Menora Mivtachim Sets Ambitious Targets with 73% Asset Growth by 2030

Menora Mivtachim Insurance, led by CEO Michael Kalman, reported a total profit of 785 million shekels in the second quarter of 2026, marking a 9.6% increase compared to the same quarter last year. For the first half of the year, the company’s total profit rose by 13% to 1.25 billion shekels. The insurer maintained high efficiency with a return on equity (ROE) of 34.2% in Q2, the highest among major Israeli insurance companies, compared to 38.5% in the previous year’s quarter. Other insurers reported lower ROEs, including Phoenix at 29.7%, Clal Insurance at 22.5%, and Migdal at 22.4%. Harel was expected to release its results the following day.

At the end of Q2, Menora Mivtachim’s managed assets reached 472 billion shekels, a 17% increase over the past year. The company announced new long-term goals, projecting its assets to grow to 750 billion shekels by 2030, a 73% increase from the end of last year and a 60% rise from current levels. Menora also aims to maintain an ROE above 20% and expects adjusted after-tax profit to reach 3 billion shekels by 2030, a 71% increase from last year. Premiums and fees are forecasted to climb to 55 billion shekels, up from 35 billion shekels last year.

Menora plans to reduce its reliance on capital markets, targeting core insurance activities (life, health, general insurance, and long-term savings) to account for 76% of adjusted pre-tax profit by 2030, down from 88% currently. Meanwhile, profits from other activities such as credit and agencies are expected to rise to 24% from 12% today. CEO Michael Kalman described the results as record-breaking and expressed confidence in meeting the long-term targets, citing strong business momentum across all sectors.

Following the half-year report, Menora declared a dividend distribution of 500 million shekels. The company’s stock has increased by 23% since the start of the year and surged 600% over the past three years, despite an 8% decline in the last quarter, with a current market capitalization of 30 billion shekels.