two and a half years after Libra's launch, the insurance company is reporting a profit

About two and a half years after Libra's launch, the insurance company is reporting a profit. The company's financial report shows that in 2020 Libra's total profit before tax amounted to NIS 5.2 million, compared with a loss of NIS 5.3 million a year earlier. Total profit after tax amounted to NIS 3.3 million, compared to a loss of NIS 2.2 million Shekel in 2019.
The company notes that the positive financial results are due to an increase in the volume of the company's activity, among other things following the mobility activity in car insurance, in which the company has mobile more than 5,500 car insurance policies since June. Mobility refers to the treatment offered by the insurance company in the bureaucracy involved in moving to another insurance company in the middle of the policy period.
Gross premiums in 2020 amounted to NIS 178.6 million, an increase of 109% compared to the previous year. Premiums earned gross in 2020 amounted to NIS 134.4 million, an increase of 146% compared to 2019.
The most interesting figure is the total premiums in the remainder - the income to the company after the reinsurers have taken their share. These premiums amounted to NIS 44 million in 2020, compared with NIS 17 million in 2019. That is, at the end of the day 33% of the premiums remained in the company.
The company's shareholders' equity amounted to NIS 35.6 million, compared with NIS 21.9 million in equity in 2019. The increase in the company's equity is due, among other things, to an allotment of shares made during the reporting period in the amount of NIS 10.4 million.
The company operates in the fields of car and apartment insurance, but it also intends to launch insurance policies for businesses, insurance policies for travel abroad and car insurance policies for taxis.