Phoenix upgrades targets

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A day after insurance company stocks plunged on the Tel Aviv Stock Exchange, Phoenix Financial (TASE: PHOE) (formerly known as The Phoenix Holdings), headed by Eyal Ben-Simon, released its third quarter financials this morning. Analysts were largely at a loss to explain yesterday’s falls in the sector. Explanations offered were excessive expectations of Clal Insurance’s financials (the stock plunged even though the results were excellent), the high prices that insurance stocks have reached, and a letter from the Capital Markets, Insurance and Savings Authority calling on the insurance companies to cut vehicle insurance premiums.

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At any rate, Phoenix Financial reported quarterly revenue from sales of insurance services of NIS 2.49 billion in the third quarter, 5.6% more than in the corresponding quarter of 2024. Comprehensive profit attributable to shareholders rose 6% in comparison with the corresponding quarter, to NIS 803 million. The company has declared a dividend of NIS 340 million. In the first nine months of the year, the company’s comprehensive profit totaled NIS 2.3 billion, 40% higher than in the corresponding period of 2024.

«The group’s performance brings us to an annual rate within the target range we set for 2027,» Ben-Simon said. «In the light of that, and in order to continue operating with appropriate transparency for the capital market and our shareholders, we are publishing revised targets for the medium term, for 2028. The targets express the company’s commitment to growth, to changing the mix to activities with high multiples, and to creating value based on infrastructure advantages at the same time as investing in development of advanced capabilities, all this for the benefit of our customers, partners, and shareholders.»

By 2028, the company aims to reach a return of equity higher than 25%, core annual profit of NIS 3.3-3.5 billion, of which insurance will account for NIS 1.9-2.1 billion and asset management will account for NIS 1.3-1.5 billion.

At the end of the third quarter, Phoenix Financial had NIS 585 billion under management.

Phoenix Financial’s share price is currently down 1.67% on the Tel Aviv Stock Exchange.

Published by Globes, Israel business news — en.globes.co.il — on November 26, 2025.