Clal Insurance Enterprises (CLIS) Q4 2024 earnings summary

Executive summary

• 2024 comprehensive income after tax reached NIS 956m, up NIS 651m YoY; performance reflected the strategic turnaround and contributions across insurance, savings and credit cards.

• Strategy centers on growing core insurance, expanding MAX and combining capabilities through tailored financial products and shared distribution.

Financial highlights

• 2024 comprehensive income was NIS 956m; 2019–2024 premiums grew 40% to NIS 26.7b.

• AUM stood at NIS 369b, shareholders’ equity at NIS 9.45b, and dividends distributed at NIS 100m.

• 2024 improvement included higher investment income at MAX: ~NIS 614m vs ~NIS 192m in 2023; 2023 also included a one-time ~NIS 220m acquisition provision.

Outlook and guidance

• Medium-term 2027 targets: comprehensive income NIS 1.3–1.6b, ROE 12%–15%, dividends ~NIS 200m, and AUM NIS 420–460b.

• Equity targets are ~NIS 11b by Dec. 2026 and NIS 12b by Dec. 2027; targets assume no additional capital raising and are adjusted to IFRS 17 and IFRS 9.