Harel Insurance Investments & Financial Services Ltd

HARLTASEIL0005850180₪40B

Investment Thesis

Earns insurance service revenue by underwriting health, non-life and life risks, plus management fees on pension, provident, mutual-fund and client-portfolio assets and interest on a lending book; investment returns on the portfolios backing policyholder liabilities also move results materially.

Geographic Exposure

IsraelN/A

GreeceN/A

TurkeyN/A

Revenue Drivers

Health and long-term care underwriting

Underwrites illness, hospitalisation, surgery, long-term care, dental and travel cover

CORE37%

Motor, liability and property underwriting

Underwrites motor, liability and property risks; also includes some health cover

CORE34.4%

Life assurance and retirement savings

Underwrites death, disability and illness cover combined with long-term savings policies

SIGNIFICANT18.1%

Pension and provident fund management

Manages pension funds, provident funds and study funds for long-term savers

PERIPHERAL6%

Capital market asset management

Manages mutual funds, client portfolios and private investment funds; makes markets

PERIPHERAL3.5%

Insurance agency distribution

Commission income earned by the group's insurance agencies placing business

PERIPHERAL1%

End Markets

Individual policyholders
Collective and group schemes
Salaried employees and self-employed savers
Small businesses
Medium and large enterprises
Real estate developers

Specializations

Closed-loop developer project financeReverse mortgages for borrowers aged sixty and overMezzanine lending for sponsor equity completionMortgage credit insurance with origination and portfolio servicingStatutory exchange-traded fund market makingAlternative investment funds for qualified investors+1 more

Activities

Insurance underwriting
Reinsurance purchasing
Long-term savings and asset management
Lending and credit provision
Insurance agency distribution