Insurance, pensions, capital market & finance group.
Clal enters 2026 with stronger capital, a more open solvency position, and a stronger Max business, but 2025 earnings still do not prove on their own that the new run-rate is cleanly independent of capital-market support.
Inside Clal's health segment, 2025 looks better in the headline than in the insurance core. Gross premiums rose to NIS 1.973 billion and total pre-tax profit increased to NIS 573 million, yet insurance service profit and operations fell to NIS 362 million, meaning the annual imp…
Max ended 2025 with a stronger core business than the reported line suggests: once the one-time provision is neutralized, net income rose to NIS 318 million, credit quality improved and Max led the sector in return on equity. The problem is that the Clal combination is still not…
Clal's holdco layer looks stronger in the headline than in truly external cash. Of the NIS 883 million of unencumbered financial assets at the end of 2025, NIS 575 million sits in Bond 15 of Clal Finance Raising, so once that intra-group asset is stripped out and set against the…
