Insurance, pensions, capial market & finance group.
Harel ended 2025 with broader underwriting profit, a CSM balance that is still growing, and room to distribute more capital, but the 27% ROE still leaned on strong markets and on excess investment spread that should not be treated as a permanent anchor.
Harel's 2025 includes genuine underwriting improvement, but the reported profit still leaned materially on NIS 903 million of excess investment spread. The right anchor is therefore closer to NIS 2.395 billion of core profit after tax and NIS 2.314 billion of underwriting profit…
Harel's new CSM is genuinely better than the legacy book because it is increasingly built on current growth products in life and health rather than on older savings books or long-term-care run-off. But that is an upgrade in the source of future earnings more than a dramatic shor…
Harel has genuinely stepped up its capital-return policy, but the real boundary still sits at the holding company: full ownership of Harel Insurance, stronger ratings, and wide surplus expand the funnel, but they do not remove the solvency floor, rating constraints, or solo-liqu…
