Clal Insurance Enterprises (CLIS) Q3 2025 earnings summary

Executive summary

• 9M 2025 net income was NIS 1,543m vs NIS 1,343m; comprehensive income attributable to shareholders was NIS 1,531m vs NIS 1,342m, or NIS 1,631m excluding the estimated post-tax VAT provision impact.

• 9M pre-tax core income rose 13% to NIS 1,686m from NIS 1,495m; AUM reached NIS 407bn, up from NIS 373bn at December 31, 2024.

• Q3 net income was NIS 592m vs NIS 420m; comprehensive income was NIS 590m vs NIS 417m, up 41% YoY.

• Shareholders’ equity reached NIS 10.1bn, up from NIS 8.7bn at year-end 2024 and 38% since December 2023.

Financial highlights

• 9M insurance-service income was NIS 871m vs NIS 744m; net investment and finance income was NIS 1,433m vs NIS 1,163m.

• 9M gross premiums, pension/provident contributions and investment-contract proceeds totaled NIS 20.7bn vs NIS 20.2bn; Q3 totaled NIS 7.0bn vs NIS 6.8bn.

• 9M basic EPS was NIS 19.32 vs NIS 16.93; diluted EPS was NIS 18.60 vs NIS 16.90. Q3 basic EPS was NIS 7.41 vs NIS 5.28.

• Assets were NIS 183.7bn and shareholder equity NIS 10.1bn at September 30, 2025, vs NIS 173.0bn and NIS 8.7bn at year-end 2024.

Outlook and guidance

• Bank of Israel forecasts GDP growth of 2.5% in 2025 and 4.7% in 2026; broad unemployment is forecast at 3.4% at each year-end.

• Future credit losses may differ from current estimates amid uncertainty over the war’s economic effects and borrowers’ repayment capacity.

• Solvency is sensitive to market variables, interest rates, assumptions and regulatory changes; actual outcomes may materially differ from model estimates.