Clal Insurance CEO Discusses AI Investment and Israel's Economic Resilience

Yoram النو, CEO of Clal Insurance and Finance Group, detailed the company's significant investment in Anthropic, the developer of the AI model Claude, emphasizing that securing an allocation was the more complex part of the process than the investment decision itself. Clal's ability to commit hundreds of millions of dollars makes it relevant to leading global funds, which do not engage with smaller investors. Clal first invested in Anthropic in September 2025 through the investment vehicle of U.S. investment house ICONIQ and has since increased its stake in subsequent funding rounds. النو explained that these allocations stem from long-standing strategic relationships, noting that leading funds approach entities with whom they have established ties. He acknowledged that such opportunities were not available a decade or two ago, highlighting the gradual development of these strategic partnerships.

While acknowledging the current excitement surrounding the investment, النو urged caution, stating that it will take time for the investment to be realized upon Anthropic's public trading and for the capital to return to the funds. He recalled the hype of 2021, where some companies saw their valuations drop by 50%, and expressed confidence in Clal's investment, though the exact return remains to be seen. Clal invested approximately $185 million across three rounds between September 2025 and May 2026, with the majority of funds coming from policyholder assets.

Clal launched an economic simulator for Israel, projecting out to 2031. The model includes a baseline scenario based on Bank of Israel and Ministry of Finance forecasts and a recession scenario incorporating a three-year global downturn. According to النو, the debt-to-GDP ratio is projected to be around 70% in the baseline scenario and 80% in the recession scenario. Even in extreme scenarios, including impacts on growth and high defense spending, the ratio is not expected to exceed 90%. He contrasted this with the UK's ratio of approximately 100% and France's of about 120%, noting Israel's consistent investment in defense and its robust mandatory pension system.

نو expressed optimism about Israel's economic standing, citing a GDP per capita of $71,000, placing it 13th globally, and fourth among economies with over 10 million people. He attributed this strength to a combination of factors, including projected real growth of 4.5% this year, significantly higher than in Europe. He also noted that Israel's geopolitical risk has returned to pre-war levels, while global uncertainties, including political instability in Europe and migration issues, have increased. النو stressed the importance of fiscal discipline and inclusive growth for maintaining Israel's economic stability.

Regarding Clal's investment portfolio, النو stated that the company's overweight position in Israel during 2023-2024 was relative, as other entities shifted investments abroad during the crisis. Clal capitalized on this by acquiring assets at attractive prices. He indicated that this significant tilt has since diminished as other investors have returned to Israel and asset prices have risen. Clal aims to increase its exposure to non-tradable assets, which are primarily in Israel, emphasizing the role of institutional investors in providing stability to the Israeli economy, citing an example of institutional financing for the light rail project during a crisis.