Israel Phoenix Assurance Ltd. (TASE: PHOE1;PHOE5) posted a total net profit of NIS 432 million in 2010, compared with NIS 435 million in 2009, and a total net loss of NIS 561 million in 2008.
Net profit attributable to capital shareholders rose to NIS 309 million in 2010 from NIS 227 million in 2009.
Phoenix's total profit from life insurance and long-term savings operations fell to NIS 103 million in 2010 from NIS 190 million in 2009, and its total profit from health insurance activities fell to NIS 115 million from NIS 163 million. Total profit from elementary insurance rose to NIS 264 million in 2010 from NIS 242 million in 2009, and total profit from financial services jumped to NIS 112 million from NIS 13 million in 2009. Profit from financial services accounted for 25.9% of the company's total net profit for 2010.
Revenue rose to NIS 1.8 billion in 2010 from NIS 1.65 billion in 2009. Residual premiums (gross premiums net reinsurance) rose to NIS 1.54 billion in 2010 from NIS 1.43 billion in 2009, while investment income declined to NIS 222.4 million from NIS 225.7 million, and income from fees rose to NIS 58.2 million from NIS 56.9 million.
Fourth quarter net profit rose to NIS 83 million from NIS 79 million for the corresponding quarter in 2009. The company posted a net loss from life insurance and long-term savings activity of NIS 28 million for the fourth quarter, but net profits of NIS 59 million from elementary insurance activity, NIS 32 million from health insurance activity, and NIS 31 million from financial services.
Phoenix CEO Eyal Lapidot earned NIS 14.1 million in 2010, including a base salary of NIS 3.44 million and NIS 10.66 million in stock-based compensation.
Phoenix is a subsidiary of Delek Group Ltd. (TASE: DLEKG), controlled by Yitzhak Tshuva. The company is the controlling shareholder in Excellence Investments Ltd. (TASE: EXCE). Phoenix's share price rose 3% in morning trading to NIS 12.17, giving a market cap of NIS 2.93 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on March 27, 2011
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