Migdal Insurance and Financial Holdings (MGDL) Q1 2024 earnings summary

Executive summary

• Q1 profit was NIS 109 million vs. NIS 139 million YoY; pre-tax underwriting profit rose to NIS 147 million from NIS 103 million.

• Gross premiums and contributions totaled NIS 7.4 billion, up 16% YoY; assets under management reached NIS 435 billion, up 17%.

• Sales, premiums, investment-contract receipts and pension contributions grew across business lines; net transfers to provident and pension funds remained positive.

Financial highlights

• Investment contribution improved by NIS 240 million YoY, reflecting improved investment returns.

• Assets under management reached NIS 435 billion at March 31, 2024; Migdal Capital Markets assets rose 40% to NIS 73 billion.

• Life and long-term savings pre-tax underwriting profit was NIS 89 million vs. NIS 81 million; comprehensive profit before tax was NIS 69 million vs. NIS 234 million.

• General insurance gross premiums were NIS 784 million, up 5% YoY, mainly from higher average motor premiums.

Outlook and guidance

• Continued execution of the previously announced strategic plan, with targets set for the coming years.

• Growth initiatives include new product tracks across multiple offerings and continued investment activity.