Active in insurance, asset management, credit and agencies
Phoenix in 2025 looks much less like a pure insurer and much more like a hybrid financial group with fast-growing fee and distribution engines, but reported earnings still received a large boost from capital markets, so the real 2026 test is capital allocation and earnings quali…
Gamma already generates most of its earnings quality through fee-based activity, but it is still far from a pure capital-light engine because the financing book, liabilities and consumer-credit push remain balance-sheet intensive.
Phoenix's insurance engine remains strong, but the earnings quality is less clean than the first headline suggests: CSM is replenishing only to a limited extent against release, health still leans on LTC and special items, and P&C still carries reserve and model noise.
Phoenix can still fund payouts, buybacks, and a platform acquisition in parallel, but the holding-company capital cushion is no longer wide: after NIS 1.812 billion of remittances, most of the room is already spoken for by dividends, buybacks, and BUYME.
