Tower: Underwriting space doubled to 131m

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Reports a total profit in the fourth quarter of 2021 in the amount of NIS 747 million, compared to NIS 552 million in the corresponding quarter in 2020. Underwriting profit doubled and more than NIS 61 million in the last quarter of 2020 to NIS 131 million this time, with the improvement due to an increase in management fee income, and most of the amount was concentrated on life insurance profits and long-term savings. In the field of investments, the company shows a growth of about 15% in the total quarterly profit of about NIS 837 million to about NIS 987 million.

In the pension funds, the benefits in the quarter amounted to NIS 2.06 billion, compared with NIS 1.9 billion in the corresponding quarter, an increase of 8%. In the provident funds, the quarterly benefit payments amounted to NIS 704 million, compared with NIS 574 million in the corresponding quarter, an increase of 23%. The company reports positive mobility in the fourth quarter in the provident and continuing education industry, along with a significant reduction in net negative mobility on an annual basis. At the same time in the pension industry there was a decrease in the net negative net mobility in the fourth quarter.

In life insurance in the fourth quarter, current premiums (including current receipts for investment contracts) amounted to NIS 1.9 billion, compared with NIS 1.86 billion at the time, an increase of about 3%.

In health insurance in the fourth quarter, the gross gross premiums amounted to NIS 440 million, compared with NIS 416 million in the corresponding quarter, an increase of 6%. A total loss before tax of NIS 87 million was recorded, an increase from an earlier level of NIS 16 million a year earlier, due to an increase of NIS 213 million before tax in special provisions in long-term care insurance, compared with an increase in these provisions of NIS 116 million. A year earlier.

In general insurance in the fourth quarter, the gross earned premiums amounted to NIS 420 million, compared with NIS 397 million, an increase of 6%. The increase was mainly due to an increase in premiums in other property and liabilities industries, mainly due to a change in the renewal dates of policies in which the insurance coverage lasts longer than a number of large businesses, the company explained.

However this is partially offset by a further decrease in car insurance premiums. The underwriting loss in the segment deepened from NIS 62 million to NIS 99 million, while the total profit in the segment rose from NIS 20 million then to NIS 26 million now, due to an increase in investment profit and a decrease in reserves – mainly due to the Commissioner’s liquidity premium. In the circular, which was partially offset due to underwriting loss. And in this context we will mention that 2022 is expected to benefit with the company following the interest rate hike, mainly because its insurance liabilities are small.

In 2021 as a whole, a total profit of NIS 2.1 billion was reported, compared with NIS 369 million in 2020. There was also a 17% increase in pension sales, In pension funds, Remuneration amounted to NIS 7.7 million, compared with NIS 7.4 million last year. In provident funds, remuneration amounted to NIS 2.1 million, compared with NIS 1.9 million last year.


In 2021, the volume of new non-marketable investments amounted to NIS 17.7 billion. Of the amount, about NIS 6 billion was invested in infrastructure – mainly in renewable energy, and by the way, ESG, NIS 1.5 billion was invested in credit transactions that support this policy.

Sagi Yogev, CEO of Incoming Insurance Tower: “Migdal concludes a record year in revenue, profitability and assets under management. The significant achievements we present today are the result of hard work by the company’s management and all its employees. The company’s business focus in the last two years – growth, profitability While continuing to lead in the areas of investments, long-term savings and insurance, and emphasizing the areas of digitization and innovation. ”

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