Insurance company The Phoenix Holdings reported an annual profit of NIS 218million.
The Phoenix Holdings Ltd. (TASE: PHOE1;PHOE5), controlled by Yitzhak Tshuva, published its 2012 financial statements last night. The Phoenix reported a profit of NIS 217.9 million for 2012, compared with NIS 53.5 million in 2011. Comprehensive profit was NIS 402.8 million, compared with a comprehensive loss of NIS 30 million in 2011.
In the fourth quarter, comprehensive profit was NIS 205 million, compared with a comprehensive loss of NIS 16 million in the corresponding quarter of 2011. The switch was mainly thanks to positive returns on the capital market, and an improvement in profitability on underwriting, offset by a growth in the provision for pensions by NIS 75 million because of longer life expectancy and the company's cumulative experience. Profit attributed to shareholders in the fourth quarter was NIS 104 million, compared with a loss of NIS 74 million in the corresponding period of 2011.
The Phoenix CEO Eyal Lapidot earned a salary of NIS 6.8 million in 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on March 24, 2013
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