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Analyses on Harel Invest (5)
- May 3, 2026
- March 26, 2026March 26, 2026
- Follow-up
Harel 2025: Why Lower Rates Are No Longer Automatically Negative
For Harel at the end of 2025, lower rates are no longer automatically a headwind to reported earnings because the combination of IFRS 17, longer asset duration, and a large fair-valued debt book has turned the immediate comprehensive-income effect positive.

- Follow-up
Harel 2025: Higher Payouts and Buybacks Versus Holding-Company Constraints
Harel is signaling confidence through a higher dividend and another buyback, but the real payout capacity is still governed by Harel Insurance solvency, the holdco liquidity cushion, and the possibility that CAL will consume part of that flexibility.

- Follow-up
Harel 2025: Is the New CSM Actually Better Than the Legacy Book?
Harel’s CSM is getting better in quality because it is increasingly tied to growth products, but near-term earnings will still be released at a legacy-heavy pace.

Harel 2025: Profit No Longer Rests Only on the Market, but the Quality Test Isn’t Over
Harel ended 2025 with broader and better-quality earnings than the prior year, but the next test is whether it can sustain underwriting, CSM creation, and shareholder distributions without tightening the holding-company layer.















