Harel Investments -
Harel Insurance Investments and Financial Services Ltd. Group is active in the
insurance and financial services industries - health insurance (medical, long-term care, dental insurance and
travel insurance), non-life insurance (motor insurance, homeowners insurance, liabilities (indemnity) insurance,
mortgage insurance and credit insurance), life assurance, pension funds, provident funds, education funds, mutual
funds, portfolio management, ETFs and other financial services.
Harel Group has more than 80 years of insurance experience. The Group's
operations began when Ernst and Margot Hamburger, who immigrated to Israel from Germany, founded Hamishmar
Insurance Agency in 1935. In 1975, the family established Harel Insurance Company Ltd. and some seven years later
both Harel Insurance and Hamishmar Insurance Agency became subsidiaries of Harel Hamishmar Investments Ltd. which
was first floated on the Tel Aviv Stock Exchange in 1982. In 2007, the Company's name was changed to Harel
Insurance Investments & Financial Services Ltd. and it is currently listed on the Tel Aviv Stock Exchange
According to the financial statements for 2020, the Group is
Israel's largest insurer in terms of premiums, with a market segment of 22.4%. In health insurance, Harel
Group is the largest and most prominent insurer with a market segment of 37.7%. In non-life (general) insurance,
the Group is the largest insurer with 14.6% of the market, and regarding the volume of premiums in life assurance
the Group is second largest with a market segment of 20%. In the new pension fund management sector, at December
31, 2020 the Group has a market segment of about 18%. In the provident fund management sector, at December 31,
2020 the Group has a market segment of about 7.6%. In the mutual fund management sector, at December 31, 2020 the
Group has a market segment of about 11.8%.
Harel Insurance & Finance is the largest insurance and finance group in Israel. The
Group accounts for 22.4% of premiums. In 2020, premiums and benefit contributions amounted to NIS 27.4 billion
while comprehensive income was NIS 834 million - reflecting Return on Equity (RoE) of 11%. The Group held AUM of
NIS 311 billion in insurance, pension funds, provident funds, mutual funds and financial services at june
30,2021 . Harel Group’s equity at the end of 2020 was NIS 7.74 billion. According to the Group’s dividend
distribution policy, the Company will distribute a dividend to its shareholders of at least 30% of its total
Harel operates through several key
Harel Insurance Company Ltd. (100%)
Harel has many years of professional experience and knowledge and these are reflected
in all the branches of insurance in which it operates:
Health Insurance (covering health insurance, long-term care, dental insurance and travel
insurance): Harel is the largest and foremost company in this sector with more than 3 million insureds who benefit
from its economies of scale as well as from its advanced, professional service infrastructure and long-standing,
extensive and close ties with medical institutions, hospitals and medical service providers in Israel and abroad.
Harel's activity in the health sector amounted to NIS 5 billion in 2020, reflecting a market segment of 37.5%.
Life assurance and long-term savings (covering life assurance, pensions, provident and education
funds): In 2020, Harel earned total premiums and collected benefit contributions of more than NIS 18.5 billion.
The Group ranks second in Israel's life assurance sector with a market segment of 20% at December 31, 2020. In
the new pension fund management sector, the Group has a market segment of 18% at December 31, 2020. In the
provident fund management sector, the Group has a market segment of 7.6% at December 31, 2020.
Additionally, over the last ten years and more, Harel has expanded its investments in
Israel as well as in international markets and it continues to broaden its horizons, posting consistent and
constant growth in credit activity, infrastructure projects and income-generating property, including private
In non-life insurance (covering motor insurance, homeowners insurance, liabilities (indemnity)
insurance, mortgage insurance and credit insurance), Harel continues to lead the market as Israel's largest
non-life insurer with gross premiums of NIS 3.4 billion in 2020, reflecting a market segment of 14.6%.
Harel insures the Israeli branches of numerous multinational corporations that
operate in Israel and it is a Global Partner of giant international companies, such as:
Zurich, Allianx, AXA-XL, China Taiping Reinsurance Co. Ltd. (TPRe), Royal Sun
Alliance, Hartford, HDI-Global, Tokio Marine Kiln, Swiss Re, QBE, If P&C, BHSI, Sompo Japan Nipponkoa
Insurance, Dubai Insurance Company and Chubb.
Harel Finance Holdings Ltd. (100%)
Harel Group's financial services arm which focuses on mutual fund management (in
2019, this activity was merged with the Group's ETF management activity) and portfolio management. Harel
offers a range of more than 250 mutual funds in a selection of channels (shares, bonds, shekel, index and
sector-based funds, and more). At March 31, 2021, Harel Finance has AUM of NIS 54.3 billion. The
Company's managed products and portfolio management service are directed towards a broad range of customers:
private equity customers, corporations and financial institutions. The company is a leader in the Israeli market
in its areas of business.
For information about Harel Finance Holdings
ICIC - Israel Credit Insurance Company Ltd. (50%)
The Israel Credit Insurance Company Ltd. (50%) is engaged in credit insurance (for
exports and the domestic market) and it is one of the leading players in this market. The company is owned jointly
by Harel and Euler Hermes, which is considered the world's largest credit insurance company.
To ICIC's website>
EMI - Ezer Mortgage Insurance Company Ltd. (100%)
The company is an insurer in Israel dealing with mortgage credit insurance
To EMI's website >
Interasco Societe Anonyme General
Insurance S.A.G.I (94%)
An insurance company incorporated in Greece. The company operates in Greece providing
non-life insurance and health insurance.
To the website of:
Interasco Societe Anonyme General Insurance S.A.G.I
Turk Nippon Sigorta A.S.
An insurance company incorporated in Turkey. The company operates in Turkey
providing non-life insurance and health insurance.
To the website of: Turk Nippon Sigorta A.S.
Corporate Social Responsibility
As one of Israel's most prominent insurance and finance groups, Harel attributes
supreme importance to corporate social responsibility. Harel is dedicated to social commitment and it is involved
in, contributes towards and supports a variety of charitable organizations as well as encouraging its employees to
be actively involved in and contribute to the community at large. Despite the fact that it is one of Israel's
largest insurance groups, Harel continues to preserve a family-oriented atmosphere and values, with the emphasis
on integrity, honesty, trust and personal service tailored to the customer's needs.
In 2019, for the fifth year in succession, Harel was awarded the Platinum Plus Ranking, the highest award
given by Maala which rates dozens of companies in the economy for CSR. Additionally, in 2019, Harel
published the Group's fourth CSR Report for 2017-2018.