Clal Insurance Enterprises (CLIS) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was NIS 408M vs. NIS 315M; comprehensive income attributable to shareholders was NIS 409M vs. NIS 314M.

• Pre-tax core income rose 15% to NIS 522M from NIS 454M, supported by stronger insurance underwriting and credit-card activity.

• Higher risk-free interest rates reduced insurance liabilities, partly offset by lower capital-market investment returns.

Financial highlights

• Pretax income was NIS 605M vs. NIS 480M; income tax expense was NIS 197M vs. NIS 165M.

• Basic EPS was NIS 5.12 vs. NIS 3.97; diluted EPS was NIS 4.96 vs. NIS 3.96.

• Total assets were NIS 171.6B at March 31, 2025 vs. NIS 173.0B at December 31, 2024; shareholders’ equity was NIS 9.154B vs. NIS 8.742B.

• Operating cash flow after tax was NIS 687M; investing and financing cash use was NIS 487M and NIS 453M; cash and equivalents ended at NIS 6.83B.

• Q1 2024 included a one-time NIS 18M increase in tax expense from tax-rate changes and prior-year assessment closures.

Segment performance

• Insurance and savings underwriting income before tax rose to NIS 252M from NIS 203M; premiums, contributions and investment-contract proceeds reached NIS 6.9B vs. NIS 6.7B.

• P&C comprehensive income was NIS 69M vs. NIS 38M; motor-property combined ratio improved to 90% from 99%, while gross premiums fell to NIS 1.072B from NIS 1.129B.

• Health insurance comprehensive income was NIS 113M vs. NIS 60M; gross premiums rose to NIS 481M from NIS 435M.

• Credit-card segment revenue was NIS 621M vs. NIS 547M and pretax income was NIS 118M vs. NIS 93M; Max net profit rose 36% to NIS 79M.

• Max active cards reached 3.3M, up 8.7% YoY; non-banking card issuance turnover increased 18.7%.