the largest company in the provident fund market (including a savings plan for all Child) and holds a market share of approximately 30.97% of the total assets managed in the provident funds and study funds, compared with 25.44% at the end of 2020.
Equity at the end of the year amounted to NIS 551.5 million, compared with NIS 283.5 million in December 2020. The Company’s Board of Directors is expected to approve a dividend distribution of NIS 150 million, so that the total dividend for 2021 is expected to amount to NIS 190 million.
Yair Levinstein, CEO of Altshuler Shaham Provident and Pension, said: “We are proud to conclude another quarter of growth in all parameters, which includes the merged Psagot activity for the first time, after the completion of the sale of some of the assets acquired under the transaction. The pension fund continued to grow in the fourth quarter as well, with the company intending to continue to expand its operations, as a significant growth engine in the coming years. We announce an intention to distribute a significant dividend which expresses in our eyes our commitment to bring value to our partners, the shareholders. I believe in our ability to continue to grow, while strengthening our competitive position and managing the assets we hold in the best possible way. “
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