The Phoenix Insurance Group breaks another record and presents unprecedented record profits of NIS 2.32 billion for 2021, reflecting a return of 26.3% on capital, which stands at NIS 9.7 billion. In the fourth quarter, the group earned NIS 759 million, with one-time profits of hundreds of millions of shekels helping to increase profits.
The company is controlled by the foreign investment funds Centerbridge and Geltin Point, which acquired control about two and a half years ago and made a great deal. Bnei Gabay serves as chairman of the board, and the company is managed by Eyal Ben-Simon. Following the profits, the dividend distribution will be increased to NIS 621 million, of which NIS 421 million will be distributed in April.
The total assets under management amounted to NIS 369 billion, compared with NIS 234 billion at the end of 2020. Premiums jumped from NIS 19.2 billion to NIS 29.9 billion. The group is not satisfied with achievements, and the Phoenix raises the threshold of the strategic plan goals: the target for managed assets – to NIS 450 – 550 billion, the total profit target – to NIS 1.3 – 1.5 billion and the equity target – to NIS 11-13 billion.
This year, Phoenix managed to flood value through the increase in control of the Gamma financing company and its issuance to the public (profit of NIS 220 million) and the sale of control of the sheltered housing network up to NIS 120 (profit of NIS 270 million). Ben Simon said: “We are focused on achieving our goals and are committed to continuing to work hard to bring value to customers and shareholders.”
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