Menora Mivtachim (MMHD) Q4 2022 earnings summary

Executive summary

• 2022 total comprehensive profit before tax was NIS 558 million, down from NIS 1.405 billion in 2021; premiums, contributions and investment-contract receipts rose 9.6% to NIS 27.81 billion.

• Assets under management reached NIS 277 billion at Dec. 31, 2022; shareholders’ equity was NIS 5.897 billion.

Financial highlights

• Premiums, contributions and receipts under investment contracts increased to NIS 27.81 billion from NIS 25.369 billion in 2021.

• Underwriting profit was NIS 765 million in 2022, including a normative annual real return allocation of 3%.

• Total comprehensive profit before tax declined to NIS 558 million from NIS 1.405 billion in 2021.

Segment performance

• Life and long-term savings pretax comprehensive profit was NIS 106 million, versus NIS 585 million in 2021; lower pension treasury gains and reduced guaranteed-return provident-fund margins contributed to declines.

• General insurance pretax comprehensive profit was NIS 236 million in 2022; the result included a NIS 25 million positive actuarial-model improvement in sale-law guarantees.

• Private health premiums grew 21.5% in the first nine months of 2022 YoY, the highest growth rate among the compared insurers.