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Analyses on IBI Underwrit (6)
- May 18, 2026
- May 3, 2026
- March 18, 2026March 18, 2026
- Follow-up
IBI Underwriting: who captures the upside, shareholders or the underwriting team
In 2025 IBI Underwriting operated like an underwriting house that shares the upside with the team that produces it: salary, bonuses, equity pay, and 15% of every distribution from the underwriting subsidiary all bite into the common-shareholder take in a strong year.

- Follow-up
IBI Underwriting: how much capital is really left after dividends, capital reduction and long-term investing
IBI Underwriting remains debt free, but after NIS 64 million of cash returns in 2025, another NIS 14.4 million dividend approved after the balance sheet date, and fresh long term investment purchases, its liquid room for maneuver is materially smaller than it was at the end of 2…

- Follow-up
Manor inside IBI Underwriting: how much of 2025 profit is mark-to-market, and how much cash is actually accessible
Manor created material accounting value for IBI Underwriting in 2025, but most of that contribution still sits in a quarterly NAV mark inside an evergreen fund rather than in accessible cash. Manor should therefore be read as a strategic asset marked higher, not as a substitute…

IBI Underwriting 2025: The market is back, but too much of the profit still sits outside fees
IBI Underwriting ended 2025 with a real jump in core underwriting activity, but too much of reported profit still leaned on investment revaluation, trading inventory gains, and aggressive capital allocation, which makes 2026 a proof year for earnings quality.















