Clal Insurance Enterprises Holdings Ltd. | TASE | Insurance, Asset Management & Credit
Data as of: April 2026 | Primary source: 2025 Annual Report + Investor Presentation
Clal Insurance Enterprises Holdings Ltd. is one of Israel's longest-established financial holding companies (incorporated 1987, IPO 1988). The company trades on the TA-35 index (security 224014) and consolidates Clal Insurance Company (100%), Clal Pension and Provident (100%), Clal Credit Insurance (80%, with Atradius holding the remaining 20%), and Max IT Finance (100%). Group AUM stood at NIS 420 billion at year-end 2025, with 3.5 million customers and 3,610 employees. A structurally distinctive feature in the industry — Clal has had no controlling shareholder since December 2019. The largest holder is the Akirov family (through Alrov Properties & Lodgings), with 14.34% — close to the 15% regulatory ceiling approved by the Capital Markets Commissioner on 1 July 2021. Unlike Harel (Hamburger family at 45.7%), The Phoenix (Centerbridge), and Migdal and Menora (each with concentrated ownership) — Clal has no formal controlling shareholder; an independent board (8 directors, 2 external) is the de facto strategic decision-maker. Chairman: Haim Samet. CEO of the company and of Clal Insurance: Yoram Naveh. Deputy CEO and Head of the Financial Division: Eran Tsernicki. The group is audited by two firms in parallel — KPMG (Somekh Chaikin) and EY (Kost Forer Gabbay & Kasierer) — a dual audit structure used by a small number of public companies in Israel.
| Segment | Strategic Role | FY2025 Core Pre-tax Profit |
|---|---|---|
| General Insurance (P&C) | Largest contributor to Core profit (27%) | NIS 614M |
| Max — Credit Cards | Bank-like asset (24%) | NIS 455M |
| Life Insurance + Long-term Savings | Pension and savings flows (20%) | NIS 542M |
| Health Insurance | Demographic growth (19%) | NIS 430M |
| Agencies and other | Operational (11%) | NIS 248M |
Source: 2025 Annual Report (P1731052-00), December 2025 Investor Presentation
This summary is not a recommendation. It is a factual list of metrics reported by the company.
| Metric | 2024 | 2025 |
|---|---|---|
| Net income (NIS M) | 1,540 | 2,278 |
| Comprehensive income (NIS M) | 1,540 | 2,266 |
| Comprehensive ROE | 21.1% | 27.2% |
| Basic EPS (NIS) | 19.47 | 28.56 |
| Premiums + receipts (NIS B) | 26.7 | 27.6 |
| Metric | Value |
|---|---|
| Total assets | NIS 188,358M |
| Shareholders' equity | NIS 10,827M (+49% from 2023) |
| Investment portfolio | NIS 149,869M |
| CSM (net) | NIS 10.3B (8.8 in 2023) |
| Solvency II | 161-163% |
| Rating Holdco / Sub | ilAA / ilAA+ |
Methodological note: the 2025 financial statements are the company's first under dual IFRS-17 + IFRS-9 (transition date 1 January 2024). 2024 figures have been restated; comparison with 2020-2023 is complex. Classical metrics (Loss Ratio, Combined Ratio) are no longer presented in the legacy format — replaced by Insurance Service Result, CSM, and Risk Adjustment.
Insurance & Financial Services — Israel. A concentrated market dominated by five groups — The Phoenix, Migdal, Harel, Clal Insurance, and Menora Mivtachim. The regulator is the Capital Markets, Insurance and Savings Authority, which oversees Solvency II capital requirements, solvency ratios, fee structures, and nostro investment rules. Two features distinguish Clal from peers: (1) it is the only one of the five with no controlling shareholder; (2) full ownership of Max IT Finance, a credit-card company with a NIS 13.3B credit portfolio — larger than The Phoenix's Gama portfolio (~NIS 12.5B).
