Phoenix Financial reported first-half 2026 comprehensive income of ILS 1.57 billion, up from ILS 1.5 billion in core earnings, as asset management revenue surged 36% and the group’s solvency ratio remained well above target.
The group, which operates under Phoenix Holdings Ltd., said asset management income before tax reached ILS 338 million in the period, while property and casualty insurance contributed ILS 590 million and health insurance ILS 637 million. Brokers and advisors income before tax rose 30% year-on-year to ILS 238 million.
Phoenix’s assets under management expanded 8% to approximately $220 billion, with asset management growth accelerating to 48% in the second quarter alone. The company’s return on equity stood at 26%, with core ROE at 24%, both exceeding long-term averages.
The board declared an interim dividend of ILS 1.6 per share, equivalent to ILS 400 million in total, alongside a revised share buyback program for 2026 increased to ILS 400 million from ILS 300 million. Total shareholder distributions for the half-year approached ILS 1 billion, representing 62% of comprehensive income.
Management reaffirmed a baseline core income growth target of 10% through 2028 and set a 20% growth guidance for asset management. EBITDA in the asset management segment is projected to reach between ILS 2.4 billion and ILS 2.6 billion by 2028, with a payout ratio maintained at least 55% of annual earnings.
Phoenix also highlighted operational scale, with its BUYME digital platform exceeding 1 million users and its stake in the El Al Frequent Flyer Club rising to 25%. The group’s solvency ratio stood at 177%, above the long-term target range of 150%–170%.
Shares of Phoenix Financial closed 3.12% higher at ILS 18,510 on August 25, 2026, extending a 52-week range of ILS 10,270 to ILS 20,130.
