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Migdal Insurance and Financial Holdings (MGDL) investor relations material
Migdal Insurance and Financial Holdings Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2026 core profit reached a record ₪1.311bn, up 12% YoY; net profit was ₪897m, up 9%.
Premiums and contributions grew 20% to ₪19.3bn; AUM reached ₪631bn at June 30, 2026.
Financial highlights
H1 insurance-service revenue was ₪9.794bn vs. ₪9.422bn; Q2 revenue was ₪4.365bn vs. ₪4.108bn.
H1 excess financial profit was ₪221m vs. ₪100m; special effects were a ₪108m loss vs. a ₪10m loss.
H1 fixed asset-management fees rose 14% to ₪1.177bn; variable fees increased 11% to ₪656m.
CSM increased 6% from year-end to ₪15.276bn; new-business CSM nearly doubled YoY to ₪242m.
Total equity was ₪10.9bn; equity plus CSM reached ₪20.8bn at June 30, up 8% from year-end.
Outlook and guidance
2028 targets: core profit of ₪3.0–3.2bn, ROE of 16%–18%, solvency of 120%–130% without transition measures, and AUM of ₪750–850bn.
Management expects current business momentum to strengthen and support progress toward 2028 targets.
Growth plans include accelerating general insurance, especially personal lines, and expanding agencies organically and through M&A.
- Actuarial gains and stronger underwriting lifted H1 earnings despite investment losses.MGDL
Q2 2024 - Underwriting and asset growth offset lower profit and variable-fee market headwinds.MGDL
Q1 2024 - FY2024 profit nearly doubled as underwriting gains and resumed fees lifted results.MGDL
Q4 2024 - Market losses drove a FY2022 comprehensive loss despite premium growth and rate-driven liability relief.MGDL
Q4 2022 - Rate-driven reserve releases lifted profit despite investment losses and weak auto underwriting.MGDL
Q1 2022 - Market losses drove an ₪855.3m 9M comprehensive loss despite premium growth.MGDL
Q3 2022 - H1 net income rose, but market losses and longevity assumptions drove a ₪712m comprehensive loss.MGDL
Q2 2022 - H1 results rebounded, while Q2 losses reflected a life-policy charge and underwriting pressures.MGDL
Q2 2023 - Profit rebounded to NIS 553m in 2023; 2027 targets include ~NIS 1bn profit and ~12% ROE.MGDL
Q4 2023 - Underwriting gains and a one-time life-insurance boost lifted 9M profit to NIS 494m.MGDL
Q3 2024
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