| Telenier system
Altshuler Shaham Provident and Pension (TASE 🙂 shows in 2021 an increase of about 98% in total profit, to about NIS 77.1 million. Revenues in the quarter grew by 69.6% and amounted to NIS 396.9 million, compared with NIS 234 million in the corresponding quarter last year. The increase in management fee income is mainly due to an increase in the balance of assets managed by the company, an increase in the total deposits to the provident funds and pension funds managed by the company, and an increase in management fees from the provident funds as a result of the merger of Psagot. The company’s revenues in the quarter (excluding peaks) grew by approximately 36.5% and amounted to approximately NIS 319.3 million, compared with approximately NIS 234 million in the corresponding quarter.
Altshuler Shaham Provident and Pension, managed by Yair Levinstein, is a subsidiary of Altshuler Shaham Investment House, established in 1990 by Kalman Shaham and Gilad Altshuler and specializes in the management of mutual funds, investment portfolios, provident funds and pension funds. Gilad Altshuler and Ran Shaham serve as co-CEOs of the investment house, which manages assets totaling NIS 243 billion.
Against the background of the publication of the financial statements, Altshuler Shaham Provident and Pension shares rose about 2% on Tuesday with the opening of trading on the Tel Aviv Stock Exchange. Since the beginning of the year, the share has risen 5.2%, and today it reflects a market value of about NIS 3.37 billion.
Altshuler Shaham Provident and Pension’s consolidated total profit amounted to NIS 77.1 million, compared with NIS 38.9 million in the corresponding quarter last year, an increase of 98%. The company increased its market share in the pension market by about 64% to over 5%. The company’s market share in the pension market as of September 30, 2021 was 5.02%, compared to 3.06% in the corresponding quarter last year. The company’s market share in pension deposits was 8.38% in the third quarter, compared with 5.13% in the corresponding quarter last year.
The Company’s pension fund assets increased from a total of NIS 17.46 billion in assets at the end of 2020 to a total of NIS 27.87 billion in assets as of September 30, 2021, an increase of approximately 59.57%. Most of the increase was due to the recruitment of new customers as a result of efficient and focused marketing activities to promote and strengthen the company’s pension fund and to strengthen and position the company’s brand among the Israeli public, as well as excess returns over the long term.
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 number of members in Altshuler Shaham’s pension funds continues to grow – and as of the end of the third quarter of 2021, stood at 316,815 members, compared to 188,872 at the end of the corresponding quarter last year – an increase of 67.7%, compared to 290,625 members at the end of the previous quarter.
The company’s provident assets increased by 13%, a total of NIS 147.4 billion at the end of 2020 to NIS 166.5 billion at the end of the third quarter of 2021. Psagot Gamel’s provident assets, which were not sold to Harel, amounted to NIS 44.2 billion as of 30 days. in September. 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 25.63% of the total assets managed in provident funds and study funds, compared with 23.96% as of September 30, 2020.
The volume of the Company’s managed assets, excluding Psagot’s assets, amounted to NIS 194.4 billion at the end of September, compared with NIS 142.49 billion as of September 30, 2020, an increase of 36.4%. Shareholders’ equity amounted to NIS 443.4 million, compared with NIS 283.5 million as of December 31, 2020.
Yair Levinstein, CEO of Altshuler Shaham Provident and Pension, said:
“We are pleased to present another good quarter with significant growth in revenue and net profit. The results of the quarter have not yet reflected the moves we are leading in the merger with Psagot, which are expected to be reflected starting in the first quarter of next year.” “In the number of members and in the significant increase in our market share. We believe in our ability to continue to grow while strengthening our competitive position and managing the assets we have in the best possible way.”
The article was first published on the Telniri website.