Q3 2024 Phoenix Financial Ltd Earnings Call Transcript

Nov 27, 2024 / 03:00 PM GMT

Transcript

Key Points

Positve

Phoenix Financial Ltd (XTAE:PHOE) reported a strong return on equity of over 24% in the third quarter, despite challenging market conditions.
The company has grown its assets under management by 19% annually over the past five years, showcasing robust growth.
Phoenix Financial Ltd maintains a strong capital position with a solvency ratio of 195%, providing financial resilience.
The company has a solid track record of distributing dividends and executing buybacks, with a 5% dividend yield over the past few years.
Phoenix Financial Ltd's asset management and credit activities are profitable, generating strong growth in EBITDA and providing stable cash flows.

Negative

The implementation of IFRS 17 is expected to decrease shareholders' equity by 0.4 to 0.8 billion shekels, although it will increase income and decrease volatility.
The company faces ongoing challenges in the motor insurance market due to high levels of theft and damage costs.
There is uncertainty regarding the future cycle of the motor insurance market, which could impact profitability.
The initial implementation of IFRS 17 may create significant CSM, affecting the balance sheet and requiring adjustments.
Phoenix Financial Ltd operates in a dispersed control environment following the sale of most shares by controlling shareholders, which may impact governance dynamics.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PHOE.TA - Phoenix Financial Ltd
Q3 2024 Phoenix Financial Ltd Earnings Call
Nov 27, 2024 / 03:00PM GMT

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Presentation
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Unidentified_1 [1]
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Hello, this is David Alexander, Deputy CEO of Phoenix Financial. Thank you for joining us to discuss the group's financial review for the first nine months of 2024. The call will be led by Phoenix CEO I Alen Simon and Deputy CEO and CFO Eddie Schwartz.

The presentation for the call can be found on our website or the Tel Aviv Stock Exchange website.

This presentation provides key points on the financial statements released this morning and should be read together with the full financials at the end of the call. We'll answer questions that were discussed today on the Hebrew call. You can send any additional questions to us individually or to the email address. Ir at fnx.co dot il, we'll make ourselves available to

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