Menora Mivtachim reports a total profit of NIS 578 million in the first nine months of 2021
Posted on Nov 29, 2021 by Ifi Reporter
Menora Mivtachim reports a total profit of NIS 578 million in the first nine months of 2021 - compared to NIS 285 million in the corresponding period in 2020. The return on capital, in annual terms, amounted to approx. 16%.
The total premiums and remuneration collected by the Group during that period amounted to NIS 18.7 billion - compared to NIS 18.4 billion in the first nine months of 2020, an increase of 1.8% (NIS 6.5 billion in the third quarter of 2021 compared to NIS 6.2 billion In the corresponding quarter last year, an increase of about 5.8%).
The total financial assets managed by the Group amounted to approximately NIS 264 billion, an increase of approximately 18.9% compared to assets managed at the end of September 2020.
The main changes that affected the results in 2021 were, first of all, the financial margin, which was NIS 535 million, compared with a negative financial margin in the corresponding period in 2020 - NIS 167 million (the financial margin in the third quarter of the year amounted to NIS 134 million. NIS 239 million in the corresponding quarter last year).
In addition, the Group had higher revenues from management fees in the life insurance sector and long-term savings. In the first nine months of 2021, variable management fees were collected in the amount of NIS 136 million, while in the corresponding period last year no variable management fees were charged, due to a negative real return (NIS 8 million was collected in the third quarter of 2021, compared to the corresponding quarter last year. Charge variable management fees).
At the same time, there was an increase in income from fixed management fees compared to the corresponding period last year, in the amount of NIS 56 million (an increase of NIS 18 million in the third quarter of 2021 compared to the corresponding quarter last year).
Moreover, risk-free interest and fair value differentials also had an effect - in the first nine months of 2021 there was a decrease in profit compared to the corresponding period last year of NIS 240 million (a decrease in profit of NIS 115 million in the third quarter of 2021 compared to the corresponding quarter last year).
Articles Archive
Top Categories
ABOUT IFI TODAY
Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum