Phoenix Insurance Grows Asset Management by 50% and Raises Business Targets
Phoenix Insurance reported a 6% profit decline in Q2 2026 but a 10% profit rise in the first half, driven by a 50% growth in asset management. The company announced increased business targets, a 400 million shekel dividend, and expanded share buybacks.
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- Phoenix’s total profit fell 6% in Q2 2026 but rose 10% in the first half to 1.57 billion shekels.
- Core profits increased 7% in Q2 and 10% in H1, driven by asset management growth.
- Assets under management reached 658 billion shekels, boosting core profits by 48% in asset management.
- Insurance segment profits declined 12% in Q2 and 2% in H1.
- Phoenix declared a 400 million shekel dividend and increased its 2026 share buyback program to 400 million shekels.
- Excellence Trade reached 100,000 self-directed clients, expanding rapidly.
Phoenix, Israel's largest insurance company led by Eyal Ben Simon, reported a total profit of 872 million shekels in the second quarter of 2026, marking a 6% decline compared to the same quarter last year. However, the company ended the first half of the year with a 10% increase in total profit, reaching 1.57 billion shekels. Reflecting this growth, Phoenix announced plans to raise its business targets.
Core profits, which represent ongoing operational profitability excluding capital market fluctuations, rose by 7% in the quarter to 743 million shekels and increased by 10% to 1.45 billion shekels in the first half of the year. Phoenix's independent trading arm, Excellence Trade, reached 100,000 self-directed clients, continuing its rapid expansion.
The company’s total assets under management stood at 658 billion shekels at the end of the first half, supporting a 48% jump in core profit from asset management to 328 million shekels in the quarter and a 36% rise to 579 million shekels in the half-year period. Conversely, the insurance segment saw a 12% drop in core profit to 415 million shekels in Q2 and a 2% decrease to 873 million shekels in the first half.
In addition to the financial results, Phoenix declared a cash dividend of 400 million shekels for Q2 (approximately 1.6 shekels per share) and repurchased shares worth 167 million shekels during the quarter. Overall, the company distributed 972 million shekels to shareholders in the first half, representing about 62% of the period’s profit, and increased its annual share buyback program for 2026 from 300 million to 400 million shekels.
These results come amid market changes, including Luxembourg closing its doors to Israeli bond issuances after one year, and Phoenix aligning with other insurers like Clal by adjusting its business goals in response to growth.
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