Manager of provident & study funds.
Mor Gemel Pension entered 2026 as a gemel platform that already knows how to turn growth into profit, but not yet as a pension platform that funds itself, so the analytical focus has shifted from raw growth to growth quality and capital discipline.
Mor's pension segment is already large enough to matter strategically, but it is still far from capital self-sufficiency: the path to adjusted pre-tax profit in 2027 looks plausible only if the cost base stops expanding and the gap between DAC additions and amortization starts t…
Mor Gemel Pension's 2025 earnings are real, but their quality is weaker than the headline suggests because deferred acquisition costs of NIS 409.4 million already exceed equity and the net build in the asset during 2025 was almost equal to the entire pretax profit line.
Mor Gemel Pension has comfortable covenant room, but capital that is truly free is much tighter than the accounting headline suggests: surplus capital above the regulatory requirement is NIS 72.1 million, distributable profits after the March dividend are only NIS 31.9 million,…
