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Analyses on More Pension (5)
- May 20, 2026
- March 23, 2026March 23, 2026
- Follow-up
Mor Gemel Pensia: Can Pension Really Cross Into Profit In 2027
Pension crossing into profit in 2027 is possible, but the bridge depends mainly on operating leverage and lower acquisition intensity, not on AUM growth alone.
- Follow-up
Mor Gemel Pensia: How Much Capital Is Really Free After Dividends, Buybacks, and Covenants
Mor Gemel Pensia still has real capital room even after the March 2026 dividend and the buyback authorization of up to NIS 20 million, but the free-capital pool is materially smaller than the year-end 2025 surplus headline, so the key question shifts from covenant compliance to…
- Follow-up
Mor Gemel Pensia: What The DAC Asset Is Really Hiding
At Mor Gemel Pensia, DAC is no longer a technical footnote. It is the mechanism shifting a large share of acquisition cost from today's cash outflow into future accounting profit, so 2025 earnings quality depends heavily on whether future management fees actually validate that d…
Mor Gemel Pensia: The Gemel Engine Already Works. Now Pension Has To Stop Eating Capital
In 2025 Mor Gemel Pensia proved that the gemel engine already generates scale, profit, and capital, but the 2026 to 2027 test is whether pension can keep growing without leaning again on cash and capital.
