Clal Insurance

The Israeli financial giant is entering into a strategic partnership to acquire hundreds of income-generating solar projects abroad, most of which are already connected to the power grid and secured by long-term hedging mechanisms.

The quarterly profit of Alfred Akirov's real estate and hotel company has dropped sharply, but this is not due to core operations. The primary driver of profit and volatility for the company has been the fluctuations in the value of its holdings in Clal Insurance and Bank Leumi.

Clal concludes the first half of the year with a profit of 1.05 billion shekels, similar to last year. The volume of assets under management rose to a record of 456 billion shekels. The company will distribute a dividend of 200 million shekels.

BLenergy, the energy division of the Blilius family, has secured Clal Insurance as a strategic partner. The 250 million shekel investment will focus on expanding energy storage projects across Europe.

Clal Insurance has increased its stake in the Highway 6 northern section franchise to 24% after acquiring an 8% share from the Noy 2 fund for 165 million shekels. The company expects an annual return of 9% to 11%.