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Phoenix Insurance Reports 5% Profit Decline to 908 Million Shekels, Declares 400 Million Shekel Dividend
Phoenix Insurance posted a 5% drop in second-quarter profits to 908 million shekels amid declines in core insurance earnings, but saw strong growth in investment management and consumer credit sectors.
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What happened
- 01Phoenix’s Q2 net profit fell 5% to 908 million shekels compared to last year.
- 02Core insurance profits dropped 12%, mainly due to car and life insurance claims.
- 03Investment management profits rose 44%, with assets under management reaching 658 billion shekels.
- 04Consumer credit activities grew significantly, with revenues up 56% and profits up 55%.
- 05Phoenix declared a 400 million shekel dividend and increased its share buyback to 400 million shekels.
- 06The company’s market value reached about 45 billion shekels, with stock up 48% in 12 months.
The company declared a 400 million shekel dividend and expanded its share buyback program, with assets under management rising to 658 billion shekels.
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