Libra Insurance Company (LBRA) Q4 2023 earnings summary

Executive summary

• FY 2023 gross premiums reached NIS 614m, up 40% YoY; net income was NIS 9m versus a NIS 4m net loss in 2022. Q4 premiums rose 30% YoY to NIS 147m, with net income of NIS 8m.

• Portfolio exceeded 350,000 policies across motor, home, travel, business, pet, mortgage and life products; operations used 180 employees and an in-house digital platform.

• Premiums grew at a stated 113% CAGR in 2018–2023; 2023 premiums exceeded forecast.

Financial highlights

• Gross earned premiums were NIS 540m in 2023 versus NIS 376m in 2022; net earned premiums were NIS 255m versus NIS 126m.

• Total income was NIS 300m versus NIS 169m; total expenses were NIS 287m versus NIS 174m.

• Pretax profit was NIS 13m versus a NIS 5m loss; after-tax profit was NIS 9m versus a NIS 4m loss.

• Total assets rose to NIS 1,057m at Dec. 2023 from NIS 840m at Dec. 2022; equity increased to NIS 69m from NIS 60m.

Outlook and guidance

• Strategic focus includes expanding life insurance, especially risk and mortgage products; annualized premiums in the life business were NIS 4.3m as of the reporting date.

• Non-motor products grew by more than 80% in 2023 YoY, supporting diversification beyond motor insurance.