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Israel's Migdal Insurance Q1 net profit jumps
May 30, 2012 / 7:27 AM / in 5 years

Israel's Migdal Insurance Q1 net profit jumps

TEL AVIV, May 30 (Reuters) - Israel’s Migdal Insurance and Financial Holdings reported a more than doubling of quarterly net profit on Wednesday, as gains in the capital market boosted investment income.

Migdal, Israel’s largest insurance and financial group, posted first-quarter net profit of 180 million shekels ($46.5 million), compared with 77 million a year earlier.

It said gains from investments and financing income jumped to 2.65 billion shekels from 1.06 billion, while income from management fees fell to 231.7 million shekels from 237.3 million.

Insurance premiums rose 7 percent to 3.9 billion shekels.

Migdal has 145 billion shekels in assets under management.

In March, Generali, Europe’s No. 3 insurer, said it was selling its 69.1 percent stake in Migdal to businessman Shlomo Eliahu for $1.1 billion. The deal is still subject to regulatory and other approvals.

Bank Leumi owns 10 percent of Migdal.

$1 = 3.87 shekels Reporting by Tova Cohen

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