Insurance, pensions, capital market & finance group.
Migdal ended 2025 with broad improvement in core earnings, NIS 10 billion of equity, and a larger CSM balance, but the main debate is still a capital one: solvency without transitional relief remains too close to the distribution threshold, so capital freedom has not fully retur…
Migdal's CSM did improve in 2025, but for now the improvement still looks more like a larger stock of deferred profit than a sharp shortening in release timing. The balance rose to NIS 14.411 billion, yet only 29% is expected to release over the next five years, and most of the…
At Migdal, instability around Migdal Insurance's board has stopped being personality noise and has become a regulatory overhang that weighs on how the market reads capital freedom, execution, and management credibility.
Migdal ended 2025 with strong earnings, NIS 10 billion of equity and NIS 14.411 billion of CSM, but earnings have still not turned into clearly surplus capital because the solvency ratio without transitional relief stood at only 110% to 113%, below the 115% dividend threshold.
