Coona? - Phoenix Insurance Company ended the 2nd quarter with a total profit of NIS 748 million

Phoenix Insurance Company ended the second quarter of 2020 with a total profit of NIS 748 million and a total profit of NIS 171 million in the first half, according to the financial report published by the company this morning (Sunday). Tomorrow, Harel Insurance Company will publish its reports, It remains to be seen whether the Phoenix (+ 0.06% 1648) will remain the highest earner in the industry. The source of the increases in the Company's profitability is in the increases in the capital market that were properly utilized by the Company's investment managers, as well as in the increase in the underwriting profit in the Group's insurance operations.
The company stated that "in the second quarter, the synergy between the group's companies and the company's distribution capabilities both directly and through agents began to be reflected, despite the decrease in remuneration in the quarter - mainly due to the prolongation of the corona crisis. This is reflected in the Group's results for this quarter, which are expected to emerge in the coming quarters. "The investment division. All of this was reflected in the profitability of the second quarter and will be reflected more significantly in the future."
The total profit from the general insurance activity segment in the first half amounted to NIS 67 million, compared with a total profit of NIS 434 million in the corresponding half last year. The decrease in profit was due to a significant decrease in income from investments compared to the corresponding half last year and to a reduction in insurance liabilities in compulsory and liability insurance in the corresponding half last year by NIS 155 million before tax - due to an increase in the discount rate for damages to 3%. The decrease in profit, offsetting the decrease in investment income and the reduction in insurance liabilities in the corresponding half last year, is due to the weather damage that affected the automotive and property industries and the loss in the flight cancellation industry due to the spread of the corona virus.
In the field of health, the total profit before tax in the first half and second quarter amounted to NIS 226 million and NIS 176 million, respectively, compared with a profit of NIS 87 million and NIS 72 million in the corresponding half and quarter, respectively.