Migdal Insurance Company concludes 2020 with a profit of NIS 540 million

Migdal Insurance Company concludes 2020 with a profit of NIS 540 million, compared to NIS 640 million in 2019 - a decrease of 15.6%. The company's profit in the fourth quarter of 2020 jumped by NIS 552 million, compared with a profit of NIS 62 million in the corresponding quarter in 2019. Profit in the fourth quarter was affected by significant increases in the stock market, following which income from investments in the nostro portfolio amounted to NIS 772 million (before tax). . In addition, Migdal recorded variable management fees in the amount of NIS 505 million, after covering the real investment losses accrued to the insured's debt during the year.
Migdal continued the streamlining measures that began in 2019, reducing about 600 employees from the workforce (about 11% of its employees), following which the expenses for real estate maintenance decreased. And its attribution for this year) of approximately NIS 107 million compared to 2019. The amount of assets under management was NIS 314 billion at the end of 2020.