Phoenix Financial reported first-half 2026 net income of 1.57 billion new Israeli shekels (NIS), up 5% from 1.50 billion NIS in the prior-year period, as asset management drove a 10% year-over-year increase in core income to 1.45 billion NIS.
The insurer’s return on equity rose to 26.1% for H1 2026, compared with 24.7% a year earlier, while earnings per share reached 6.3 NIS. Total assets under management grew 8% year-to-date to 658 billion NIS, equivalent to approximately $217 billion, reflecting a five-year compound annual growth rate of 21%.
Asset management core income surged 36% to 579 million NIS in H1 2026, with Q2 alone posting a 48% increase. Adjusted EBITDA for the division reached 761 million NIS, tracking toward Phoenix’s 2028 guidance of 2.4–2.6 billion NIS. Broker and advisor core income climbed 30%, while the group’s digital investment platform surpassed 1 million users, including roughly 100,000 securities traders.
Insurance operations contributed 873 million NIS in core income for H1 2026. Property and casualty insurance generated 590 million NIS in pre-tax comprehensive income, health insurance reported 637 million NIS, and life and savings recorded 227 million NIS. The insurance subsidiary maintained a solvency ratio of 177% as of March 31, 2026, with credit ratings of A-/A3 from S&P and Moody’s.
Phoenix returned 972 million NIS to shareholders in H1 2026, including a 400 million NIS dividend announced in Q2 at 1.6 NIS per share. Share buybacks totaled 252 million NIS during the period, with the full-year program expanded from 300 million NIS to 400 million NIS. Subsidiary remittances reached 1.01 billion NIS.
The company highlighted strategic acquisitions, including Ocean Investment House’s six funds with 2 billion NIS in assets and Fidelis’s wealth management platforms, alongside expansions in the BUYME loyalty platform and El Al’s frequent flyer program. Phoenix maintained its 2028 guidance, targeting 3.3–3.5 billion NIS in core income, with asset management expected to grow at a 20% CAGR and insurance core income rising 5% annually to 1.9–2.1 billion NIS.
