company
Idea Insurance
-3.86%
Base:9,074
opening:8,858
High:9,075
low:8,440
change:4,090,370
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Recorded revenues of NIS 553 million in the last quarter, compared to NIS 537 million in the corresponding quarter. The increase in the company’s expenses – NIS 533 million compared to NIS 470 million in the corresponding quarter, led the company to a net profit of only NIS 13.3 million – 71% below the corresponding quarter. The company’s total profit almost disappeared – NIS 1.8 million compared to NIS 47.5 in the corresponding quarter.
The gross premiums from general insurance business grew by about 15% and amounted to about NIS 503 million, but the company recorded a segmental loss of NIS 19 million, in the corresponding period last year a profit of NIS 24 million was recorded. The return on capital as of the end of the last quarter (in annual terms, according to the other total profit adjusted for the year) is only 1%, in the corresponding quarter the figure was 23.7%.
CEO of Direct Insurance, Kobi Haber: “Direct Insurance concludes another quarter of growth in the scope of premiums in all areas of activity. The company continues to develop as a multi-product company for the individual and the family, while providing an efficient service based on advanced technology and data and it will continue to strengthen the areas of life, health and apartment insurance as additional growth engines, alongside the automotive industry. The company ended the third quarter with a total profit of NIS 2 million, thanks to good profitability in life products, health and other property, which were offset by a loss in the automotive industry and a decrease in income from the capital market.”
The company’s capital is NIS 809 million and the company’s value is NIS 308 million. The stock is trading at a rate of NIS 97 per share, a drop of 8% since the beginning of the year.
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