Harel Insurance Investments and Financial Services Ltd. marked a 28% increase to NIS 327 billion in the first quarter of 2022, according to its Q1 report.
The rise was attributed in the report to a rising interest rate curve, falling prices in the capital markets and an inability to collect variable management fees.
In addition, the company marked a 32% increase in gross earned premiums, benefit contributions and amounts received for investment contracts to NIS 9.8 billion.
The equity attributed to the company's shareholders also rose by 16% to NIS 8.9 billion.
Chairman of Harel Insurance Michel Siboni
“First quarter results are confirmation that the momentum within Harel Group continues unabated," said Chairman of Harel Insurance and CEO of Harel Group Michel Siboni.
“First quarter results are confirmation that the momentum within Harel Group continues unabated."Chairman of Harel Insurance and CEO of Harel Group Michel Siboni
"During the quarter, Harel Group’s business activity grew significantly, with profit up 28% and a sharp 32% growth of premiums compared with the corresponding quarter last year. The results were achieved, in part, due to the higher interest rate and thanks to the constant adoption of new technologies and ongoing marketing drive.
"All these allow the Company to grow even in a challenging market environment, to develop business activity and present continuous reinforcement of its financial robustness and flexibility. This trend is clearly reflected in Harel’s economic solvency ratio, at full calculation, that at the end of 2021 grew to 116% presenting a capital surplus of NIS 2 billion."
Harel Insurance CEO Nir Cohen
“We conclude Q1 2022 with extremely high growth and improved profitability, despite the challenging market environment," said CEO of Harel Insurance Nir Cohen. "This growth reflects further improvement by Harel in the different operating segments, in investments, service, the assimilation of digital tools, in marketingand sales.
"We continue to advance implementation of our strategic focus which includes improved operational excellence in the different activities and enhancing the Company’s relationship with its customers. Harel’s progress rests on the contribution made [by] its employees alongside cooperation with Harel’s agents, allowing the Company to create added value for customers even in periods of market instability.”