Menora Mivtachim Holdings Ltd. · TASE:MMHD
Menora Mivtachim — Q3 2023 Earnings Presentation
29 slides from Menora Mivtachim's earnings presentation, Sep 30, 2023
Slide 1: Menora Mivtachim Holdings Investors Presentation 2023 Q3
Menora Mivtachim Menora Mivtachim Holdings Investors Presentation 2023 Q3
Slide 2: Disclaimer
Menora Mivtachim Holdings Disclaimer The presentation includes only partial information regarding the group's results for the period of 9 months ending on September 30, 2023 and is intended to be brief and concise. This presentation does not contain all the information needed by investors to decide
Slide 3: Glossary
Glossary Underwriting Profit / Profit From Operations The results of the activity, which include the imputing of a normative real yield of 3% (annually) to the assets backing liabilities not backed by Hetz bonds, and the calculation for variable management fees. Investment Gains The difference betwe
Slide 4: Highlights
01 Highlights 02 Financial Results 03 Segment Breakdown 4|
Slide 5: Main Highlights
Main Highlights 22.5 8.0 534 270 688 326 NIS b NIS b NIS m NIS m NIS m NIS m 1-9/2023 7-9/2023 1-9/2023 7-9/2023 1-9/2023 7-9/2023 Premiums & Contributions Comprehensive Income Underwriting profit before tax Attributed to shareholders 304.8 11% 6.3 175 NIS b CAGR NIS m NIS b Dividend distributed dur
Slide 6: Company Overview
Company Overview Leaders In The Pension Market Leaders in P&C Low level of exposure to LTC The largest and most profitable pension company, Highest profit in the market in 2022. and Managers’ insurance with an AUM of NIS 213.4 b. Profitability exceeding industry Compared to competing companies, the
Slide 7: Main KPI's
Main KPI’s NIS m Consistent growth Comprehensive Comprehensive Pension comprehensive P&C comprehensive income after tax income before tax income before tax income before tax Attributed to shareholders +551 +315 814 +14 +205 534 263 136 358 688 122 531 219 126 153 (268) 1-9/2022 1-9/2023 1-9/2022 1-9
Slide 8: Underwriting Profit NIS m
Underwriting Profit NIS m A significant improvement in the underwriting profit from core business activities 157+ 1-9/2023 688 1-9/2022 688 531 334 1-9/2023 299 317 157 74 Increase of NIS 157 m 37 compared to the prior year P&C LTS Health Total 7-9/2023 121+ 326 7-9/2022 326 189 205 7-9/2023 123 83
Slide 9: Underwriting Profit by Sector
Underwriting Profit Breakdown of Underwriting Profit by Sectors Breakdown of Underwriting Profit Breakdown of Underwriting Profit by Sector, 1-9/2023 by Sector, 7-9/2023 Pension Pension 133 52 ]19%[ ]16%[ Provident 15 ]4%[ Provident 32 688 326 ]5%[ Health 13 334 P&C ]4%[ 37 ]49%[ Health ]5%[ 189 NIS
Slide 10: Financial Strength NIS m
Financial Strength NIS m Consistent profitability with a CAGR of 12% in shareholders' equity And consistent profitability over time Five-year trend of shareholders' equity and total profit after tax Total comprehensive 209 509 654 950 410 534 1-9/2023 income attributed to the shareholders 270 7-9/20
Slide 11: Dividend distribution policy
Dividend distribution policy The most generous dividend distribution policy in the market Solvency ratio trend over the past 5 years 180% As part of its dividend policy, the group distributes at least )2( 35% of profits - the highest rate in the insurance industry 160% 154.5% 144.5% 138.6% 140% 128.
