Insurance co Phoenix rises to profit: Phoenix managed more than NIS 3 billion in pension savings at the end of September, up from NIS 2 billion at the end of 2008.

 

Wednesday, Nov 25,2009, 11:18:53 AM   Click:

Delek Group Ltd. (TASE: DLEKG) subsidiary Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) today published its financial report for the third quarter of 2009. The company posted a net profit attributable to shareholders of NIS 30.1 million for the third quarter, compared with a net loss attributable to shareholders of NIS 83.7 million for the corresponding quarter of 2008.

Total net profit, including changes in capital funds, attributable to shareholders was NIS 40.5 million for the third quarter, compared with a total net loss attributable to shareholders of NIS 153.9 million for the corresponding quarter.

A notable item in the financial report was net profit from investment and financing income of NIS 1.24 billion for the third quarter, compared with a net loss from investment and financing income of NIS 1.07 billion for the corresponding quarter. Gross premiums rose 3.3 percent to NIS 1.35 billion for the third quarter from NIS 1.30 billion for the corresponding quarter.

Revenue from management fees rose 2.7-fold to NIS 145 million for the third quarter from NIS 39.4 million for the corresponding quarter, while revenue from fees rose 34 percent to NIS 65 million from NIS 48.4 million.

Total revenue rose more than 12-fold to NIS 2.69 billion for the third quarter from NIS 213.5 million for the corresponding quarter. Revenue for all of 2008 was NIS 1.11 billion.

Phoenix narrowed its losses in life insurance to NIS 19 million for the third quarter from NIS 44 million for the corresponding quarter, mainly thanks to a drop in financial margins.

Phoenix managed more than NIS 3 billion in pension savings at the end of September, up from NIS 2 billion at the end of 2008. For the first time, assets under management in life insurance and long-term savings include assets managed by subsidiary Excellence Investments Ltd. (TASE: EXCE).

Delek Group wholly-owned subsidiaries Delek Investments and Properties Ltd. and Delek Capital Ltd. own 47.8 percent of Phoenix. The Phoenix 1 share fell 2.7 percent by midday to NIS 10.09, giving a market cap of NIS 2.31 billion.