Menora Mivtachim Holdings Ltd. · TASE:MMHD
Menora Mivtachim — FY2023 Earnings Presentation
32 slides from Menora Mivtachim's earnings presentation, March 2024
Slide 1: Analyst Presentation for the period ended December 31, 2023
NY) MENORA MIVTACHIM & Menora Mivtachim Holdings Analyst Presentation For the period ended December 31, 2023 ogether shall win!
Slide 2: General clarifications
General clarifications This presentation includes only partial information regarding the Group's results for the period ended December 31, 2023 and was prepared solely for the sake of brevity and convenience. The presentation does not include the full information needed by an investor to make a deci
Slide 3: Underwriting income / operating income definitions
Underwriting income / operating income The operating results, which include stating a real normative return of 3% (annualized) in respect of the liability component that is not backed by Hetz bonds, including for the purpose of calculating variable management fees Investment income The difference be
Slide 4: Key Points
Key Points Operating results highlights Details of changes in income by segment
Slide 5: For the year / For the quarter
For the year For the 10-12 quarter (27.8 | 30.3 NIS billion NIS billion 2022 2023 7.3 7.8 NIS billion NIS billion 2022 2023 777? =1,005 NIS million NIS million 2022 2023 239 = 314 NIS million NIS million 2022 2023 410 709 NIS million NIS million 2022 2023 191 174 NIS million NIS million 2022 2023 7.
Slide 6: Key figures: solvency ratio, dividend, ratings
11.2% 315 11.4% 6.4 CAGR NIS billion CAGR NIS billion (2018-2023) December 31, 2023 (2018-2023) 2.5 154.5% 250 Company’s rating - Aa2 NIS Net of the Transitional NIS million Insurer’s rating - Aai Provisions () Dividend declared and distributed for 2023 (1) Menora insurance - without applying the Pr
Slide 7: Leaders in pension and P&C insurance
Leaders in pension Leaders in P&C insurance Low exposure to individual long- The largest and most profitable pension P&C group with excess profitability term care and executive insurance company with approx. NIS 222 billion relative to industry over time The Group has low The Group has low exposure
Slide 8: Operating results highlights — NIS million
Operating results highlights — NIS million Growth in profitability Comprehensive income, after tax Comprehensive Comprehensive Comprehensive attributable to the shareholders income before tax income, before tax - income, before tax pension - P&C segment 4299) +524 709 1,082 +28 558 196 168 410 236 7
Slide 9: Underwriting income — NIS million
Underwriting income — NIS million Substantial improvement in underwriting income 1,005 For 2023 Increase of approx. NIS 227 million compared to corresponding period last year 314 10-12/2023 Increase of approx. NIS 75 million compared to corresponding quarter last year 2022 (ill 2023 429.2) 1,005 7 5
Slide 10: Mix of underwriting income by segment
Underwriting income NIS million Mix of underwriting income by segment Pension P&C aa For 2022 rovcen [29%] Life Pension For 2023 P&C
Slide 11: Profitability and shareholders' equity — NIS million
Profitability and shareholders’ equity — NIS million Development of comprehensive income after tax attributable to the shareholders and equity over the past 5 years Consistent profitability over time 950 654 509 410 2019 2020 2021 2022 709 2023 Shareholders' equity - average annual growth of approx.
