Islands. enough. Islands. Insurance, managed by Kobi Haber, published its financial statements for the third quarter of 2020 today (Sunday). The increase is mainly due to an increase in investment income and an improvement in underwriting profitability in most industries.
Net investment income, including other comprehensive income (before tax) and financing income, amounted to a profit of NIS 48.9 million, compared with a profit of NIS 13.9 million in the corresponding period last year, of which investments not attributable to participating policies amounted to NIS 36.6 million. To a total of about 10.6 in the corresponding period last year.
Total profit for the quarter amounted to NIS 76.5 million, compared with NIS 50.9 million in the corresponding period last year, an increase of 50% due to an increase in investment income and an improvement in underwriting profit in the general insurance sector.
Gross premiums in the third quarter of 2020 amounted to NIS 605 million, compared with NIS 644.5 million in the corresponding period last year, a decrease of 7%. The change in gross premiums is mainly due to the company’s initiated actions to improve the customer portfolio, lowering tariffs in the property vehicle industry due to changes in the competitive environment and the decrease in the frequency of accidents, as well as lower private consumption and discounts, in general – In the third quarter, gross earned premiums amounted to NIS 611.6 million, compared with NIS 663.5 million in the corresponding period last year, a decrease of 8%.
Principles of the Financial Statements – IDI Insurance Ltd. (“Direct Insurance”),
An increase of about 50% in total profit – NIS 76.5 million in the third quarter of 2020
Income from net investments and financing income amounted to NIS 48.9 million in the third quarter
Gross premiums amounted to NIS 605 million in the third quarter
Direct Insurance CEO Kobi Haber: “We conclude another quarter of an increase in total profit and a continued trend of improvement in underwriting profit, despite the uncertainty and effects of the Corona crisis. “With an emphasis on focusing on profitable growth, improving the existing customer portfolio in the automotive industry, and expanding activity in the life, health and other property industries.”
“In addition, we continue to promote long-term strategic moves, through which we build the infrastructure for the continued growth of the company. These days we have re-launched, after a long and thorough preparation, our health product, with the aim of expanding product diversity and profit sources, “At an excellent level and at an attractive price. All the moves we lead continue to bear fruit, and they are the ones that will allow us to continue to lead the direct market, and maintain the profitability lines to which we are accustomed.”
IDI Insurance Ltd. (“Direct Insurance”), has been operating for 24 years. The company is held by 48.5% by Direct Insurance-Financial Investments and the balance by the public. The company offers its customers a wide range of insurance services which include, Among other things, car insurance, apartment, health, travel abroad and life. On October 28, 2020, the company announced a dividend of NIS 40 million to shareholders.
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