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Analyses on Clal Insurance (5)
- May 3, 2026
- March 27, 2026March 27, 2026
- Follow-up
Clal Health in 2025: premiums rose, but insurance-service profit weakened
Clal’s health segment looked better in the headline than in the core. Premiums rose, but profit from insurance services and activity fell, and most of the annual offset came from financial effects and the curve rather than from stronger underwriting.
- Follow-up
Max inside Clal in 2025: credit quality improved, but the special provision still distorts the story
Max showed a real improvement in portfolio quality, credit-loss expense, and capital in 2025, but reported earnings are still distorted by a material special provision tied to the VAT assessment.
- Follow-up
Clal 2025: what is actually accessible at the holding-company layer after dividends and refinancing
Clal's holding-company layer is stronger and more flexible in 2025, but the immediately accessible cash left after dividends and before another refinancing step is still much tighter than the headline NIS 851 million of net financial assets suggests.
Clal Insurance Enterprises in 2025: the core improved, cash is moving up the chain, but earnings still lean on the market
Clal enters 2026 with a stronger core, more accessible capital, and a better-quality Max, but 2025 still relied materially on excess financial margin and strong capital markets, which makes the earnings base less clean than the headline suggests.
