The volume of assets under management increased to a record by Funder

by time news
© Zaidel Yonatan, Flash 90

| FUNDER SYSTEM |

The Harel Insurance and Finance Group (TASE 🙂 publishes its financial statements for the third quarter of 2021. On Tuesday, Harel ended the first nine months of the year with a profit of NIS 940 million – an increase of 131% compared to the same period last year.

The Harel Investments share reflects the group’s current market value of more than NIS 7 billion, after an increase of 15.3% since the beginning of the year. For comparison, an index, which includes all shares in the banking, insurance and financial services industries on the Tel Aviv Stock Exchange, has risen by about 47% since the beginning of the year.

It shows that the total profit after tax in the first nine months of 2021, attributed to the company’s shareholders, amounted to NIS 940 million, compared with a total profit of NIS 407 million in the corresponding period last year – an increase of 131%.

The total profit after tax in the third quarter of 2021, attributed to the company’s shareholders, amounted to NIS 380 million, compared with a total profit of NIS 402 million in the corresponding quarter last year. The total premiums earned, remuneration and receipts for investment contracts in the first nine months of 2021, amounted to NIS 23.3 billion, compared with total premiums earned, remuneration and receipts for investment contracts of NIS 21.8 billion in the corresponding period last year, an increase of approx. -7%. The total premiums earned, remuneration and receipts for investment contracts in the third quarter of 2021, amounted to NIS 8.2 billion, compared with the total premiums earned, remuneration and receipts for investment contracts of NIS 7.3 billion in the corresponding quarter last year, an increase of approx. 12%.

The capital attributed to the company’s shareholders is, as of September 30, 2021, approximately NIS 8.4 billion. Equity is after the distribution of a dividend of NIS 257 million and the repurchase of shares at a cost of NIS 28 million during the first nine months of the year. This is compared to equity of NIS 7.7 billion at the end of 2020.

Michel Siboni (pictured above), Chairman of Harel Insurance and CEO of the Harel Insurance and Finance Group, stated:

“We conclude the three quarters of 2021 with the continuation of our growth trend, which is reflected in a 12% increase in premiums and a 131% increase in total profit for the period to the amount of NIS 940 million. The increase in assets managed by the Group continues, The acquisition of Psagot’s assets will reach NIS 345 billion. “Among all the group’s activities, in order to continue to improve Harel’s efficiency and profitability in the coming years.”

Nir Cohen, CEO of Harel Insurance, said:

“In the last quarter we have focused on building an excellent management team that will lead the company in the coming years and allow us to realize Harel’s advantages in technology, digitization, human capital in the company and our agents. These benefits will allow us to create long-term relationships For them and to fully realize our business strategy. ”

| Health insurance

  • The pre-tax total profit in the health insurance segment in the third quarter of 2021 amounted to NIS 304 million, compared with a pre-tax total profit of NIS 130 million in the corresponding quarter last year, an increase of 134%.
  • The total gross earnings earned in the health insurance segment in the third quarter of 2021 amounted to NIS 1.4 billion, compared with NIS 1.2 billion in the corresponding quarter last year, an increase of 17%.

| General insurance

  • The total profit before tax in general insurance in the third quarter of 2021 amounted to approximately NIS 21 million, compared with the total profit before tax of approximately NIS 177 million in the corresponding quarter last year.
  • The total premiums earned gross in general insurance in the third quarter of 2021 amounted to NIS 0.9 billion, compared with NIS 0.8 billion in the corresponding period last year, an increase of 13%.

| Long-term savings

  • The pre-tax total profit in long-term savings activities (life insurance, pension, provident and continuing education) in the third quarter of 2021 amounted to NIS 138 million, compared with a pre-tax total profit of NIS 194 million in the corresponding quarter last year.
  • The total gross earned premiums, remuneration fees and receipts for investment contracts in long-term savings activities in the third quarter of 2021 amounted to NIS 5.8 billion, compared with NIS 5.1 billion in the corresponding quarter last year, an increase of 14%.

| Pension funds

  • The total profit before tax from the management of pension funds in the third quarter of 2021 amounted to NIS 26 million, compared with the total profit before tax of NIS 20 million in the corresponding quarter last year, an increase of about 30%.
  • The benefit fees collected by the Group’s pension funds in the third quarter of 2021 amounted to NIS 2.6 billion, compared with NIS 2.4 billion in the corresponding quarter last year, an increase of 8%.
  • The volume of assets managed by the Group’s pension funds, as of September 30, 2021, amounted to NIS 98.6 billion, compared with NIS 80.2 billion at the same time last year, an increase of 23%.

| Provident funds and study funds

  • The total profit before tax in provident funds and advanced training in the third quarter of 2021 amounted to NIS 14 million, similar to the corresponding quarter last year.
  • The benefit fees collected by the provident and continuing education funds in the third quarter of 2021 amounted to NIS 0.8 billion, compared with NIS 0.7 billion in the corresponding quarter last year, an increase of about 14%.
  • The volume of assets managed in provident funds and study funds, as of September 30, 2021, amounted to NIS 46 billion, compared with NIS 42.7 billion in the corresponding period last year, an increase of 8%.

| Life insurance

  • The pre-tax total profit in life insurance in the third quarter of 2021 amounted to NIS 98 million, compared with a pre-tax total profit of NIS 160 million in the corresponding quarter last year.
  • The total gross earned premiums and receipts for life insurance investment contracts in the third quarter of 2021 amounted to NIS 2.4 billion, compared with NIS 2 billion in the corresponding quarter last year, an increase of about 20%.

| Harel Finance

  • The pre-tax total profit in the capital market and financial services segment in the third quarter of 2021 amounted to NIS 19 million, compared with a pre-tax profit of NIS 14 million in the corresponding quarter last year, an increase of 36%.
  • Revenues in the capital market and financial services segment in the third quarter of 2021 amounted to NIS 63 million, compared with NIS 54 million in the corresponding period last year, an increase of 17%.
  • The volume of assets managed in the capital market and financial services sector by Harel Finance Investment House amounted to NIS 56.4 billion as of September 30, 2021, compared with NIS 52.1 billion at the same time last year and as of December 31, 2020.

| Equity

  • The capital attributed to the company’s shareholders as of September 30, 2021, is in the amount of NIS 8.4 billion.
  • Harel Insurance’s capital surplus as of December 31, 2020, in accordance with the transitional provisions, amounts to approximately NIS 5.8 billion. The economic solvency ratio report as of December 31, 2020 was published, in accordance with the guidelines, on June 30, 2021.
  • The capital surplus of Harel Insurance as of December 31, 2020, before the transitional provisions (in terms of 100% SCR) is in the amount of NIS 0.6 billion.

The article was first published on the FUNDER website.

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