Summary of Financial Results

Q1.2024

May 29, 2024

Harel Group, the Board of Directors, Management and employees support the defense forces and stand with the families of the hostages, hoping and praying for their safe and speedy return home.

We offer our condolences to the bereaved families and feel the pain of their terrible loss in the horrific terror attack on October 7.

At this time, Harel Group expresses its resounding faith in the resilience of the State of Israel and the strength of the Israeli economy. As a leading Israeli company, we will continue to support and contribute to our country and society, from a position of solidarity and national responsibility. Together we will overcome the challenges facing us and continue to build a better future for all of us in Israel.

2

Agenda

Key messages

Strategy

Financial overview

Appendix

3

Harel Insurance Investments and Financial Services

Largest insurance and finance group in Israel

Premiums and Deposits*

Shareholders' Equity

AUM

S&P Maalot

NIS B

NIS B

NIS B

ilAA+/Stable

9.9

8.7

453

Q1.24

Q1.24

Q1.24

Harel Insurance

Q1.23

9.2

Q1.23

8.4

Q1.23

377

Midroog

Aa1.il stable

Harel Insurance

Comprehensive Income

ROE

Solvency Capital Ratio

Aa2.il stable

NIS M

Including transitional measures

Harel Investments

Q1.24

233

Q1.24

11%

31.12.23

168%

Maala CSR

Q1.23

33

Q1.23

2%

30.06.23

167%

Platinum Plus

Harel Investments

Largest Insurance and Financial Group in Israel - in terms of gross premiums earned and contributions to pension funds and provident funds and amounts received for investment contracts as of 31.12.2023

4 *Gross premiums earned and contributions to pension funds and provident funds and amounts received for investment contracts

Key

Messages

Q1.24

Continuous growth in quarterly profit

Improvement in all segments

Positive real Nostro return

Growth in premiums, deposits and AUM

Increase in Solvency Capital Ratio

Q1.24 profit was NIS 233 M compared with NIS 33 M in Q1.23 supported by underwriting improvement in all segments,

despite War impact of NIS 34 M before tax, and by higher nostro returns

NIS 178 M underwriting improvement in insurance, NIS 16 M improvement in AM and NIS 6 M improvement in credit -

reflecting ongoing strategy implementation

Positive real Nostro return of 0.8% in Q1.24 compared with negative real return of (0.1%) in Q1.23

With premiums and deposits* of NIS 9.9 B, AUM of NIS 453 B as of 31.03.2024, up 6% from YE2023.

Solvency Capital Ratio without transitional measures increased to 138% as of 31.12.2023, compared with 126% as of 30.06.2023 largely due to increase of interest rate curve

5

*Gross premiums earned and contributions to pension funds and provident funds and amounts received for investment contracts

Underwriting profit in Life, Health, Non-life segments and profit in Equity segment are calculated assuming 3% real return, excluding special effects. See Appendix for full list of assumptions

Agenda

Key messages

Strategy

Financial overview

Appendix

6

StrategicFocus

Improving Diversifying Profitability and Revenues

Leveraging scale for material and permanent

improvement of insurance profitability and revenue

diversification

7

#1Operational Excellence

Strategy #2Leveraging Existing

Implementation 3Customers

# Revenue

Diversification

Improving insurance

profitability

Continue growing in profitable products

Expanding non-

insurance activities

8

Our targets:

Harel 2026

Comprehensive income NIS M after tax

1,447

770

600

233

(77)

2022

2023

Average

Q1.24

2026

2019-2023

ROE

13.5%

10% 11%

7%

(1%)

2022

2023

Average

Q1.24

2026

2019-2023

Key forecast assumptions: Real Nostro return of 3.0%, change in CPI 3.0%, implementation of strategic plan to improve profitability and diversify revenues. Premium growth is consistent with industry growth assuming that Harel's share is maintained. Q1.24 and 2026 premiums do not include Group LTC premiums for Clalit HMO contract Increase in AUM reflects the past deposits development (continuous growth in pension and provident funds). Fees include 124 M variable fees in 2026, in 2022-2023 and in Q1.24 variable fees were not collected. Dividend inline with existing policy. Assumed tax rate is 34.746%. Actual performance may differ from forecast, due to changes in capital market returns, marco data including growth and inflation, regulatory changes and other variables.

9

Our targets:

Harel 2026

AUM NIS B

Premiums and Deposits* NIS B

520

39.4

43.8

453

37.5

428

363

9.9

2022

2023

31.3.24

2026

2022

2023

Q1.24

2026

Fee Income NIS B

1.91

1.47 1.53

0.4

2022

2023

Q1.24

2026

Key forecast assumptions: Real Nostro return of 3.0%, change in CPI 3.0%, implementation of strategic plan to improve profitability and diversify revenues. Premium growth is consistent with industry growth assuming that Harel's share is maintained. Q1.24 and 2026 premiums do not include Group LTC premiums for Clalit HMO contract Increase in AUM reflects the past deposits development (continuous growth in pension and provident funds). Fees include 124 M variable fees in 2026, in 2022-2023 and in Q1.24 variable fees were not collected. Dividend inline with existing policy. Assumed tax rate is 34.746%. Actual performance may differ from forecast, due to changes in capital market returns, marco data including growth and inflation, regulatory changes and other variables.

*Gross premiums earned and contributions to pension funds and provident funds and amounts received for investment contracts

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Harel Insurance Investments & Financial Services Ltd. published this content on 29 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2024 05:37:02 UTC.