Phoenix Financial's asset management business grows rapidly

Phoenix Financial, Israel's largest insurer, reported a 48% jump in asset management profit to NIS 328 million in Q2 2026, driving overall core profit up 7%. Total assets under management reached NIS 658 billion, up 8% since the start of the year. The company declared a NIS 400 million dividend and a NIS 167 million share buyback.

Phoenix Financial, Israel's largest insurance company, posted a 48% jump in profit from its asset management business in the second quarter of 2026, reaching NIS 328 million. Total assets under management grew 8% since the start of the year to NIS 658 billion. The company's overall core profit rose 7% to NIS 743 million, though comprehensive profit fell 6% to NIS 872 million due to weaker capital market activity. The annualized return on equity stood at 29.7% for the quarter. In contrast, insurance profit declined 12% to NIS 415 million, driven by a 50% drop in vehicle insurance profit to just NIS 53 million following premium reductions. Phoenix declared a NIS 400 million cash dividend and a NIS 167 million share buyback, distributing NIS 972 million to shareholders in the first half. CEO Eyal Ben Simon cited accelerated growth in asset management and plans to adjust company targets upward.