Migdal Insurance Reports 575 Million Shekel Profit in Q2 2026, Boosted by Pension Growth
Migdal Insurance reported a net profit of 575 million shekels in the second quarter of 2026, marking a 1% increase compared to the same period last year. For the first half of 2026, the company's profit rose by 9% to 897 million shekels, according to financial statements released on August 17. The company highlighted strong growth in its pension and provident fund segments, with pension activity increasing by 16% and provident funds surging 38%, establishing Migdal as the fastest-growing pension fund in Israel.
Despite overall profit growth, Migdal experienced declines in health and motor insurance sectors. Health insurance profits before tax dropped to 313 million shekels from 359 million shekels due to worsening nursing care claims and reduced collective insurance earnings. General insurance profits fell from 278 million shekels to 185 million shekels, primarily because of decreased core earnings in motor insurance.
CEO Ronen Agassi emphasized the company's focus on accelerating growth in general insurance, particularly in personal insurance products. The improved profits and capital characteristics position Migdal to begin cash dividend distributions in 2027. The company continues to strengthen its market position amid mixed performance across insurance lines.
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