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Harel Insurance Investments & Financial Services Ltd

OVERVIEW

Harel Investments

Harel Insurance Investments and Financial Services Ltd. Group is the largest insurance and financial group in Israel, operating in insurance, asset management and credit segments. Main Group's activities are in the following: In insurance, Harel is active in Health, Non-Life and Life Insurance. In addition, the Group is active in credit insurance via ICIC (Israel Credit Insurance Company) and in mortgage insurance via EMI. The Group is also active in insurance overseas, via Turk Nippon in Turkey and via Interasco in Greece. In asset management the Group is active in pension funds, provident funds including education funds, mutual funds, portfolio management, ETFs, and provides various financial services in the capital markets via Harel Finance and its subsidiaries. In credit segment, the Group is active in medium businesses credit via Hamatzpen, in mortgages and reverse mortgages via Harel 60+ , credit to real estate developers and in financial guarantees for third parties related to mortgage portfolios.

Harel Insurance & Finance is the largest insurance and financial group in Israel

Harel Insurance Investments and Financial Services Ltd. Group is the largest insurance and financial group in Israel, operating in insurance, asset management and credit segments. Main Group's activities are in the following: In 2023, total premiums, benefit contributions and amounts received for investment contacts amounted to NIS 39.4 billion and total assets under management in insurance, pension and provident funds, mutual funds and financial services amounted to NIS 428  billion as of 31.12.2023. Equity attributed to shareholders was NIS 8.9 billion as of 31.12.2023. Comprehensive income to shareholders was NIS 600 million with ROE of 7% for 2023.

According to Harel Insurance and Finance Group dividend distribution policy, the Group will distribute a dividend to its shareholders of at least 30% of its total comprehensive income. Harel Insurance and Finance Group is listed in Tel Aviv Stock Exchange and is part of TA-35 index, which includes top 35 companies.

Market Share

As of year-end 2023, the Group is the largest insurer in Israel in terms of premiums, with a market share of 23.5%. In health insurance, Harel Group is the largest and most prominent insurer with a market share of 38.3%. In non-life  insurance, the Group is the largest insurer with market share of 15.6%, and in life insurance the company's market share is 21.4%, the second largest insurer. The Group is the second largest player in the new pension fund management segment, with market share of 17.7% and in provident funds management segment, the Group's market share is 9.0%, both are in terms of assets under management. In the mutual fund management sector, as of December 31st , 2023 the Group is the third largest player with market share of about 14.9%.

Years of insurance experience

Harel Group has about 90 years of insurance experience. Ernst and Margot Hamburger, who immigrated to Israel from Germany, founded Hamishmar Insurance Agency in 1935, which grew over the next decades. In 1975, the family established Harel Insurance Company Ltd. And merged the activity of Ha-Mishmar. In 1982 Harel Insurance Investments was established, listed on Tel Aviv Stock Exchange and raised capital. Over the next two decades the company expanded its activities by performing mergers and acquisitions of insurance companies and activities. In the 2000's, with the implementation of Bachar Reform, Harel entered the financial asset management segment and acquired pension and provident funds, while continuing growing and acquiring insurance activities and establishing its position in the Israeli market. Over the past years Harel has continued its growth path and founded credit activities – mortgages, medium business credit and other.

Group structure and subsidiaries

Harel Insurance Investments and Financial Services Ltd. is a public company, which shares are traded on the Tel Aviv Stock Exchange since 1982. The Holding Company separate activity is management, control and supervision of the subsidiaries, on-going planning of the Group's operations, and initiating activity and investments, both directly and through the Group's companies. The Company, operates mainly via the following subsidiaries:

In Insurance:

Harel Insurance Company Ltd

EMI - Ezer Mortgage Insurance Company Ltd.

ICIC - Israel Credit Insurance Company Ltd. (50%)

Interasco A.E.G.A

Turk Nippon Sigorta

In Asset Management

Harel Pension and Provident Ltd.,

Tzva Hakeva Saving Fund – Provident Funds Management Company

Leatid – Pension Funds Management Company

Harel Finance Holdings Ltd.  and its subsidiaries

In Credit

Ha-Mazpen Ltd.

Harel 60+ Ltd.  - a subsidiary of Harel Insurance Company

Our People

Board and Management

KEY SUBSIDIARY

Harel Insurance Company Ltd. (100%)

Harel Insurance is the main operating company of the Group. Harel is active in Life, Non-Life and Health Insurance. It is the largest and leading insurance company in Israel with about 4 million customers.

our story

Harel Investments Holding structure. Harel Insurance Investments & Financial Services ltd. 100% non-bank credit. Hamatzpen Shutaphi Laderech Ltd. Sale law guarantee and Bridge financing activity. Assets Under Managment (AUM). Savings. Harel Pension and Provident Ltd. Tzva Hakeva (Regular army) Saving fund - Provident Funds Managment Company Ltd. 79% Leatid - Pension Fund Managment Company Ltd. Financial Services. Harel Finance Holdings Ltd. Insurance Buisness. Harel Insurance Company Ltd. 100% Emi - Ezer Mortgage Insurance Company Ltd. Overseas Business. Turk Nippon Sigorta. 94% Interasco Societe Anonyme General Insurance Company. Other. Yedidim Pension Arrangments Insurance Agency Ltd. Veritas Insurance Agencies Ltd. 25% madanes Insurance Agency Ltd. %0% ICIC - Israel Credit Insurance Company Ltd.

Corporate Social Responsibility (CSR)

The Company’s Board of Directors and the management and employees of the Group, believe that corporate responsibility is an integral part of its management approach and the Group’s core values, and they attribute considerable importance to the integration of corporate responsibility in all levels of activity, based on the recognition that values and ethical and proper management go hand in hand with business success and leadership, while creating added value for all the principal shareholders. Since 2008, as part of the promotion of the Corporate Social Responsibility, Harel Group is a member in "Maala" organization, a non-profit ESG standards- setting organization in Israel, hosting a network of about 110 Israel's leading corporations. Since 2015 Harel constantly holds a "Platina Plus" rating, which is the highest rating assigned by Maala.