The digital insurance company
Libra
-0.7%
Base:795.6
opening:795.6
High:803.2
low:786.1
change:189,288
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It is reported that the gross earned premiums continued to jump in the fourth quarter of 2021 by 77% and reached NIS 73.8 million, compared with NIS 42.7 million in the corresponding quarter last year.
But Libra posted an operating loss of NIS 6.6 million in the quarter, compared to an operating profit of NIS 512,000 in the corresponding quarter. Thanks to the tax offset, the company recorded a lower net loss of NIS 4.5 million, compared with a slight profit of NIS 42,000 in the corresponding quarter in 2020.
In 2021 as a whole, gross premiums increased by 86% and reached NIS 250 million, compared with NIS 134.4 million last year. However, operating profit did not increase and remained the same: 5,596 million compared to 5,594 million last year. On the bottom line, Libra recorded a 2.3% decrease in annual net profit to NIS 3.2 million, compared with NIS 3.3 million in 2020.
Etty Elishkov, founder and CEO of Libra“We conclude 2021 with a significant increase in the number of insured and an increase in premiums. Thanks to the personal model, the quality of the company’s insured portfolio is good, which helped the company meet the challenges of the fourth quarter of 2021 which was not simple in the insurance industry. In lawsuits, in the severity of accidents, an increase in the cost of spare parts in the automotive industry and an increase in the frequency of vehicle thefts. ”
The company has no customers at all who are vehicle fleets and collectives (i.e. commercial) and all customers are private. It currently has about 117,000 insured (about 225,000 policies). The vast majority of the company’s insured persons purchase policies for both compulsory insurance and property vehicles (C and Comprehensive Monitor).
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