| Company | AUM 2025 (NIS B) | Structural Feature |
|---|---|---|
| The Phoenix | ~610 | PE ownership (Centerbridge), Gama credit |
| Migdal | ~583 | Pension heritage |
| Harel | ~582 | Hamburger family 45.7%, leader in health |
| Clal Insurance | 420 | No controlling shareholder + Max |
| Menora Mivtachim | ~309 | Pension-dominant |
Macro context: real GDP growth of 4.7% expected per company management for 2026, unemployment 3.1%, mandatory pension contribution rate 20.8% of wages.
| Risk | Context |
|---|---|
| Capital-markets volatility | Total investment results of NIS 17,776M in 2025 — a material profit component. A negative market would reduce ROE materially. |
| Max credit quality | NIS 13.3B portfolio. A special provision in 2025 reduced reported Max profit from NIS 318M (normalised) to NIS 187M. |
| Triple regulation | Insurance (Capital Markets Authority), credit (Max), pension/provident management fees — each domain can shift the profit mix. |
| No controlling shareholder — M&A target | The company is exposed to a public tender offer; Akirov at 14.34% is close to the 15% ceiling — any further increase would require a new permit. |
| Board succession | No "anchor" controlling shareholder to stabilise long-term direction; board rotation could shift strategy. |
| IFRS-17 + IFRS-9 transition | First reports under the new framework. Classical loss/combined ratio metrics are not published. Historical comparison is complex. |
| Interest rates | Affect the bond portfolio, Solvency, life-insurance pricing, and Max's spreads — combined exposure. |
| Compulsory motor | From a NIS 50M profit in 2024 to a NIS 20M loss in 2025 — an industry-wide deterioration. |
Capital markets remain positive, AUM continues to grow at a 10-13% annual pace, Max sustains a normalised ROE of ~15% without exceptional provisions, Solvency stays above 160%, and management sets a new 2030 strategic plan with structural ROE targets above 15%. Under these conditions, shareholders' equity continues to expand, dividend policy stabilises in the 30-50% range of comprehensive income, and the M&A optic (whether as buyer or as target) becomes a strategic catalyst.
Capital markets are stable with customary volatility, AUM grows 7-10% annually, comprehensive ROE normalises to 15-18% (a meaningful decline from 27.2%), Core profit continues to compound at a structural 8-12% pace. Dividend stabilises around 30-50% of comprehensive income. Capital allocation under a no-controlling-shareholder structure — the board considers a mix of dividends, acquisitions, and retained surplus capital.
A capital-markets correction weighs on investment results (comprehensive ROE falls below 10%), recurring provisions at Max impair the 24% Core-profit contribution, new regulation on pension/provident management fees compresses recurring revenues, or a hostile takeover bid creates uncertainty. Under these conditions, the dividend may be suspended and shareholders' equity may decline.
| # | Source | Date | Type |
|---|---|---|---|
| 1 | Clal Holdings — 2025 Annual Report (P1731052-00) | 25 March 2026 | Official — TASE |
| 2 | Clal Insurance — Investor Presentation (P1731220-00) | December 2025 / February 2026 | Official — IR |
| 3 | maya.tase.co.il — security 224014 | April 2026 | Official — Stock Exchange |
| 4 | Capital Markets, Insurance and Savings Authority | Annual | Official — Regulator |
| 5 | S&P Maalot / Midroog — rating reports | 2025 | Official — Rating agencies |
| 6 | 2023 Annual Report (P1582946-00) | March 2024 | Official — for historical series |
Missing: Dividend Yield (depends on current market price), breakdown of holders below 14.34%, classical Combined Ratio (not published under IFRS-17), product-level contribution detail.
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Bakshi Finance operates as a Family Office serving qualified investors only. Mr. Yaron Bakshi held a licensed investment-advisory practice from 2008 through 2023. As of the date of this publication, the firm does not hold an investment-advisory, investment-marketing or portfolio-management licence. This document is provided for research and professional education purposes only. Nothing herein constitutes a recommendation to buy, sell, hold or take any action with respect to any security. Nothing herein is a substitute for personalised advice based on an individual's circumstances. All decisions remain the sole responsibility of the investor. Past performance is not indicative of future results.