Bituach Yashir CEO to step down after eight years

Bituach Yashir (part of the IDI Insurance group) CEO Kobi Haber has decided to step down from his position after eight years. In the resignation announcement published by the company, it boasted that "during his tenure, the company grew and established itself in all its areas of activity: equity increased 2.5 times, reaching approximately 1.3 billion shekels, the share price, adjusted for dividends, more than doubled, and the company's annual net profit grew from the 200 million shekel range to the 400 million shekel range."

From Bituach Yashir's perspective, this is a success, but compared to other companies in the sector, it lags behind. During the same period, other insurance stocks jumped sixfold or more, and the sector index rose by 760%. Bituach Yashir's stock is currently traded at a valuation of 3.9 billion shekels, while the top five are traded at a valuation of 20 billion shekels or more.

However, there is a fundamental difference between Bituach Yashir and other large insurance companies. While others are active in a variety of fields and benefit from the long-term savings sector (pensions, provident funds, and advanced training funds), Bituach Yashir is more focused on insurance and non-bank credit (through Mimun Yashir). Bituach Yashir remains the largest company in Israel in the field of motor property insurance, competing head-to-head with Phoenix.

With the announcement of Haber's departure, the company noted that during his tenure, it grew its customer base and collected more premiums in other areas as well, including life insurance, health, travel abroad, and home insurance. Bituach Yashir focuses on reaching customers directly without the mediation of agents, as well as through digital means:

"The customer can purchase by themselves, cheaply, without wasting time and without the need to haggle with a representative."

The company is also starting to operate in the field of savings policies, offering what it claims are the lowest management fees in the market, and is expected to launch a customer club soon.

Reflecting on his departure, Haber stated:

"The management and employees are committed to the company and its customers, and this is clearly evident in Bituach Yashir's achievements both at the business level and in employee ratings. I am proud to have been its CEO. I am convinced that from the peak we have reached, the company's management, employees, and the next CEO will know how to advance to the next peak, and from there to more and more peaks."

Haber joined Bituach Yashir in 2018, replacing Raviv Zoller. Before his work at Bituach Yashir, Haber was a member of the management and head of the business division. Prior to that, he worked at the Ministry of Finance for 14 years and served as the head of the budget department.