Eran Griffel
Chairman
Ari Kalman
CEO
Founded: 1935
Shareholders:
Najaden Establishment & Palamas Establishment (foreign trusts registered in Vaduz, Liechtenstein) - 63.26%.
Public - 36.74%.
Menora Mivtachim was incorporated in Israel (during the British Mandate) and began its operations in 1935, as an authorized representative of Lloyd's in Israel, and since 1939, as an insurance company. In 1963, Menora Mivtachim Group was acquired by the Fishel Frish family, and has been owned by members of the family ever since. In 1982, a public offering was held on the Tel-Aviv Stock Exchange and the company went public (currently, it is included in the Tel-Aviv 90 and 125 index).
In recent years, the group has expanded its operations and has made several significant acquisitions and in the fields of insurance, pensions, and the capital market, including:
- The acquisition of Menora Mivtachim Pension& Provident FundsLtd. in 2004, which manages the new pension fund, New Mivtachim - the largest new pension fund in Israel (hereinafter: New Mivtachim), and the general pension fund New Mivtachim Plus.
- The acquisition, in 2007, of Shomera Insurance Company Ltd., which provides motor insurance (compulsory and property) and other property insurance. It also holds the insurance agencies Sinai Insurance Agency Ltd. and Arnon & Weinstock Insurance Agency (1989) Ltd. as well as real estate property (through Shomera Real Estate Ltd.).
- In 2016-2017 ,Menora Mivtachim Holdings Ltd. completed its acquisition transaction of 40% of the share capital of E.R.N. Israel Ltd, and of 30% of the shares of Ampa Capital Ltd.
- In 2017, Menora Mivtachim Mutual Funds Ltd. Was merged with Altshuler Shaham Mutual Funds Management Ltd. Menora Mivtachim Finance Ltd. Is holding 20% of the merged company.
Over the years, the group has gained the reputation of a trustworthy, stable, and established group, which provides its customers professional, reliable and efficient service. This has enabled the group to address a diverse audience and provide it with valuable and reliable solutions. The group's many achievements can be attributed to its professional investment management, which achieves, since 1992, on behalf of its profit participating (life insurance) policies, better yields than average, and to the nature of its activities which combines quality products, experienced and highly-skilled professionals, efficient service, and innovative solutions that meet its customers' needs.
The total assets managed by the group, as of December 31, 2017, amounted to approximately NIS 170.6 billion.
Income from premiums and contribution fees in 2017, amounted to approximately NIS 21.2 billion (compared to approximately NIS 19.2 billion in the same period in 2016), and the balance sheet volume amounted to approximately NIS 51.7 billion, as of December 31, 2017 (compared to approximately NIS 48.5 billion in December 31, 2016).
The group has business relations with approximately 1,500 professional and experienced insurance agents, who provide services to the group's customers throughout Israel.
Insurance
The group operates in all of the main insurance sectors in Israel, through its wholly owned subsidiaries: Menora Mivtachim Insurance Ltd. and Shomera Insurance Company Ltd. The group holds the largest market share in general insurance (non-life) in Israel, and is a leader in motor insurance sector(compulsory and property). Menora Mivtachim Insurance also offers life and health insurance, and is one of the five largest insurance groups in Israel.
Long-Term Savings
As of December 31, 2017 the total assets managed for insures and policyholders of Menora Mivtachim Group, under life insurance and long-term savings sectors, amounted to approximately NIS 161.1 billion. Total income from premiums and earnings on long-term pension savings contribution fees (life insurance, pension, provident funds and Mid-Term saving plan "Study Provident Funds") in 2017, amounted to approximately NIS 17 billion.
Pension Funds - as of December 31, 2017, the total pension fund assets managed through Menora Mivtachim Pension & Provident Funds Ltd. amounted to approximately NIS 104.1 billion, with about one million customers representing some 22,000 companies, employers and employee associations in the Israeli economy. The total pension savings in the pension funds in 2017 amounted to approximately NIS 10.8 billion. The market share of the pension fund assets of Menora Mivtachim Group stands at approximately 34%.
Life Insurance - the total assets managed in this sector by Menora Mivtachim Insurance, as of December 31, 2017, amounted to approximately NIS 32 billion. The total premiums for insurance and investment contracts in 2017 amounted to approximately NIS 4 billion. Since 1992, Menora Mivtachim Insurance has achieved, on behalf of its profit participating (life insurance) policies, better yields than average.
Provident Funds - the total assets of the funds managed by the group, through Menora Mivtachim Pension& Provident Funds Ltd. and Menora Mivtachim and the Federation of Engineers Provident Fund Management Ltd, as of December 31, 2017, amounted to approximately NIS 25.1 billion. The total pension savings in the Provident funds in 2017 amounted to approximately 2.2 billion NIS.
In addition, the group owns insurance agencies - Orot Life Insurance Agency (2005) Ltd., which provides long-term savings services and acts as a retirement arrangement agency (for employers and their employees), and Sinai Insurance Agency Ltd. and Arnon & Weinstock Insurance Agency (1989) Ltd., which operate with insurance agents in all insurance sectors.
In addition, the group manages investments in real estate and solar activities in Israel and abroad, and also holds an underwriting company.