Slide 12: Average return on equity of approx. 13.6%
Average return on equity of approx. 13.6% in the past 5 years 19.7% 15.6% 13.4% 7.5% 2019 2020 2021 2022 12.0% 2023 Return on equity of approx. 12% in 2023 , 15.1% | 1-6/2023 7-12/2023 18.3% 11.8% 10.4% 1-3/2023 4-6/2023 7-9/2023 10-12/2023 we
Slide 13: Menora Holdings
Menora Holdings TA Insurance index TA 125 index
Slide 14: Solvency ratio compared to competitors
180% NIS 154.5% 160% 144.5% 138.6% 134.7% 140% 120.2% 120.5% NIS 120% 100% NIS 80% 60% 40% NIS 20% 0% 2018 2019 2020 2021 2022 30.6.2023 מנורה Menora דCompany חברהD גCompany חברהC חברהב Company B אCompany חברהA
Slide 15: Premiums and contributions towards benefits - NIS billion
Premiums and contributions towards benefits - NIS billion Development of gross premiums and contributions towards benefits by segment in 2021-2023 25.4 Era 37 3.4 Average annual growth of approx. 9.3% a in 2023 growth of approx. 8.9% and in 2022 - approx. 9.6% 2021 2022 2023 Wl Health P&C [lll Long-
Slide 16: Assets under management - NIS billion
Assets under management _ NIS billion Development of assets under management by segment in 2018-2023 Double-digit average annual growth rate of 11.2% In 2023 - an increase of 14% compared to last year 221.2 185.2 190.6 139.2 155.0 115.0 27.9 32.3 33.5 35.8 32.1 33.5, December December December Decem
Slide 17: Key Points
Key Points Operating results highlights Details of changes in income by segment
Slide 18: Profit (loss) before tax NIS million
Profit (loss) before tax NIS million For the 1-12 period Increase of approx. nis 524 million compared to corresponding period last year 558 487 331 236 234 6) (14) (18) Notattributedto” Total P&C Long-term savings Health operating segments 2022 [2023 (1) Mainly capital activity (investments) and hel
Slide 19: 2023 (138) (43) 2022 (1,088) ,064 (105) (90)
2023 517 441 46 145 114 (138) (43) 2022 232 448 97 (1,088) 1,064 (105) (90)
Slide 20: 10-12/2023 (5) (124) (21) 10-12/2022 3 10 126 (57) (23)
10-12/2023 183 122 10 103 (5) (124) (21) 10-12/2022 76 140 23 10 126 (57) (23)
Slide 21: Key Points
01. ~Key Points O2 = Operating results highlights 03 Details of changes in —— income by segment
Slide 22: 2023 (42) 2022 (319)
2023 517 (42) 12 0 2022 232 (319) 298 25
Slide 23: 10-12/2023 (1) (53) 10-12/2022 (17)
10-12/2023 183 (1) (53) 10-12/2022 76 (17) 24
Slide 24: P&C insurance NIS million
P&C insurance NiS million Development of income in the past 5 years Underwriting income before tax 2019-2023 —— Pretax income for 2019-2023 —— 517 407 265 2 60 232 2019 2020 2021 2022 2023 571 474 487 201 236 2019 2020 2021 2022 2023
Slide 25: Stable profitability over time and positioning as a market leader
Stable profitability over time and positioning as a market leader Profitability of compulsory motor and motor property over time 421 288 328 168 147 84 | 95 (24) (3) 2018 2019 2020 2021 2022 Profitability of motor property over time 204 162 11 107 88 1 35 | at 2018 2019 2020 2021 2022 () Including T
Slide 26: 64 Menora (180) competitors (116) in total
204 162 191 35 (140) 452 64 Menora 352 427 285 (187) (821) 57 (180) competitors 555 589 476 (151) (961) 508 (116) in total
Slide 27: Life insurance policies results by type
1-12/2022 1-12/2023 Change Individual insurance risk coverage policies (mostly mortality risk) 645 722 12.0% 2023 103 196 33 Policies with a savings component 1,907 1,812 (5.0%) 2022 (52) 168 (10) Collective policies without a savings component 40 41 4.2% Total 2,592 2,576 (0.6%)
Slide 28: Life insurance policies results by type, quarter
10-12/2022 10-12/2023 Change Individual insurance risk coverage policies (mostly 171 196 14.7% 10-12/2023 (10) 60 16 mortality risk) Policies with a savings component 579 519 (10.3%) 10-12/2022 125 46 (2) Collective policies without a savings component 10 9 (8.5%) Total 759 724 (4.6%)
Slide 29: Substantial growth in life insurance and low exposure to executive insurance
Substantial growth in life insurance and low exposure to executive insurance and the capital market Growth rates in life insurance premiums Low exposure to executive Low exposure to the capital market in 1-9/2023 insurance © Low negative fees balance compared to the industry compared to the correspo
Slide 30: Company A Company D Company C
Company A Company D Company C Company B Menora Not published
Slide 31: 2023 (11) (89) 10-12/2023 (3) (75) 2022 (51) 264 (76) 10-12/2022 23 0 47
2023 46 (11) 40 (89) 10-12/2023 10 (3) 30 (75) 2022 97 (51) 264 (76) 10-12/2022 23 0 47 (48)
Slide 32: Thank you
NY) MENORA MIVTACHIM Thank you
Menora Mivtachim Holdings — FY2023 Earnings Presentation on 6ix