Clal Insurance Enterprises Holdings Ltd. (TASE: CLIS), a subsidiary of IDB Holding Corp. Ltd. (TASE:IDBH), controlled by Nochi Dankner, today published its financial report for the third quarter of 2012. The net comprehensive profit attributable to majority shareholders was NIS 161 million, compared with a comprehensive loss of NIS 235 million in the corresponding quarter of 2011.
Net profit attributable to majority shareholders was NIS 19 million for the third quarter, compared with a loss of NIS 200 million for the corresponding quarter.
In January-September 2012, the comprehensive net profit attributable to majority shareholders of NIS 172 million, compared with a comprehensive loss of NIS 315 million in the corresponding period of last year. The net profit attributable to majority shareholders was NIS 8 million in January-September, compared with a loss of NIS 97 million in the corresponding period.
Clal Insurance's sale of its US subsidiary Guard Insurance Group Inc., completed in October, will boost Clal Insurance's net profit for the second quarter by NIS 112 million, while reducing its capital funds.
Clal Insurance's expenses in January-September were affected by positive trends in capital markets. The results were also affected by the increase in life insurance resreves in the second quarter on the basis of the draft position paper published by the Supervisor of Capital Markets, Insurance and Savings regarding the cancellation of payment coefficients for life insurance.
Clal Insurance had a capital surplus of NIS 461 million at the end of September. In October, Clal Insurance Enterprises injected NIS 200 million into Clal Insurance, increasing its capital accordingly. Clal Insurance Enterprises' assets under management continued to grow, reaching NIS 181 billion at the end of September from NIS 170 billion at the end of 2011.
Clal Insurance Enterprises CEO Shy Talmon will leave his post in a few days, after almost five years. He said that Clal Insurance Enterprises was the leader in Israel's financial insurance market, and wished his successor, Izzy Cohen, success.
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2012
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