Libra Insurance Company (LBRA) Q3 2023 earnings summary

Executive summary

• Gross written premiums reached NIS 467m in 9M23, up 43% YoY; pretax profit was NIS 6m versus NIS 2.1m in 9M22.

• Growth was supported by higher motor premiums, cumulative rate increases and expansion of non-motor products.

Financial highlights

• Q3 gross written premiums were NIS 159m, up 42% YoY; 9M23 premiums were NIS 467m versus NIS 325m.

• Q3 pretax profit was NIS 0.7m versus NIS 0.2m in Q3 2022; 9M pretax profit was NIS 6m versus NIS 2.1m.

• September 2023 total assets were NIS 839.7m versus NIS 726.1m in September 2022; equity was NIS 60.1m versus NIS 63.6m.

Outlook and guidance

• Management said the war had not disrupted ongoing operations and was not expected at that stage to affect results materially; effects remained uncertain as activity normalized.

• Motor rate increases continued through Q3; cumulative increases reached 42% since the start of 2023.