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).


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

Newsline

Tax Authority has strongly demanded that the mass recruitment campaign for Benjamin Netanyahu must stop

Jan 19, 2022 by Ifi Reporter

Has the mass recruitment campaign for Benjamin Netanyahu become complicated? The Tax Authority has strongly demanded that "Section 46" be removed from the Netanyahu legal expenses financing campaign and as a result the section has been removed and the donations will not be recognized... Continue reading →

The average net wage paid in the economy for December was NIS 7,339.73 a decrease of 0.1%

Jan 19, 2022 by Ifi Reporter

The average net wage paid in the economy for December was NIS 7,339.73, a decrease of 0.1% compared to the average wage in December 2020, which was NIS 7,353.85. The average net salary for March 2020 was NIS 6971.11. In contrast, the median net salary paid in the economy in December 2021 was... Continue reading →

Union Bank suffered a significant fine from the Securities Authority: was fined NIS 200,000

Jan 19, 2022 by Ifi Reporter

Union Bank suffered a significant fine from the Securities Authority after an investigation by the Authority revealed that the client called an investment advisor at his bank branch during October 2020 and asked to switch to the service of another investment portfolio manager and sign a power... Continue reading →


Testimonials

No testimonials. Click here to add your testimonials.