Harel Insurance Investments & Financial Services Ltd.
Lines of Business
and financial services – health insurance, non-life insurance, life insurance,
pension funds, provident funds, study funds, mutual funds, investment portfolio
management, exchange-traded notes, as well as other financial services
Insurance Investments & Financial Services Ltd. is Israel’s largest
insurance and financial group. In 2016, with a market share of about 20.4%,
Harel continues to show stability and presents, for the 3rd year in
a row, a growth of 7.5% of total premiums and management fee revenue of about
NIS 20 billion, as of December 31, 2016. Harel's balance sheet totaled of NIS 96.2
billion as of December 31, 2016 (compared with NIS 91.5 billion as of December
31, 2015). The Group is Israel’s largest and most dominant
in the field of health insurance with a market share of 40.2%, the 2nd
largest in non-life insurance in terms of premiums, the 4th largest
(in terms of premiums) in life insurance and the 4th largest in
mutual funds. Group assets under management, in insurance, pension funds,
provident funds, mutual funds and financial services, as of March 31, 2017,
totaled over NIS 189.5 billion.
Group has more than 80 years of Insurance Activity – In 1935, the late
Ernst and Margot Hamburger founded the "Hamishmar Insurance Agency",
which was the start of their insurance activity in Israel. In 1975, the
Hamburger family established Harel Insurance Company. Seven years later, both
Harel Insurance Company and Hamishmar Insurance Agency became subsidiaries of
Harel Hamishmar Investments Ltd., whose shares began trading on the Tel Aviv
Stock Exchange (TASE) in 1982. In 2007, the company’s name was changed to Harel
Insurance Investments & Financial Services Ltd. Harel Investments shares
are currently traded on the TASE’s new Tel Aviv 35 Index.
Insurance Company Ltd. (100%) – Harel's professional experience and
knowledge is presented in all the lines of business Harel actives: In health
insurance sector (which includes health insurance, long term care, dental care
and foreign travel insurance), Harel leads as Israel's largest company in
this field, with more than 3 million insured parties, who benefit from this
professional and advanced service base, with strong close ties with medical
institutions hospitals and medical service centers, in Israel and worldwide. In
2015, the insurance activity of Dikla Insurance Company ltd., who specialized
in health insurance and long-term care insurance, was merged in to Harel's
2016, Harel's earned premiums and fees in the long term savings sector (which
includes life insurance, pension funds, provident and study funds) totaled
about NIS 13 billion, a growth of 11% compared to NIS 11.7 billion in 2015.
Harel is the 4th largest in Israel in life insurance in terms of premiums,
totaled about NIS 4.3 billion as of December 31,2016. Harel’s pension
funds hold a 17% of market share and Harel's provident funds holds a 7.9% of
Over the last decade, the Group has expanded its
investments in Israel and abroad, and continues to strengthen its position in
credits, infrastructures and in revenue generating real estate in Israel and
non-life insurance sector (which includes motor insurance, residential
insurance, liability insurance, mortgage insurance, credit insurance), Harel
continues to lead as the second largest company in this field (in terms of
premiums), as of totaled NIS 3 billion.
insures the Israeli branches of numerous multinational corporations and is a
“Global Partner” of large insurance conglomerates, such as Zurich, Allianz,
AXA, Royal & Sun Alliance, XL-Catlin, HDl-Gerling, QBE, If P&C, Sompo
Japan Nipponkoa Insurance and Chubb-Ace.
Finance Holdings Ltd. (100%) –
The Group’s financial arm, actively involved in three main capital market's
lines of business, when every one of them is managed through specialized subsidiary: mutual funds management through Harel PIA ltd.,
exchange-traded notes (ETNs) through
Harel Sal ltd., and investment portfolio management
through Harel Finance Investment Management ltd. As of December 31, 2016 Harel
Finance manages NIS 39.4 billion of assets.
Harel Finance focuses on providing a complete solution for all financial
needs through a wide range of financial products and services to both private
and institutional clients. Harel Finance is one of
the leading companies in the Israeli market on its lines of business.
ICIC-Israel Credit Insurance Company Ltd. (50%) –
offers credit insurance (export and domestic markets). ICIC is jointly
controlled by Harel and Euler Hermes, the world’s largest credit insurer.
EMI – Ezer Mortgage Insurance Company Ltd. (100%) –
Mortgage Insurance Company Ltd., operates in Israel as an insurer in the
residential mortgage field.
Interasco Societe Anonyme General Insurance Company S.A.G.I
(94.5%) – An insurance company in Greece by the Harel Group.
Interasco is involved in non-life insurance and health insurance.
Turk Nippon Sigorta A.S. (100%) –
An insurance company in Turkey. Operates in all non-life lines of business and
health insurance in Turkey.
Corporate Responsibility – As one of the
leading groups in the Israeli economy, Harel attaches paramount importance to
all matters related to corporate responsibility and extensive social
involvement. Harel is carrying the flag of obligation to the community and
involves, donates and supports a variety of non-profit organizations. Although
Harel is one of Israel’s largest insurance groups, it still retains its
traditional family values with an emphasis on integrity, fairness, reliability
and personalized service. In 2017, Harel was ranked for the 3rd
time in a row, as "Platinum Plus"! The highest rank in
"Maala" index for corporate social responsibility in Israel. In
addition, in 2015 Harel had published the group's 2nd corporate
responsibility report of the period of 2013-2014 and this year Harel is about
to publish an updated report for the activity of the period 2015-2016.