Insurance company Migdal Insurance and Financial Holdings Ltd. (TASE: MGDL), controlled by Shlomo Eliahu, lost NIS 234 million in the third quarter of this year, which compares with a profit of NIS 37 million in the corresponding quarter of 2014. The loss mainly stems from weakness on the capital markets in the quarter.
The company's gross quarterly premiums totaled NIS 2.5 billion, which is similar to the figure for the third quarter of last year. Re-insurance premiums totaled NIS 174 million, up from NIS 164 million in the corresponding quarter.
Migdal posted a huge loss, of NIS 1.95 billion, on activity in the capital market, so that total revenue fell to NIS 533 million, from NIS 4.4 billion in the corresponding quarter. The cause was the decline in value of stocks and bonds during the third quarter, which was characterized by high volatility because of fears of an economic slowdown in China and expectations of an interest rate rise in the US>
For the first nine months of 2015, Migdal posted a profit of NIS 188 million, down from NIS 390 million in the corresponding period of 2014.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2015
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