Libra Insurance Company (LBRA) Q1 2023 earnings summary

Executive summary

• Gross written premiums reached ₪168m in Q1 2023, up from ₪114m in Q1 2022; the portfolio spans more than 300,000 policies across seven insurance lines.

• The portfolio is entirely individual business, with no collectives or vehicle fleets; growth efforts emphasize personal pricing and digital service.

Financial highlights

• Total assets were ₪839.7m at March 2023, versus ₪616.4m at March 2022 and ₪913.2m at December 2022.

• Q1 2023 loss before tax was ₪2.7m, compared with profit before tax of ₪0.5m in Q1 2022.

Outlook and guidance

• Cumulative premium-rate increases reached ~50% from the beginning of 2022 through May 2023, supporting the response to higher motor claims costs.

• Strategy includes tighter claims management, quality underwriting, continued rate increases and expanding higher-profit non-motor lines.

• Non-motor products grew more than 100% YoY in Q1 2023; life activity focuses on risk and mortgage products.