Harel Insurance & Finance
Harel Insurance Investments and Financial Services Ltd. Group stands as the undisputed giant in Israel's insurance and finance landscape. With a history spanning over 80 years, Harel's journey from its modest beginnings to its current status as the nation's largest insurance and finance group is a testament to its unwavering commitment to excellence and innovation.
Harel's ascent to the top is marked by its unrivaled presence in Israel's financial sector. As the biggest insurance and finance group in the country, Harel holds sway over a significant share of the market, commanding 22.4% of total premiums. In critical segments like health insurance, they are a force to be reckoned with, boasting a staggering 37.7% market share. Whether it's non-life insurance at 14.6%, life assurance at 20%, or managing pension, provident, and mutual funds, where they hold substantial market segments, Harel's influence is unparalleled.
2020 financials reveal premiums and benefit contributions totaling NIS 27.4 billion, generating a comprehensive income of NIS 834 million. This translates into an impressive Return on Equity (RoE) of 11%. As of June 30, 2021, Harel managed an astounding NIS 311 billion in assets under management (AUM), covering insurance, pension funds, provident funds, mutual funds, and financial services. Their equity at the close of 2020 stood at a robust NIS 7.74 billion. Moreover, Harel's commitment to rewarding its shareholders is reflected in their dividend distribution policy, ensuring at least 30% of annual profit goes back to investors.
Harel's rise to prominence is not solely attributed to its historical success but also its unwavering focus on innovation. The company has been at the forefront of fostering innovation in the insurance and finance sectors. In a visionary move, Harel has ventured into the world of startups by investing substantially in Corporate Venture Capital (CVC), with investments exceeding $200 million. This strategic decision positions Harel as a pioneer, embracing cutting-edge technologies and novel approaches to revolutionize their services and elevate customer experiences.
A standout initiative in Harel's innovation journey is the launch of GUTS, Harel's Innovation Hub. GUTS represents Harel's unwavering commitment to exploring groundbreaking solutions, driving digital transformation, and nurturing collaboration with startups and technology innovators. This innovation hub serves as the epicenter of Harel's pursuit of excellence through innovation, fostering an environment where ideas flourish and transform into industry-leading solutions.
As the biggest insurance and finance group in Israel, harel has demonstrated its prowess in dominating the market. Their unwavering commitment to innovation, evidenced by substantial investments in startups and the launch of GUTS, underscores their determination to shape the future of insurance and finance. Harel Investments is not just a symbol of historical success; it's a beacon of innovation lighting the way forward in Israel's financial landscape.