Slide 12: Premiums & Contributions NIS b
Premiums & Contributions NIS b CAGR of 6% in premiums & contributions High growth in 2022 (c. 9.5%) and in 1-9/2023 (c. 9.7%) Gross premiums & contributions by segment 2020-2023 CAGR+6.0% 27.8 25.4 1.9 24.7 9.7% Health 1.5 1.6 3.7 P&C 22.5 LTS 3.2 3.4 20.5 1.6 1.4 3.1 2.8 22.2 12.4% 20.0 20.4 8.0 17
Slide 13: Asset Management NIS b
Asset Management NIS b Double digit average growth (CAGR of c. 11%) 10% growth in the last 9 months in relation to December 2022 AUM by segment, 2018-2023 10%+ CAGR+11% 304.8 273.4 277.1 37.8 34.5 34.4 237.8 219.9 32.1 185.4 31.6 27.1 213.4 185.2 190.6 155.0 139.2 115.0 32.3 33.5 35.8 32.1 32.9 27.9
Slide 14: Benchmark
Benchmark Compared to the market, shareholders received a higher return Returns compared to the market in the last 5 years Average ROE between 2018 and 2022 12.4% 10.5% 200% Menora Holdings 150% )1( 100% Average of the largest 5 insurance companies, w/o Menora Menora TLV Insurance ROE As of 2023 50%
Slide 15: Financial Results
01 Highlights 02 Financial Results 03 Segment Breakdown 15 |
Slide 16: Profit (loss) before tax NIS m
Profit (loss) before tax NIS m Profitability growth For the period 1-9/2023 For the period 7-9/2023 Increase of NIS 551 m Increase of NIS 196 m compared to the prior period compared to the prior period +196 +551 419 814 211 223 358 129 265 263 212 78 76 153 167 31 38 54 24 24 (63) (39) P&C LTS Healt
Slide 17: Comprehensive income before tax analysis (1-9/2023)
Comprehensive income before tax analysis NIS m Increase in profitability by NIS 551 m in 1-9/2023 compared to the prior period Comprehensive income before tax by source compared the prior period +551 814 (824) 1,150 814 34 34 157 688 17 (37) 263 177 162 1-9/2022 Underwriting Underwriting Underwritin
Slide 18: Comprehensive income before tax analysis (7-9/2023)
Comprehensive income before tax analysis NIS m Increase in profitability by NIS 196 m in 7-9/2023 compared to the prior period Comprehensive income before tax by source compared the prior year +196 (54) 121 215 (92) 419 5 419 29 (14) 106 223 326 93 7-9/2022 Underwriting Underwriting Underwriting Inv
Slide 19: Segment Breakdown
01 Highlights 02 Financial Results 03 Segment Breakdown 19 |
Slide 20: P&C NIS m (1-9/2023)
P&C NIS m Increase in profitability by NIS 205 m in 1-9/2023 compared to the prior period income before tax 1-9/2023 Breakdown of premiums by sector, 1-9/2023 compared to the prior period A diverse Other liabilities product mix +205m 467 ]15.1%[ (209) 263 1,348 (25) 358 Property & other 672 [21.8%]
Slide 21: P&C NIS m (7-9/2023)
P&C NIS m Increase in profitability by NIS 133 m in 7-9/2023 compared to the prior period income before tax 7-9/2023 Breakdown of premiums by sector, 7-9/2023 compared to the prior period A diverse Other liabilities product mix +133m 149 ]14.8%[ (61) 87 211 410 1,005 ]40.8%[ 257 Property & other ]25
Slide 22: Compulsory & Casco motor NIS m
Compulsory & Casco motor NIS m Positioning as a market leader and maintaining profitability over time Compulsory & Casco motor- profitability trends over time Compulsory and Casco motor market share 421 based on gross premiums )1(ָָ 328 288 168 200 161 147 Company H 84 95 53 Menora 47 Company G 4.4%
Slide 23: Casco Motor - Comparison with the market
Casco Motor- Comparison with the market 2018-6/2023 - sustained surplus profitability compared to the market over time With an accumulated profit of ILS 452 m about 89% of the total market profit 2018 2019 2020 2021 2022 5 year 1-6/2023 35 accumulate 204 452 191 159 162 135 (7) 116 98 (35) (30) 93 8
Slide 24: Long Term Savings NIS m (1-9/2023)
Long Term Savings NIS m Increase in profitability by NIS 328 m in 1-9/2023 compared to the prior period Income (loss) before tax 1-9/2023 Breakdown of premiums & contributions compared to the prior period +9% +328m 17,786 16,321 1,852 265 1,833 405 25 679 14 12,727 11,385 Life Pure savings 289 Pensi
Slide 25: Long Term Savings NIS m (7-9/2023)
Long Term Savings NIS m Increase in profitability by NIS 99 m in 7-9/2023 compared to the prior period Income (loss) before tax 7-9/2023 Breakdown of premiums & contributions compared to the prior year +12% +99m 6,452 129 5,746 695 9 162 677 12 188 4,543 4,078 78 Life Pure savings Pension 31 Provide
Slide 26: Long Term Savings NIS m
Long Term Savings NIS m Significant risk growth and low exposure to executive insurance and capital markets Growth rates Risk 1-9/2023 Low exposure to executive Low exposure to capital markets compared to the prior period insurance )2( Low negative fees balance compared to the industry (1) 12.4% Men
Slide 27: Pension NIS m
Pension NIS m The leading pension company with ILS 213 b asset management with the highest premiums & contributions, with a direct collection rate of 74% AUM market share )1( Comprehensive income share Contribution for FY-2022 (w/o Investment income))1) NIS b 15.4 Others 65 ]9.1%[ 11.6 Company D Men
Slide 28: Health NIS m
Health NIS m Comprehensive income before tax 1-9/2023 Comprehensive income before tax 7-9/2023 Low exposure of individual compared to the prior )1( period compared to the prior period long- term care Insurance-risky and capital-intensive product 212 Company D Menora (37) 42 94 Company A 271 54 ]14.4
Slide 29: Thank you
Thank you 29 |
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