Libra Insurance Company (LBRA) Q1 2025 earnings summary

Executive summary

• Gross premiums were NIS 248.380m in Q1 2025, up 13% YoY; new customer additions increased 27%, with slower premium growth reflecting price erosion, mainly in motor property.

• Net income rose 32% YoY to NIS 16.468m; pretax profit was NIS 25.271m versus NIS 19.143m.

• First-time IFRS 17 adoption and restatement of 2024 comparatives changed insurance reporting and balance-sheet presentation; the transition had no significant effect on total comprehensive income after tax.

Financial highlights

• Insurance service revenue was NIS 203.971m versus NIS 161.066m; insurance service profit was NIS 23.085m versus NIS 19.375m.

• Net investment and finance profit was NIS 4.704m versus NIS 1.211m; EPS was NIS 1.13 versus NIS 0.28.

• Total assets reached NIS 1,043.634m at March 31, up 29% YoY; insurance contract liabilities were NIS 828.594m, also up 29%.

• Cash and cash equivalents were NIS 111.381m at March 31, versus NIS 101.747m at December 31, 2024.

Outlook and guidance

• Strategic priorities include growing life, property and other non-auto lines, focusing on higher-margin risk and mortgage products; non-auto products grew 37% YoY.

• Life premium annualized in Q1 was NIS 10.1m; retained CSM was NIS 7.394m. Continued life premium growth is expected as the portfolio matures and the Ma'alot partnership develops.

• Plans include seeking license expansion into pure savings products; no pension insurance products are planned at this stage.