Menorah Mivtachim Holdings Ltd. (TASE: MORA) posted a net profit attributable to shareholders of NIS 403 million in 2009, compared with a net loss attributable to shareholders of NIS 232 million in 2008. Total profit attributable to shareholders was NIS 672.5 million in 2009, compared with a total loss attributable to shareholders of NIS 401 million in 2008.
Profits from life insurance totaled NIS 198 million in 2009, even though participating life insurance policies caused a loss of NIS 48 million. Yield-guaranteed policies generated a profit of NIS 107 million.
Menorah reported a profit of NIS 40 million from health insurance on NIS 205 million in premiums in 2009, compared with a profit of NIS 35 million on NIS 189 million in premiums in 2008.
The New Mivtachim Pension Fund's pretax profit rose 19% to NIS 88 million in 2009 from NIS 74.5 million. New Mivtachim's profit totaled NIS 125 million, while deposits into its pension funds rose 12.5% to NIS 3.6 billion in 2009 from NIS 3.2 billion in 2008.
Menorah CEO Arie Kelman said, "The company presented the best financial report in its history, in a range of the company's activities, with an increase in premiums and trading yields."
Menorah's share price rose 0.9% to NIS 56, giving a market cap of NIS 3.85 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 28, 2010
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