Menora sets new targets: 73% growth in assets by the end of the decade
Alongside strong financial reports, the insurance company Menora Mivtachim is the first to officially raise its targets. The company earned 785 million shekels in the second quarter with a return on equity of 34%, higher than other insurance companies. It projects assets under management of 750 billion shekels by 2030, a 73% jump compared to the end of last year, a similar jump in profit to 3 billion shekels, and a return on equity of over 20%.
The insurance company Menora Mivtachim, managed by Michael Kalman, recorded a total profit of 785 million shekels in the second quarter of 2026, an increase of 9.6% compared to the same quarter last year. In the first half of the year, total profit jumped by 13% to 1.25 billion shekels. Menora Mivtachim also manages to maintain high efficiency with a return on equity of 34.2% in the second quarter (compared to 38.5% last year) and 27.2% for the half-year, the highest return on equity rate among the large insurance companies that have reported so far: Phoenix recorded a return on equity of 29.7% for the quarter (26.1% for the half-year), Clal Bituah presented 22.5%, and Migdal 22.4%. Harel is expected to publish its results tomorrow.
The volume of assets under management of Menora Mivtachim stood at 472 billion shekels at the end of the second quarter of the year, an increase of 17% over the last year. But Menora is not stopping there, and it is the first insurance company to raise its targets. Menora predicts that in 2030 its asset volume will reach 750 billion shekels, a jump of 73% compared to the end of last year, meaning within 5 years, and an increase of 60% compared to its current asset volume. Menora also expects that it will succeed in maintaining a return on equity of more than 20%, and that its adjusted profit after tax will stand at 3 billion shekels, a jump of 71% compared to last year. The company estimates that the volume of its premiums and pension contributions will rise to 55 billion shekels (compared to 35 billion shekels last year).
The insurance company also wants to reduce its dependence on the capital market, and it predicts that the profit from its core activity (life, health, and general insurance, and long-term savings - pensions, provident funds, and executive insurance) will drop to 76% of the adjusted pre-tax profit in 2030 (compared to 88% today), and the profits from other activities (credit, agencies, etc.) will rise to 24% compared to 12% today.
"These are record results for the group, alongside continued significant improvement in business parameters and business momentum in all the group's activity sectors. We are also presenting the group's long-term goals and are confident that we will meet them - as we have done, and even more so, in recent years," said Michael Kalman, CEO of Menora Mivtachim Bituh.
Following the half-year reports, Menora announced a dividend distribution of 500 million shekels. Menora Mivtachim shares have risen by 23% since the beginning of the year and 600% over the last 3 years (but with a negative return of 8% in the last quarter) and are traded at a market value of 30 billion shekels.
