Phoenix Financial reported first-half 2026 comprehensive income of ILS 1.57 billion, up 10% above expectations, as asset management revenue surged 36% in the period. Core earnings reached ILS 1.5 billion, with earnings per share of ILS 6.3, while return on equity stood at 26%.
The Israeli financial services group’s assets under management expanded to approximately $220 billion, or ILS 660 billion, an 8% increase from the start of the year. Asset management EBITDA is now targeted to reach ILS 2.4 billion to ILS 2.6 billion by 2028, up from prior guidance, the company said in its earnings call transcript.
Revenue growth was broad-based across segments. Brokers and advisors income before tax rose 30% year-on-year to ILS 238 million, while property and casualty insurance contributed ILS 590 million and health insurance generated ILS 637 million. Wealth and investments added ILS 338 million, and payments and financing contributed ILS 123 million.
Shareholder returns totaled nearly ILS 1 billion in the first half, representing 62% of comprehensive income. Phoenix declared a second-quarter dividend of ILS 1.6 per share, or ILS 400 million in total, alongside ILS 170 million in share buybacks. The company also increased its full-year 2026 buyback program from ILS 300 million to ILS 400 million and reaffirmed a payout policy of at least 55% of earnings annually through dividends and buybacks.
Digital adoption accelerated, with the group’s main app surpassing 1 million users. The BUYME platform, which Phoenix operates, now includes more than 1.2 million users, 15,000 employers, and over 1,000 merchants. Solvency remained robust at 177%, above the long-term target range of 150%–170%.
Phoenix also disclosed a stake increase in the El Al Frequent Flyer Club from 20% to 25%. The company’s shares rose 3.12% to ILS 18,510, near the top of its 52-week range of ILS 10,270 to ILS 20,130.
