Harel CEO Nets 4 Million Shekels in Option Exercise Amid Stock Surge
Harel CEO Nir Cohen exercised 60,000 options to net 3.94 million shekels as the insurance group's stock skyrocketed. Meanwhile, the controlling Hamburger family cashed out 1.65 billion shekels in shares amid a massive 678% market surge.
The surge in the market value of the insurance giant Harel is directly benefiting its CEO, Nir Cohen, who exercised 60,000 options to net a profit of nearly 4 million shekels. According to Harel's official filing, Cohen holds options granted under the company's 2021 option plan. Under this program, he was awarded 180,000 shares of Harel, which vest in three equal tranches. The current exercise involves 60,000 options, representing one-third of the original allocation.
Automatic Exercise and Profit Calculation
According to Harel's report, Cohen's recent execution took place automatically on September 14 after the company's stock reached the ceiling price established in the plan. The share price recorded for the transaction stood at 194.34 shekels. Assuming these are options from the 2021 allocation, the maximum benefit value per option is capped at 180% of Harel's share price at the grant date, which was 36.5 shekels at the time.
"The maximum benefit amounts to approximately 65.65 shekels per option, bringing the total pre-tax value for the 60,000 exercised options to 3.94 million shekels," the company stated in its financial disclosures.
Cohen is not required to pay out-of-pocket for exercising the options, as the transaction utilizes a cashless mechanism. This means Harel simply pays him the embedded benefit value based on the current market trading price of the stock.
Surge in Valuation and Controlling Family Sales
Cohen assumed the role of CEO at Harel Insurance in July 2021. The financial benefit realized from these options comes on top of a cumulative salary cost of nearly 15 million shekels between 2021 and 2025. Harel's stock has skyrocketed by 678% over the past three years, bringing its current market capitalization to 40.3 billion shekels.
Meanwhile, the value of the controlling Hamburger family's stake has climbed to roughly 17 billion shekels on paper. The family has capitalized on the dramatic rally in the insurance company's stock to execute several major share sales:
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In December 2024, the family sold a 2.5% stake in Harel to institutional investors for approximately 250 million shekels.
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In July 2025, an additional 1% was sold to Clal Insurance for about 200 million shekels.
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In April 2026, the family executed its largest sell-off, disposing of roughly 3.2% of the company's shares to foreign investors for 1.65 billion shekels.
In total, the family has realized 1.65 billion shekels from stock sales over the course of about a year and a half, fueled by Harel's stellar market performance. Despite these substantial divestments, the Hamburger family remains the controlling shareholder, retaining a 42.2% stake in the company.
